Soluna, Applied Digital form 51/49 JV for 50 MW Texas AI data center

Soluna Holdings, Inc

Applied's APLD STX Holdings will own 51% and contribute $19,515,306 cash; Soluna's unit gets 49% via an $18.75M attributed ground sublease.
Project Dorothy 3A in Briscoe County, Texas: about 75 MW gross / 50 MW critical I.T.; 99-year ground sublease to JV tenant STX-01 LLC.
Soluna will issue Applied a 7-year warrant for 7,644,444 SLNH shares at $0.74, with registration rights and a hedging/short-sale restriction.
Closing targeted by Dec. 1, 2026, extendable to Dec. 31; conditions include a tax-abatement vote, ChronoScale lease approvals and a leasehold title policy.
If the deal terminates, Soluna must reimburse 80% of Applied's funded costs, capped at $45M, guaranteed by Soluna Holdings.

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