secwatch.observer — SEC 8-K summary
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Issuer:     Applied Digital Corp. (APLD)
CIK:        0001144879
Form:       8-K
Filed at:   2025-01-14T23:59:59+00:00
Accession:  0001493152-25-002040
Event type: debt
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 3.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Applied Digital secures up to $5B perpetual preferred equity facility from Macquarie for HPC data centers
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1144879/000149315225002040/0001493152-25-002040-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1144879/000149315225002040/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-25-002040

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