secwatch.observer — SEC 8-K summary
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Issuer:     Applied Digital Corp. (APLD)
CIK:        0001144879
Form:       8-K
Filed at:   2024-03-15T23:59:59+00:00
Accession:  0001144879-24-000058
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.80
Item codes: 1.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1144879/000114487924000058/0001144879-24-000058-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1144879/000114487924000058/apld-20240314.htm
  HTML page:      https://secwatch.observer/filing/0001144879-24-000058

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer