Release of $12M restricted cash on Garden City sale
Company: Applied Digital - Project: Garden City
What the later record shows
Outcome not yet confirmed
The sale that the release depended on closed on April 1, 2024. However, no passage says the $12 million of restricted cash held as letter-of-credit collateral was actually released.
“We completed the sale transaction on April 1, 2024.”
2024-10-22 · Applied Digital S-1 filed 2024-10-23 View cached copy (2026-08-31)Live source ↗
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
In addition to the purchase price, the Garden City sale will release $12 million of restricted cash that had been held as collateral for the site's letter of credit. This depends on the transaction closing, which is expected in calendar Q2 2024.
Source (primary)
applied-digital 8-K exhibit (apld-gardencitysalepr.htm) (SEC EDGAR (8-K Ex), press_release)
View cached copy (2026-11-08)Live source ↗
Quote: “this transaction will release $12 million of restricted cash previously committed as collateral for the site's letter of credit”
How we checked this
Checked on November 10, 2026. The cited source supports every part of this claim.
The release says the transaction will release $12 million of restricted cash that was collateral for the site's letter of credit. It also says the deal is subject to closing conditions and expected to close in calendar Q2 2024.
Confirmed in the source:
- The Garden City sale will release $12 million of restricted cash in addition to the purchase price
- The restricted cash had been committed as collateral for the site's letter of credit
- The transaction is subject to customary closing conditions
- The transaction is expected to close in the second quarter of calendar 2024
What we did: Read our cached copy of SEC EDGAR (8-K Ex) (https://www.sec.gov/Archives/edgar/data/1144879/000114487924000058/apld-gardencitysalepr.htm) in full (5,098 characters, retrieved November 8, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms applied-digital 8-K exhibit (apld-gardencitysalepr.htm)
Quote: “this transaction will release $12 million of restricted cash previously committed as collateral for the site's letter of credit”