Garden City escrow release
Company: Applied Digital - Project: Garden City
What the later record shows
Not a promise: a reported event · happened July 30, 2024
The claim reports an escrow release that had already happened: the conditions were met July 30, 2024 and the $25 million was received in the quarter ended August 31, 2024.
“On July 30, 2024, we announced that the conditional approval requirements related to the release of the escrowed funds from the sale of our Garden City hosting facility had been met.”
2025-04-13 · Applied Digital 10-Q filed 2025-04-14 View cached copy (2026-08-31)Live source ↗
“During the quarter ended August 31, 2024, we received the remaining $25 million of the purchase price”
2025-04-13 · Applied Digital 10-Q filed 2025-04-14 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
$25 million escrow funds released on July 30, 2024 from sale of Garden City hosting facility
Source (primary)
Applied Digital S-1 filed 2024-10-04 (SEC EDGAR, sec_filing)
View cached copy (2026-08-31)Live source ↗
Quote: “On July 30, 2024, we announced that the conditional approval requirements related to the release of the escrowed funds from the sale of our Garden City hosting facility have been met. 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.”
How we checked this
Checked on October 10, 2026. The cited source supports part of this claim, but not all of it.
The filing says July 30, 2024 was when the company announced the release conditions were met, and only says the $25 million had been received by the October 2024 prospectus date. It does not say the funds were released on July 30.
Confirmed in the source:
- On July 30, 2024, Applied Digital announced that the conditions for releasing the escrowed Garden City sale funds had been met
- Applied Digital received the remaining $25 million of the Garden City purchase price that had been held in escrow
We could not confirm this from the cited source:
- The $25 million in escrow funds was released on July 30, 2024
That does not mean it is false — only that this source does not establish it, as of the date above. If we find a source that settles it, we will re-check and update this page.
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/1144879/000149315224039591/forms-1.htm) in full (130,138 characters, retrieved August 31, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Applied Digital S-1 filed 2024-10-04
Quote: “On July 30, 2024, we announced that the conditional approval requirements related to the release of the escrowed funds from the sale of our Garden City hosting facility have been met. 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.”