---
schema_version: "secwatch.filing_event.v1"
accession: "0001144879-24-000026"
form_type: "8-K"
ticker: "APLD"
cik: "0001144879"
company_name: "Applied Digital Corp."
filed_at: "2024-02-06T23:59:59+00:00"
generated_at: "2026-06-06T07:45:39.326072+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Applied Digital terminates $50M B. Riley loan, issues $20M unsecured note at 12.5%

## Summary
- Terminated $50M term loan with B. Riley; all principal, interest, fees paid in full; no penalty.
- Issued up to $20M unsecured promissory note to AI Bridge Funding LLC; $15M funded immediately.
- Note bears 12.5% interest, compounded quarterly, matures Jan 30, 2026; repayment fee of 1.25x principal.
- CEO Wes Cummins resigned from B. Riley Asset Management (effective Feb 5) but remains CEO of Applied Digital.

## SEC filing metadata
- accession: 0001144879-24-000026
- form_type: 8-K
- ticker: APLD
- cik: 0001144879
- company_name: Applied Digital Corp.
- filed_at: 2024-02-06T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 1.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1144879/000114487924000026/0001144879-24-000026-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1144879/000114487924000026/apld-20240130.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001144879-24-000026
- JSON: https://secwatch.observer/filing/0001144879-24-000026.json
- Plain text: https://secwatch.observer/filing/0001144879-24-000026.txt

## Key facts
- Debt Financings
  Applied Digital Corp. incurred loan of up to $20,000,000 with AI Bridge Funding LLC at 12.50% maturing 2026-01-30.
  - Instrument: loan
  - Principal: up to $20,000,000
  - Counterparty: AI Bridge Funding LLC
  - Rate: 12.50%
  - Maturity: 2026-01-30
  - Event: incurrence
  source text: On January 30, 2024, the Company issued an Unsecured Promissory Note (the “Note”) payable to AI Bridge Funding LLC (the “Lender”), providing for an unsecured loan in the aggregate principal amount of up to $20,000,000 (the “Principal Amount”), of which $15,000,000 was available immediately and funded upon the execution of the Note.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1144879/000114487924000026/0001144879-24-000026-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.