---
schema_version: "secwatch.filing_event.v1"
accession: "0001144879-24-000058"
form_type: "8-K"
ticker: "APLD"
cik: "0001144879"
company_name: "Applied Digital Corp."
filed_at: "2024-03-15T23:59:59+00:00"
generated_at: "2026-06-04T16:38:34.552817+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- Purchase price $87.3M net ($97.3M gross) for 200MW campus in Garden City, TX.
- Additional consideration: $9.97M from Marathon security deposit surrender and $12M restricted cash released.
- Transaction expected to close Q2 2024; subject to customary closing conditions.
- Sale reflects strategic pivot to focus on HPC data centers in North Dakota; Marathon remains customer in ND.

## SEC filing metadata
- accession: 0001144879-24-000058
- form_type: 8-K
- ticker: APLD
- cik: 0001144879
- company_name: Applied Digital Corp.
- filed_at: 2024-03-15T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1144879/000114487924000058/0001144879-24-000058-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1144879/000114487924000058/apld-20240314.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001144879-24-000058
- JSON: https://secwatch.observer/filing/0001144879-24-000058.json
- Plain text: https://secwatch.observer/filing/0001144879-24-000058.txt

## Key facts
- Material Agreements
  Applied Digital Corp. entered into Purchase and Sale Agreement with Mara Garden City LLC valued at $87,328,675.00 purchase price plus $9,971,235 additional consideration (effective 2024-03-14).
  - Action: entry
  - Agreement: asset purchase
  - Counterparty: Mara Garden City LLC
  - Value: $87,328,675.00 purchase price plus $9,971,235 additional consideration
  - Effective: 2024-03-14
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1144879/000114487924000058/0001144879-24-000058-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.