Loan & DebtJun 26, 2026, 04:57 PM
ChronoScale Secures $100M Demand Grid Promissory Note
AI Summary
ChronoScale Corporation secured an unsecured Demand Grid Promissory Note with Applied Digital Corporation, providing a line of credit up to $100 million for working capital and general corporate purposes. The note bears interest at the short-term Applicable Federal Rate, compounded semiannually, and allows for prepayment without penalty. No advances have been made under the note to date. This transaction involves related parties, as Applied Digital Corporation and its subsidiary collectively own approximately 96% of ChronoScale's common stock, and several individuals serve on both companies' boards.
Key Highlights
- ChronoScale Corporation entered into an unsecured Demand Grid Promissory Note.
- The note provides a line of credit up to $100,000,000 from Applied Digital Corporation.
- Proceeds from borrowings will be used for working capital and general corporate purposes.
- Interest is payable at the short-term Applicable Federal Rate, compounded semiannually.
- The Company may prepay the note at any time without penalty or premium.
- No advances have been made under the Note as of the filing date.
- Applied Digital Corporation and its subsidiary hold approximately 96% of ChronoScale's common stock.
- The transaction was approved by the Related Party Committees of both companies' boards.
Price Impact
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