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.

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