Applied Digital (APLD) Announces $20M Additional Financing

Applied Digital Corporation (Nasdaq: APLD) announced that effective January 30, 2024, the Company obtained an unsecured loan with a maximum principal amount of $20 million. The Company intends to use the loan, which has a two-year term and 12.5% interest rate, to provide additional liquidity to fund the buildout of its HPC data centers. Additionally, the Company has secured $16 million in site-level financing for its Jamestown HPC facility, which is expected to close in the coming weeks.

“This capital will allow us to continue building our new Ellendale HPC facility and meet our schedule while we finalize our larger project-level financing. It is a continued endorsement of the strength of our business and growth trajectory,” said Applied Digital CFO David Rench.

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