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Shares of Applied Digital (NASDAQ:APLD) fell about 8% on Friday after a regulatory filing showed that CoreWeave (NASDAQ:CRWV) sold its entire stake in the company.
CoreWeave’s stock rose about 3% on Friday.
A Schedule 13G filing showed that CoreWeave now beneficially owns zero shares of Applied Digital’s common stock, 0.0% of the class.
Earlier this month, it was reported that Applied Digital secured two, 15-year lease agreements with AI hyperscaler CoreWeave which is expected to generate $7B in total revenue over the lifetime of the deals.
An 8-K filing (from June 2) said that on May 28, in connection with the entry into the Datacenter Leases, Applied Digital issued to CoreWeave a warrant to acquire up to 13,062,521 common shares at an exercise price of $7.19 per share.
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