01:28 PM EDT, 05/17/2024 (MT Newswires) -- Applied Digital ( APLD ) shares rose more than 8% in recent Friday trading after the company said it plans to offer up to 2 million series E redeemable preferred shares at $25.00 apiece.

Net proceeds from the offering will be used to support future capital expenditures for the high-performance computing hosting and cloud service business segments, the company said in a prospectus supplement filing.

Preferred Capital Securities has agreed to be the offering's dealer manager, Applied Digital ( APLD ) said.

Price: 3.97, Change: +0.31, Percent Change: +8.44