Applied Digital sells Garden City campus to Marathon for ~$87.3M net; pivots to HPC sites

On March 14, 2024, APLD – Rattlesnake Den I LLC (“Rattlesnake Den I”), a Delaware limited liability company and a subsidiary of Applied Digital Corporation, a Nevada corporation (the “Company”), entered into a purchase and sale agreement (the “Purchase and Sale Agreement”) with Mara Garden City LLC (“Mara Garden City”), a Delaware limited liability company and a subsidiary of Marathon Digital Holdings, Inc. (“Marathon”), pursuant to which Rattlesnake Den I agreed to sell to Mara Garden City (the “Transaction”) its data center facility located in Garden City, Texas (the “Facility”) consisting of the ground leasehold estate and interest held under the Ground Lease dated April 13, 2022 between Rattlesnake Den I, as tenant, and EDB, Ltd., a Texas limited liability company, as landlord (the “Ground Lease”), related to approximately 50 acres in Glasscock County, Texas and related tangible and intangible property and improvements (together with the Ground Lease, the “Property”).