PRESS RELEASE
13 May 2025

Lowenstein Represents Applied Digital In $150M Convertible Preferred Equity Facility To Advance Development Of Ellendale HPC Campus

LS
Lowenstein Sandler

Contributor

Lowenstein Sandler is a national law firm with over 350 lawyers working from five offices in New York, Palo Alto, New Jersey, Utah, and Washington, D.C. We represent clients in virtually every sector of the global economy, with particular strength in the areas of technology, life sciences, and investment funds.
Lowenstein Sandler represented Applied Digital (Nasdaq: APLD), a designer, builder, and operator of next-generation digital infrastructure for High Performance Computing (“HPC”) applications...
United States

Lowenstein Sandler represented Applied Digital (Nasdaq: APLD), a designer, builder, and operator of next-generation digital infrastructure for High Performance Computing (“HPC”) applications, in a $150 million convertible preferred equity facility to advance the development of its Ellendale multi-building HPC data center campus. The private financing arrangement allows Applied Digital to sell up to $150 million of the new convertible preferred stock to investors.

Applied Digital will use the proceeds from draws under the facility to fund development of the Ellendale HPC Campus and the continued build out of existing data centers.

In the past 14 months, Lowenstein has represented Applied Digital in numerous transactions, including:

The Lowenstein deal team included Steven E. Siesser, Brooke A. Gillar, Emily Jewell, James O’Grady, Marianna Shelenkova, Sophia Mokotoff, Donna Calia, Nicola E. Perzichilli, and Amanda N. Pappas.

Contributor

Lowenstein Sandler is a national law firm with over 350 lawyers working from five offices in New York, Palo Alto, New Jersey, Utah, and Washington, D.C. We represent clients in virtually every sector of the global economy, with particular strength in the areas of technology, life sciences, and investment funds.

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