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← Applied Digital Corporation
Tue, Oct 21, 2025

Applied Digital upsizes Series G preferred equity facility to $1.59 billion

Source document ↗

Key points

  • Fourth amendment to the Series G convertible preferred equity purchase agreement (PEPA) signed October 21, 2025 raises the aggregate commitment from $590 million to $1.59 billion.
  • Proceeds fund continued construction and development of the Polaris Forge 1 and Polaris Forge 2 data centers in Ellendale and Harwood, North Dakota, plus general working capital and transaction expenses.
  • Put issuances capped at $75 million each, one per seven business days, with maximum aggregate stated value outstanding of $75 million (waivable by a majority of investors).
  • Original issue discount increases from 2% to 3%; the placement agent fee and the prohibition on variable rate transactions are eliminated.
  • Authorized Series G shares increase from 204,000 to 1,030,000, and the minimum floor price limit rises from $4.33 to $4.48, with the board able to adjust the floor price per put.