secwatch.observer — SEC 8-K summary
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Issuer:     Applied Digital Corp. (APLD)
CIK:        0001144879
Form:       8-K
Filed at:   2024-05-17T23:59:59+00:00
Accession:  0001144879-24-000133
Event type: other_material
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 5.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Applied Digital launches up to $50M Series E Preferred Stock offering, prepays AI Note with 8.4M shares
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- Offers up to 2,000,000 shares of Series E Redeemable Preferred Stock at $25.00/share ($50M aggregate); 2% dealer manager fee plus up to 6% selling commission.
- Series E Preferred accrues dividends at 9.0% annually per Certificate of Amendment filed May 16, 2024.
- Prepaid $? Unsecured Promissory Note (AI Note) in full via issuance of 8,421,146 shares of common stock; note extinguished.
- Entered Services Agreement with Preferred Shareholder Services for post-offering support including recordkeeping and redemption processing.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1144879/000114487924000133/0001144879-24-000133-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1144879/000114487924000133/apld-20240516.htm
  HTML page:      https://secwatch.observer/filing/0001144879-24-000133

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