Garden City additional energization approval deadline, with purchase price at risk
Company: Applied Digital
What the later record shows
Delivered on time · happened July 30, 2024
On July 30, 2024, within the 120-day window, the company announced that the Garden City conditional approval requirements were met. It later received the remaining $25 million held in escrow, so no purchase price reduction is indicated.
“As of the date of this prospectus, we have received the remaining $25 million of the purchase price, previously held in escrow pending such conditional approval.”
2024-09-22 · Applied Digital S-1 filed 2024-09-23 View cached copy (2026-08-31)Live source ↗
“On July 30, 2024, we announced that it has met the conditional approval requirements related to the release of the escrowed funds from the sale of our Garden City hosting facility.”
2024-10-21 · ARS View cached copy (2026-09-01)Live source ↗Archive.org ↗
Checked November 8, 2026 against filings, releases and reporting published after the claim was made. Quotes are verbatim from the linked documents.
The claim, verbatim
If the regulator has not conditionally approved the full intended additional megawatt energization for the Garden City facility within 120 days of the April 1, 2024 closing, the purchase price may be reduced by up to $34.0 million, depending on how much additional energization is conditionally approved.
Source (primary)
applied-digital 8-K exhibit (gdnsaleproformas.htm) (SEC EDGAR (8-K Ex), press_release)
View cached copy (2026-11-08)Live source ↗
Quote: “in the event the full intended additional megawatt energization for the Facility is not conditionally approved by the applicable regulatory authority within 120 days of the Closing, the Purchase Price is subject to a reduction of up to $34.0 million”
How we checked this
Checked on November 9, 2026. The cited source supports every part of this claim.
The exhibit describes the 120-day regulatory approval condition and the purchase price reduction of up to $34.0 million, scaled to the amount of energization approved.
Confirmed in the source:
- The closing occurred on April 1, 2024
- The deadline is 120 days after closing for the regulator to conditionally approve the full intended additional megawatt energization of the Garden City facility
- If that approval is not obtained, the purchase price may be reduced by up to $34.0 million
- The size of the reduction depends on how much additional energization is conditionally approved
What we did: Read our cached copy of SEC EDGAR (8-K Ex) (https://www.sec.gov/Archives/edgar/data/1144879/000114487924000063/gdnsaleproformas.htm) in full (14,459 characters, retrieved November 8, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms applied-digital 8-K exhibit (gdnsaleproformas.htm)
Quote: “in the event the full intended additional megawatt energization for the Facility is not conditionally approved by the applicable regulatory authority within 120 days of the Closing, the Purchase Price is subject to a reduction of up to $34.0 million”
confirms Applied Digital S-1 filed 2024-09-23
Quote: “As of the date of this prospectus, we have received the remaining $25 million of the purchase price, previously held in escrow pending such conditional approval.”
confirms ARS
Quote: “On July 30, 2024, we announced that it has met the conditional approval requirements related to the release of the escrowed funds from the sale of our Garden City hosting facility.”