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1606 Corp. has entered a non-binding term sheet for the acquisition of a 55 MW power generation facility and a climate-controlled data center in Lufkin, Texas, for around $11.67 million. The purchase consists of $7.5 million in cash and the assumption of $4.17 million in existing debt.

The acquisition encompasses 132 acres and associated assets for captive power generation, facilitating support for AI and data center operations. The transaction is expected to close by March 11, 2026, after a 15-day inspection and agreement period. The company is also negotiating to acquire Sim Agro for operational support of the facility.