Applied Digital Secures $50M In Private Financing With Convertible Preferred Stock To Support Expansion Plans And Ellendale HPC Buildout
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Applied Digital has secured $50 million in private financing through convertible preferred stock to support its expansion plans and the buildout of its Ellendale High-Performance Computing (HPC) facility.
August 30, 2024 | 8:05 pm
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Applied Digital has raised $50 million through convertible preferred stock to fund its expansion and the development of its Ellendale HPC facility.
The $50 million financing will provide Applied Digital with the necessary capital to expand its operations and complete the Ellendale HPC buildout. This is a positive development as it indicates growth and potential increased revenue streams, likely leading to a positive short-term impact on the stock price.
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