Northland keeps an Outperform rating on Applied Digital (APLD) after the company entered into definitive agreements for a $160M private placement financing priced at the market from a group of institutional and accredited investors, Nvidia (NVDA) and Related companies. “It sounds like both Nvidia and Related Companies did plenty of due diligence and got inside the tent and wants to be long-term partners,” the analyst tells investors in a research note. The firm says Nvidia rarely makes investments like this. The news “greatly helps” Applied Digital’s balance sheet and having Nvidia, Related, and CIM now as partners “brings much more credibility,” contends Northland.
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