secwatch.observer — SEC 8-K summary
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Issuer:     Applied Digital Corp. (APLD)
CIK:        0001144879
Form:       8-K
Filed at:   2024-02-06T23:59:59+00:00
Accession:  0001144879-24-000026
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 2.03, 1.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1144879/000114487924000026/0001144879-24-000026-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1144879/000114487924000026/apld-20240130.htm
  HTML page:      https://secwatch.observer/filing/0001144879-24-000026

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer