secwatch.observer — SEC 8-K summary
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Issuer:     Applied Digital Corp. (APLD)
CIK:        0001144879
Form:       8-K
Filed at:   2024-04-30T23:59:59+00:00
Accession:  0001144879-24-000095
Event type: debt
Sentiment:  neutral
Materiality: 0.65
Item codes: 1.01, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1144879/000114487924000095/0001144879-24-000095-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1144879/000114487924000095/apld-20240426.htm
  HTML page:      https://secwatch.observer/filing/0001144879-24-000095

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