{"schema_version":"secwatch.filing_event.v1","accession":"0001493152-25-002040","form_type":"8-K","ticker":"APLD","cik":"0001144879","company_name":"Applied Digital Corp.","filed_at":"2025-01-14T23:59:59+00:00","discovered_at":"2026-05-14T18:03:03.039661+00:00","generated_at":"2026-05-28T01:43:36.078312+00:00","sec_items":["1.01","3.02","8.01","9.01"],"event_type":"debt","sentiment":"positive","materiality_score":0.85,"calibrated_materiality_score":0.85,"confidence":"high","headline":"Applied Digital secures up to $5B perpetual preferred equity facility from Macquarie for HPC data centers","bullets":["MAM to invest up to $900M for 400 MW Ellendale HPC campus; initial $225M at close.","Preferred units accrue 12.75% dividend, 1.80x liquidation preference; MAM gets 15% common equity.","Additional $4.1B right of first refusal for future HPC projects over 30 months.","Company to recover ~$300M equity investment; existing $180M bridge debt to be repaid.","Closing conditioned on hyperscaler lease for first 100 MW; warrants for 8.9M shares at $8.29."],"urls":{"canonical":"https://secwatch.observer/filing/0001493152-25-002040","json":"https://secwatch.observer/filing/0001493152-25-002040.json","markdown":"https://secwatch.observer/filing/0001493152-25-002040.md","text":"https://secwatch.observer/filing/0001493152-25-002040.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1144879/000149315225002040/0001493152-25-002040-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1144879/000149315225002040/form8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-28T01:43:36.078312+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}