{"id":958156,"date":"2026-05-05T10:07:31","date_gmt":"2026-05-05T14:07:31","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/applied-digital-completes-separation-of-cloud-business-establishing-chronoscale-as-independent-public-company\/"},"modified":"2026-05-05T10:07:31","modified_gmt":"2026-05-05T14:07:31","slug":"applied-digital-completes-separation-of-cloud-business-establishing-chronoscale-as-independent-public-company","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/applied-digital-completes-separation-of-cloud-business-establishing-chronoscale-as-independent-public-company\/","title":{"rendered":"Applied Digital Completes Separation of Cloud Business, Establishing ChronoScale as Independent Public Company"},"content":{"rendered":"<div class=\"mw_release\">\n<ul type=\"disc\">\n<li style=\"text-align:center\">\n          <em>ChronoScale to begin trading on Nasdaq under ticker CHRN<\/em>\n        <\/li>\n<li style=\"text-align:center\">\n          <em>Applied Digital to retain approximately 97% ownership and invest $15.75 million at closing<\/em>\n        <\/li>\n<\/ul>\n<p align=\"justify\">DALLAS, May  05, 2026  (GLOBE NEWSWIRE) &#8212; Applied Digital Corporation (NASDAQ: APLD), a designer, builder, and operator of high-performance, sustainably engineered data centers and colocation services for artificial intelligence, cloud, networking, and blockchain workloads, today announced the closing of its previously disclosed transaction to contribute its cloud business to EKSO Bionics Holdings, Inc. (\u201cEKSO\u201d). As a result, the cloud business became a wholly owned subsidiary of EKSO, and EKSO changed its name to ChronoScale Corporation (\u201cChronoScale\u201d). ChronoScale will begin trading on the Nasdaq Capital Market on Tuesday, May 5, 2026, under the ticker \u201cCHRN\u201d and under a new CUSIP number, 170924104.<\/p>\n<p align=\"justify\">Applied Digital was issued approximately 138 million shares of ChronoScale common stock for the contribution of its cloud business. In addition, Applied Digital invested $15.75 million in cash in ChronoScale for an additional approximately 1.4 million shares of ChronoScale common stock priced at market in a private placement offering, which closed concurrently with the contribution transaction. Following the closing, Applied Digital owns approximately 97% of the outstanding shares of ChronoScale common stock.<\/p>\n<p align=\"justify\">Formed through this strategic combination of Applied Digital\u2019s cloud business and EKSO, ChronoScale will operate as an accelerated compute platform purpose-built to support demanding artificial intelligence workloads designed to deliver scalable, GPU-based infrastructure optimized for AI training, inference, and high-performance computing. Focused on large-scale deployments, ChronoScale will provide dedicated compute environments engineered for performance, consistency, and long-term operational execution, with the ability to scale capacity in line with accelerating AI demand and increasing utilization across the market. In addition, the legacy EKSO business will also continue to operate as a wholly owned subsidiary of ChronoScale.<\/p>\n<p align=\"justify\">\u201cThis transaction reflects a deliberate step in how we structure the business,\u201d said Wes Cummins, Chairman and CEO of Applied Digital. \u201cOur data center hosting platform is built on long-duration contracts and predictable infrastructure returns, while the cloud compute layer operates on shorter cycles with a different risk profile. We believe separating these businesses allows each to be capitalized and scaled appropriately.\u201d<\/p>\n<p align=\"justify\">Cummins continued, \u201cApplied Digital remains focused on delivering large-scale AI infrastructure with stable, long-term cash flows. At the same time, we believe ChronoScale is positioned to participate in the growth of the cloud compute layer, where we expect demand to continue to accelerate and capacity to remain constrained, which we expect to support strong utilization and favorable pricing dynamics. This structure is intended to allow both businesses to pursue their respective opportunities while giving investors clear exposure to each.\u201d<\/p>\n<p align=\"justify\">The transaction comes as demand for AI infrastructure continues to increase, with cloud compute platforms experiencing rising utilization and evolving workload requirements. As a result, ChronoScale is expected to operate with greater flexibility to access capital, expand capacity, and pursue growth opportunities independently.<\/p>\n<p align=\"justify\">Lowenstein Sandler LLP acted as legal advisor to Applied Digital. Wilson Sonsini Goodrich &amp; Rosatti LLP acted as legal advisor to EKSO, and Lake Street served as financial advisor to EKSO.<\/p>\n<p>\n        <strong>About Applied Digital<\/strong>\n      <\/p>\n<p align=\"justify\">Applied Digital (Nasdaq: APLD) named Best Data Center in the Americas 2025 by Datacloud \u2014 designs, builds, and operates high-performance, sustainably engineered data centers and colocation services for artificial intelligence, cloud, networking, and blockchain workloads. Headquartered in Dallas, TX, and founded in 2021, the company combines hyperscale expertise, proprietary waterless cooling, and rapid deployment capabilities to deliver secure, scalable compute at industry-leading speed and efficiency, while creating economic opportunities in underserved communities through its award-winning Polaris Forge AI Factory model.<\/p>\n<p>Learn more at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=BYcNcV-zPvis2yUX2ph71HtQBA9p6qHGuuqlr9aNXT1FbqLcBjBfvxlpyb-HXlKNjncvKGBbQScyuKhSLyxJr48JgPx4KSrvUYvwSGYZjeI=\" rel=\"nofollow\" target=\"_blank\"><u>applieddigital.com<\/u><\/a> or follow @APLDdigital on X and LinkedIn.<\/p>\n<p align=\"justify\">\n        <strong>Forward-Looking Statements<\/strong>\n      <\/p>\n<p align=\"justify\">This press release contains \u201cforward-looking statements\u201d as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, future operating and financial performance, product development, market position, business strategy and objectives and future financing plans. These statements use words, and variations of words, such as \u201cwill,\u201d \u201ccontinue,\u201d \u201cbuild,\u201d \u201cfuture,\u201d \u201cincrease,\u201d \u201cdrive,\u201d \u201cbelieve,\u201d \u201clook,\u201d \u201cahead,\u201d \u201cconfident,\u201d \u201cdeliver,\u201d \u201coutlook,\u201d \u201cexpect,\u201d \u201cproject\u201d and \u201cpredict.\u201d Other examples of forward-looking statements may include, but are not limited to, (i) statements that reflect perspectives and expectations regarding lease agreements and any current or prospective data center campus development; (ii) statements about the high-performance computing (HPC) industry; (iii) statements about the cloud compute industry; (iv) statements of company plans and objectives, including but not limited to, the Company\u2019s plans and objectives with respect to ChronoScale, as the go forward accelerated compute platform, the Company\u2019s evolving business model, or estimates or predictions of actions by suppliers; (iv) statements of future economic performance; (v) statements of assumptions underlying other statements and statements about the Company or its business and ChronoScale and its business; and (vi) the Company\u2019s plans to obtain future project financing. You are cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events and thus are inherently subject to uncertainty. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the Company\u2019s expectations and projections. These risks, uncertainties, and other factors include, among others: ChronoScale\u2019s ability to develop its combined business as planned; the parties\u2019 ability to successfully integrate the cloud compute business with the legacy Ekso business, the Company\u2019s ability to complete construction of the Company\u2019s High Power Compute (HPC) data center campuses as planned; the lead time of customer acquisition and leasing decisions and related internal approval processes; changes to artificial intelligence and HPC infrastructure needs and their impact on future plans; costs related to the HPC operations and strategy; the Company\u2019s ability to timely deliver any services required in connection with completion of installation under lease agreements; the Company\u2019s ability to raise additional capital to fund the ongoing datacenter construction and operations; ChronoScale\u2019s dependence on material cloud compute customer\/s; the Company\u2019s ability to obtain financing of datacenter leases on acceptable financing terms, or at all; the Company\u2019s dependence on principal customers, including its ability to execute and perform its obligations under its leases with key customers, including without limitation, the datacenter leases with hyperscalers; the Company\u2019s ability to timely and successfully build new hosting facilities with the appropriate contractual margins and efficiencies; power or other supply disruptions and equipment failures; the inability to comply with regulations, developments and changes in regulations; cash flow and access to capital; availability of financing to continue to grow its business; decline in demand for the Company\u2019s products and services or the products and services of ChronoScale; maintenance of third party relationships; and conditions in the debt and equity capital markets. A further list and description of these risks, uncertainties and other factors can be found in the company\u2019s most recently filed Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, including in the sections captioned \u201cForward-Looking Statements\u201d and \u201cRisk Factors,\u201d and in the Company\u2019s subsequent filings with the Securities and Exchange Commission (\u201cSEC\u201d), as well as EKSO\u2019s definitive information statement Schedule 14C, describing the contribution transaction, filed with the SEC on April 3, 2026. Copies of these filings are available online at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=TCrhw_E-gCe9pK9Qn1eXG519PJPVbA0SXRDQkv6NQNz656Y2LExhgIl0yev-4PXDdUnNfcO9x5DBaQSrKBUZNA==\" rel=\"nofollow\" target=\"_blank\">www.sec.gov<\/a>, on the company\u2019s website (<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=SF4F6PM4B5owii0e0DC1RU8i6xmvLzr04DwFcuj96telMJ-DKv5ovHtegEARXMXakOSgfLxosK-GLoQyMbrjHgKepsLulg8Q_ML62g6rvhk=\" rel=\"nofollow\" target=\"_blank\">www.applieddigital.com<\/a>) under \u201cInvestors,\u201d or on request from the company. Information in this release is as of the dates and time periods indicated herein, and the company does not undertake to update any of the information contained in these materials, except as required by law.<\/p>\n<p>\n        <strong>Media Contact<\/strong><br \/>\n        <br \/>JSA (Jaymie Scotto &amp; Associates)<br \/>(856) 264-7827<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=XsDoXiK3Oq-pFB-s5fmHHP_dwz_ZDFVBf6OQu66yTIZYha5esuARG3VymN6Hy6JFqBEHcK69XskkLeQxz4LoSfIFoRHrww6zx5ZL7POnw14=\" rel=\"nofollow\" target=\"_blank\"><u>jsa_applied@jsa.net<\/u><\/a><\/p>\n<p>\n        <strong>Investor Relations Contacts<\/strong><br \/>\n        <br \/>Matt Glover or Ralf Esper<br \/>Gateway Group, Inc.<br \/>(949) 574-3860<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=JjedzNBQWLIgZBSTOSUsjaeoqvDa4q-zFhTl_sdUuswKYhwVluNWmqgtNbC3ZfXbUho0NBBCBXflYUlRUBJu-e1PMm2YZRMIQsEkBX324Ls=\" rel=\"nofollow\" target=\"_blank\"><u>APLD@gateway-grp.com<\/u><\/a><\/p>\n<p>      <img decoding=\"async\" alt=\"\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTcxMjg2MiM3NTgyNzc1IzIyMjQ4NDM=\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" alt=\"\" src=\"https:\/\/ml.globenewswire.com\/media\/M2NkMDEyMTMtYmIzZC00MzZlLWI1MDktNTk1NzhiNGEzMTEwLTEyMzYzOTYtMjAyNi0wNS0wNS1lbg==\/tiny\/Applied-Digital.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>ChronoScale to begin trading on Nasdaq under ticker CHRN Applied Digital to retain approximately 97% ownership and invest $15.75 million at closing DALLAS, May 05, 2026 (GLOBE NEWSWIRE) &#8212; Applied Digital Corporation (NASDAQ: APLD), a designer, builder, and operator of high-performance, sustainably engineered data centers and colocation services for artificial intelligence, cloud, networking, and blockchain workloads, today announced the closing of its previously disclosed transaction to contribute its cloud business to EKSO Bionics Holdings, Inc. (\u201cEKSO\u201d). As a result, the cloud business became a wholly owned subsidiary of EKSO, and EKSO changed its name to ChronoScale Corporation (\u201cChronoScale\u201d). ChronoScale will begin trading on the Nasdaq Capital Market on Tuesday, May 5, 2026, under the ticker \u201cCHRN\u201d and under a new &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/applied-digital-completes-separation-of-cloud-business-establishing-chronoscale-as-independent-public-company\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Applied Digital Completes Separation of Cloud Business, Establishing ChronoScale as Independent Public Company&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-958156","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Applied Digital Completes Separation of Cloud Business, Establishing ChronoScale as Independent Public Company - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/applied-digital-completes-separation-of-cloud-business-establishing-chronoscale-as-independent-public-company\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Applied Digital Completes Separation of Cloud Business, Establishing ChronoScale as Independent Public Company - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"ChronoScale to begin trading on Nasdaq under ticker CHRN Applied Digital to retain approximately 97% ownership and invest $15.75 million at closing DALLAS, May 05, 2026 (GLOBE NEWSWIRE) &#8212; Applied Digital Corporation (NASDAQ: APLD), a designer, builder, and operator of high-performance, sustainably engineered data centers and colocation services for artificial intelligence, cloud, networking, and blockchain workloads, today announced the closing of its previously disclosed transaction to contribute its cloud business to EKSO Bionics Holdings, Inc. (\u201cEKSO\u201d). As a result, the cloud business became a wholly owned subsidiary of EKSO, and EKSO changed its name to ChronoScale Corporation (\u201cChronoScale\u201d). ChronoScale will begin trading on the Nasdaq Capital Market on Tuesday, May 5, 2026, under the ticker \u201cCHRN\u201d and under a new &hellip; Continue reading &quot;Applied Digital Completes Separation of Cloud Business, Establishing ChronoScale as Independent Public Company&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/applied-digital-completes-separation-of-cloud-business-establishing-chronoscale-as-independent-public-company\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2026-05-05T14:07:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTcxMjg2MiM3NTgyNzc1IzIyMjQ4NDM=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/applied-digital-completes-separation-of-cloud-business-establishing-chronoscale-as-independent-public-company\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/applied-digital-completes-separation-of-cloud-business-establishing-chronoscale-as-independent-public-company\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Applied Digital Completes Separation of Cloud Business, Establishing ChronoScale as Independent Public Company\",\"datePublished\":\"2026-05-05T14:07:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/applied-digital-completes-separation-of-cloud-business-establishing-chronoscale-as-independent-public-company\\\/\"},\"wordCount\":1273,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/applied-digital-completes-separation-of-cloud-business-establishing-chronoscale-as-independent-public-company\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=OTcxMjg2MiM3NTgyNzc1IzIyMjQ4NDM=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/applied-digital-completes-separation-of-cloud-business-establishing-chronoscale-as-independent-public-company\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/applied-digital-completes-separation-of-cloud-business-establishing-chronoscale-as-independent-public-company\\\/\",\"name\":\"Applied Digital Completes Separation of Cloud Business, Establishing ChronoScale as Independent Public Company - 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(\u201cEKSO\u201d). As a result, the cloud business became a wholly owned subsidiary of EKSO, and EKSO changed its name to ChronoScale Corporation (\u201cChronoScale\u201d). ChronoScale will begin trading on the Nasdaq Capital Market on Tuesday, May 5, 2026, under the ticker \u201cCHRN\u201d and under a new &hellip; Continue reading \"Applied Digital Completes Separation of Cloud Business, Establishing ChronoScale as Independent Public Company\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/applied-digital-completes-separation-of-cloud-business-establishing-chronoscale-as-independent-public-company\/","og_site_name":"Market Newsdesk","article_published_time":"2026-05-05T14:07:31+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTcxMjg2MiM3NTgyNzc1IzIyMjQ4NDM=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/applied-digital-completes-separation-of-cloud-business-establishing-chronoscale-as-independent-public-company\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/applied-digital-completes-separation-of-cloud-business-establishing-chronoscale-as-independent-public-company\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Applied Digital Completes Separation of Cloud Business, Establishing ChronoScale as Independent Public Company","datePublished":"2026-05-05T14:07:31+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/applied-digital-completes-separation-of-cloud-business-establishing-chronoscale-as-independent-public-company\/"},"wordCount":1273,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/applied-digital-completes-separation-of-cloud-business-establishing-chronoscale-as-independent-public-company\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTcxMjg2MiM3NTgyNzc1IzIyMjQ4NDM=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/applied-digital-completes-separation-of-cloud-business-establishing-chronoscale-as-independent-public-company\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/applied-digital-completes-separation-of-cloud-business-establishing-chronoscale-as-independent-public-company\/","name":"Applied Digital Completes Separation of Cloud Business, Establishing ChronoScale as Independent Public Company - 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