APLD - Applied Digital to sell Garden City campus to Marathon Digital
2024-03-15 08:37:58 ET
- Applied Digital ( NASDAQ: APLD ) to sell its 200 megawatt campus in Garden City, TX to Marathon Digital ( NASDAQ: MARA ) for approximately $87.3 million, with a gross purchase price of $97.3 million after adjustments contemplated in the purchase agreement, it said Friday.
- In addition to the purchase price, this transaction will release $12 million of restricted cash previously committed as collateral for the site's letter of credit.
- The transaction is expected to close in the second quarter of calendar 2024.
- "This strategic transaction represents a purposeful pivot, equipping the company to allocate financial and operational resources toward strategic sites in North Dakota, as well as bolstering our Balance Sheet strength," said Wes Cummins, CEO and Chairman of Applied Digital.
- APLD +3.78% premarket to $4.39
- Source: Press Release