AI Bridge Funding unsecured loan
Company: Applied Digital
The claim, verbatim
Applied Digital issued an unsecured promissory note to AI Bridge Funding LLC for up to $20 million (with $15 million funded immediately), maturing January 30, 2026, at 12.50% annual interest, with a repayment fee of 1.25x the aggregate principal amount funded.
Source (primary)
Applied Digital 8-K filed 2024-02-06 (SEC EDGAR, sec_filing)
View cached copy (2026-08-31)Live source ↗
Quote: “the Company issued an Unsecured Promissory Note (the "Note") payable to AI Bridge Funding LLC (the "Lender"), providing for an unsecured loan in the aggregate principal amount of up to $20,000,000 (the "Principal Amount"), of which $15,000,000 was available immediately and funded upon the execution of the Note... The outstanding Principal Amount will mature on January 30, 2026 (the "Maturity Date")... bears interest at a rate per annum of 12.50%, compounded quarterly... the Company is obligated to pay to the Lender a repayment fee in an amount sufficient (if any) for the Lender to receive an aggregate amount equal to 1.25x the aggregate principal amount funded as loans by the Lender to the Company”
How we checked this
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Additional evidence
confirms Applied Digital 8-K filed 2024-02-06
Quote: “the Company issued an Unsecured Promissory Note (the "Note") payable to AI Bridge Funding LLC (the "Lender"), providing for an unsecured loan in the aggregate principal amount of up to $20,000,000 (the "Principal Amount"), of which $15,000,000 was available immediately and funded upon the execution of the Note... The outstanding Principal Amount will mature on January 30, 2026 (the "Maturity Date")... bears interest at a rate per annum of 12.50%, compounded quarterly... the Company is obligated to pay to the Lender a repayment fee in an amount sufficient (if any) for the Lender to receive an aggregate amount equal to 1.25x the aggregate principal amount funded as loans by the Lender to the Company”