Applied Digital Corporation
Applied Digital Corporation Completes Sale of Data Center Facility
Summary
On April 1, 2024, Applied Digital Corporation, through its subsidiary Rattlesnake Den I LLC, completed the sale of its data center facility located in Garden City, Texas, to Mara Garden City LLC, a subsidiary of Marathon Digital Holdings, Inc., for a total purchase price of $97.3 million. The transaction, which was previously disclosed on March 15, 2024, involved the sale of the ground leasehold estate and related tangible and intangible property and improvements. The sale price is subject to a reduction of up to $34.0 million if the full intended additional megawatt energization for the facility is not conditionally approved by the applicable regulatory authority within 120 days of the closing. The unaudited pro forma condensed consolidated financial information, included as Exhibit 99.1, reflects the adjustments made to the historical financial statements to give effect to the transaction.
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About Applied Digital Corporation
Applied Digital Corporation specializes in digital infrastructure provision, focusing primarily on the management and operation of next-generation data centers. These facilities are optimized for high-performance computing applications, which are critical for areas such as artificial intelligence, machine learning, and blockchain technologies. As the demand for computational power grows across various industries, Applied Digital plays a pivotal role in facilitating the infrastructure that powers advanced technological developments. This company is notable for its energy-efficient solutions and scalable architecture, catering to sectors requiring substantial processing capabilities. Operating in the rapidly evolving landscape of tech infrastructure, Applied Digital is positioned to impact diverse fields, from finance and healthcare to scientific research and entertainment. By providing robust and flexible infrastructure, it enables organizations to expand their digital capabilities, highlighting its importance in the global push towards greater computational efficiency and innovation.
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