Applied Digital secures initial funding from up to $5B preferred equity financing facility

Applied Digital (NASDAQ:APLD [https://seekingalpha.com/symbol/APLD]) announced [https://seekingalpha.com/pr/20256848-applied-digital-and-macquarie-asset-management-execute-first-funding-milestone-in-5_0-billion] on Tuesday the receipt of initial funding from its up to $5B perpetual preferred equity financing facility with Macquarie Asset Management.

Shares were +1.84% pre-market to $28.22.

The first draw of $112.5M is set to support the build-out of Applied Digital’s 400MW AI Factory campus in Ellendale, North Dakota.

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