Sharon AI is selling its 50% interest in Texas Critical Data Centers LLC for US$70m to its joint venture partner, New Era Energy & Digital Inc.
The sale is part of Sharon AI's strategy to focus on expanding its core Neocloud platform and meeting the increasing demand from research and enterprise customers.
This divestment follows an approximately US$100m Convertible Note capital raising by Sharon AI to further invest in its core operations.
Sale Details
The sale includes a US$50m Senior Secured Convertible Promissory Note, US$10m in cash, and US$10m in equity, expected to be completed by June 30, 2026.
Strategic Focus
The divestment will enable Sharon AI to enhance its Neocloud operations and continue providing high-performance compute services to its customers.
Financial Impact
The expected proceeds of US$70m from the sale will support Sharon AI's growth initiatives in its core business segments.
- The divestment of its interest in TCDC allows Sharon AI to streamline its focus on its Neocloud platform and meet the increasing demand for cloud services.
- The strategic sale provides capital resources to invest in technology advancements and innovation, strengthening Sharon AI's position in the market.
The sale of Sharon AI's interest in TCDC marks a significant milestone in the company's strategic direction towards enhancing its core operations and serving its customers' evolving needs in the cloud computing sector.