{"schema_version":"secwatch.filing_event.v1","accession":"0001493152-25-013210","form_type":"8-K","ticker":"APLD","cik":"0001144879","company_name":"Applied Digital Corp.","filed_at":"2025-09-12T23:59:59+00:00","discovered_at":"2026-05-14T18:02:43.443620+00:00","generated_at":"2026-05-17T06:43:18.274566+00:00","sec_items":["1.01","2.03","3.02","5.03","9.01"],"event_type":"other_material","sentiment":"neutral","materiality_score":0.7,"calibrated_materiality_score":0.7,"confidence":"high","headline":"APLD secures $50M Macquarie loan for Polaris Forge 2; expands Series G preferred to $450M","bullets":["$50M initial draw from Macquarie at 8% interest; up to $25M additional loans available.","Proceeds to fund purchase and improvements of Polaris Forge 2 campus in Harwood, ND plus working capital.","Series G Convertible Preferred commitment raised from $300M to $450M via second amendment to PEPA.","Authorized Series G shares increased from 156,000 to 204,000 to accommodate higher commitment.","Promissory note matures Sept 2027 but accelerates to Feb 2026 if 200MW lease not signed by Oct 31, 2025."],"urls":{"canonical":"https://secwatch.observer/filing/0001493152-25-013210","json":"https://secwatch.observer/filing/0001493152-25-013210.json","markdown":"https://secwatch.observer/filing/0001493152-25-013210.md","text":"https://secwatch.observer/filing/0001493152-25-013210.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1144879/000149315225013210/0001493152-25-013210-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1144879/000149315225013210/form8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-17T06:43:18.274566+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":[{"claim_id":"bdc256c706dd2c664853f07424d57da037c9ea02","claim":"Applied Digital Corp. incurred loan of $50 million (the “Initial Loan”), which was drawn on the Closing Date, plus (b) subject to the mutual consent of the Bor with Macquarie Equipment Capital, Inc. at 8.0% per annum maturing September 9, 2027.","evidence_excerpt":"a promissory note (the “Promissory Note”) with Macquarie Equipment Capital, Inc., a Delaware corporation (the “Lender”). The Promissory Note provides for a principal sum of (a) $50 million (the “Initial Loan”), which was drawn on the Closing Date, plus (b) subject to the mutual consent of the Borrower and the Lender, additional loans in an aggregate principal","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1144879/000149315225013210/0001493152-25-013210-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"loan"},{"label":"Principal","value":"$50 million (the “Initial Loan”), which was drawn on the Closing Date, plus (b) subject to the mutual consent of the Bor"},{"label":"Counterparty","value":"Macquarie Equipment Capital, Inc."},{"label":"Rate","value":"8.0% per annum"},{"label":"Maturity","value":"September 9, 2027"},{"label":"Event","value":"incurrence"}]},{"claim_id":"6db75ea2ab4848c13caf394593e0880ded4a519e","claim":"Applied Digital Corp.: Increased authorized shares of Series G Convertible Preferred Stock from 156,000 to 204,000 shares via a Certificate of Designations Amendment filed with the Nevada Secretary of State on September 11, 2025 (effective 2025-09-11).","evidence_excerpt":"On September 11, 2025, the Company filed an amendment (the “Certificate of Designations Amendment”) to the Certificate of the Designations, Powers, Preferences and Rights of Series G Convertible Preferred Stock, originally filed with the Secretary of State of the State of Nevada on April 30, 2025, as amended on August 14, 2025 (as amended, the “Certificate of Designations”).","evidence_source":"SEC 8-K Item 5.03/5.05/5.06","evidence_url":"https://www.sec.gov/Archives/edgar/data/1144879/000149315225013210/0001493152-25-013210-index.htm","confidence":0.9,"family_label":"Governance Changes","details":[{"label":"Change","value":"charter amendment"},{"label":"Effective","value":"2025-09-11"}]}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}