Applied Digital closes $112.5M initial draw from $5B Macquarie preferred equity facility for Ellendale campus.

Applied Digital Corp.

Initial funding of $112.5M from Macquarie Asset Management; total potential investment up to $5B.
Preferred units accrue dividends at 12.75% p.a., with step-ups; minimum 1.80x liquidation preference.
Company issued warrants to purchase 2.4M shares at $8.29, exercisable upon full $450M funding of Polaris Forge 1.
MAM may invest additional $337.5M in tranches; total $450M for first 100MW; further $4.55B for future HPC projects.
Company states no additional equity contributions anticipated for Polaris Forge 1; project financing expected soon.

Key facts

Extracted from this filing and checked against the source text.

Equity Issuances SEC 8-K Item 3.02/3.03 confidence 0.9

Applied Digital Corp. issued 112,500 Preferred Units of preferred stock to MIP HPC Holdings, LLC (an affiliate of Macquarie Asset Management) for $1,000 per Preferred Unit, aggregate purchase price of $112.5 million.

Security: preferred stock
Shares: 112,500 Preferred Units
Purchaser: MIP HPC Holdings, LLC (an affiliate of Macquarie Asset Management)
Consideration: $1,000 per Preferred Unit, aggregate purchase price of $112.5 million

Exact text from the filing

at a price per Preferred Unit of $1,000, for an aggregate purchase price of $112.5 million

View on SEC.gov

Equity Issuances SEC 8-K Item 3.02/3.03 confidence 0.9

Applied Digital Corp. issued Initial Common Units representing 7.5% of fully diluted common equity of the Subsidiary Issuer of unit to MIP HPC Holdings, LLC (an affiliate of Macquarie Asset Management) for no additional consideration.

Security: unit
Shares: Initial Common Units representing 7.5% of fully diluted common equity of the Subsidiary Issuer
Purchaser: MIP HPC Holdings, LLC (an affiliate of Macquarie Asset Management)
Consideration: no additional consideration

Exact text from the filing

for no additional consideration, the Subsidiary Issuer agreed to issue to the Purchaser such number of Common Units of the Subsidiary Issuer representing, in the aggregate, seven and a half percent (7.5%) of the fully diluted common equity of the Subsidiary Issuer

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Applied Digital Corp. filing history →

Source: SEC EDGAR

accession 0001493152-25-017609

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