Applied digital announces new $50 million loan to accelerate growth

Dallas, may 19, 2023 (globe newswire) -- applied digital corporation (nasdaq: apld) ("applied digital" or the "company"), a designer, builder and operator of next-generation digital infrastructure that is designed for high performance computing (“hpc”) applications, today announced that the company has reached an agreement for a loan with a maximum principal amount of $50.0 million. the company intends to use the loan, which has a 2-year term and 9.0% interest rate, to provide additional liquidity to fund the buildout of its ai cloud platform and datacenters.
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