$50M term loan facility
Company: Applied Digital
What the later record shows
Not a promise: a reported event · happened May 23, 2023
The claim reports the May 23, 2023 signing of the $50M B. Riley loan, an event that had already happened. The loan was later terminated by a letter dated February 5, 2024, before its May 2025 maturity.
“B. Riley Loan On May 23, 2023, Sai Computing LLC, a wholly-owned subsidiary of the Company, entered into a Loan and Security Agreement”
2023-08-01 · Applied Digital 10-K filed 2023-08-02 View cached copy (2026-09-13)Live source ↗
“10.32.1 Termination of Loan and Security letter, dated February 5, 2024, between the Company and B. Riley Commercial Capital, LLC and B.”
2025-07-29 · Applied Digital 10-K filed 2025-07-30 View cached copy (2026-08-31)Live source ↗
Checked October 9, 2026 against filings, releases and reporting published after the claim was made. Quotes are verbatim from the linked documents.
The claim, verbatim
SAI Computing LLC entered into a Loan and Security Agreement providing for a term loan of $50,000,000 with a maturity date of May 23, 2025
Source (primary)
Applied Digital 8-K filed 2023-05-24 (SEC EDGAR, sec_filing)
View cached copy (2026-09-13)Live source ↗
Quote: “Loan and Security Agreement provides for a term loan (the "Loan") in the principal amount of $50,000,000 with a maturity date of May 23, 2025”
How we checked this
Checked on October 11, 2026. The cited source supports every part of this claim.
The 8-K states that SAI Computing LLC entered into a Loan and Security Agreement for a $50,000,000 term loan maturing May 23, 2025.
Confirmed in the source:
- SAI Computing LLC entered into a Loan and Security Agreement
- The agreement provides for a term loan with a principal amount of $50,000,000
- The loan has a maturity date of May 23, 2025
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/1144879/000114487923000152/apld-20230519.htm) in full (4,865 characters, retrieved September 13, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Applied Digital 8-K filed 2023-05-24
Quote: “Loan and Security Agreement provides for a term loan (the "Loan") in the principal amount of $50,000,000 with a maturity date of May 23, 2025”