Applied Digital amends AI Bridge note, allows stock repayment, issues 3M warrants

Applied Digital Corp.

Amendment lets Applied Digital repay up to $24.5M principal note with common stock; aggregate share cap set at 24,532,449 shares (19.99% of outstanding).
Multiple of principal repayment reduced from 1.30x to 1.25x on the AI Bridge Funding note.
Issued warrants for 3M shares: 1.5M at $7.50/strike and 1.5M at $10.00/strike, exercisable over 5 years.
Warrants offered in unregistered transaction under Rule 506(b); stock issuance will use effective S-3 shelf.

item 1.01 item 3.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Applied Digital Corp. amended AI Amendment with AI Bridge Funding LLC (effective 2024-04-26).

Action: amendment
Counterparty: AI Bridge Funding LLC
Effective: 2024-04-26

Exact text from the filing

On April 26, 2024, Applied Digital Corporation (the “Company”) entered into Amendment No. 2 (the “AI Amendment”) to that certain Unsecured Promissory Note made by the Corporation on January 30, 2024 and amended on March 27, 2024 (as amended by the AI Amendment, the “AI Note”) in favor of AI Bridge Funding LLC (the “Holder”).

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Applied Digital Corp. filing history →

Source: SEC EDGAR

accession 0001144879-24-000095

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