Use of loan proceeds
Company: Applied Digital
The claim, verbatim
Loan proceeds to be used for repayment of prior Vantage Bank Texas loan indebtedness and for working capital and general corporate purposes
Source (primary)
Applied Digital 8-K filed 2022-08-12 (SEC EDGAR, sec_filing)
View cached copy (2026-09-13)Live source ↗
Quote: “The proceeds of the Loan will be used for (i) repayment of existing indebtedness under the Company's Loan Agreement dated as of March 11, 2022 by and between the Borrower, Vantage Bank Texas and the Company as guarantor (the "VBT Loan") and (ii) working capital needs and general corporate purposes.”
How we checked this
Checked on September 22, 2026. The cited source supports every part of this claim.
The document states the proceeds go to repaying the VBT Loan and to working capital and general corporate purposes.
Confirmed in the source:
- Loan proceeds will be used to repay existing indebtedness under the Vantage Bank Texas (VBT) loan dated March 11, 2022
- Loan proceeds will also be used for working capital needs and general corporate purposes
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/1144879/000162828022022599/apld-20220725.htm) in full (6,667 characters, retrieved September 13, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Applied Digital 8-K filed 2022-08-12
Quote: “The proceeds of the Loan will be used for (i) repayment of existing indebtedness under the Company's Loan Agreement dated as of March 11, 2022 by and between the Borrower, Vantage Bank Texas and the Company as guarantor (the "VBT Loan") and (ii) working capital needs and general corporate purposes.”