---
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"
generated_at: "2026-05-17T06:43:18.274566+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# APLD secures $50M Macquarie loan for Polaris Forge 2; expands Series G preferred to $450M

## Summary
- $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.

## SEC filing metadata
- 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
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 5.03, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-25-013210
- JSON: https://secwatch.observer/filing/0001493152-25-013210.json
- Plain text: https://secwatch.observer/filing/0001493152-25-013210.txt

## Key facts
- Debt Financings
  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.
  - Instrument: loan
  - Principal: $50 million (the “Initial Loan”), which was drawn on the Closing Date, plus (b) subject to the mutual consent of the Bor
  - Counterparty: Macquarie Equipment Capital, Inc.
  - Rate: 8.0% per annum
  - Maturity: September 9, 2027
  - Event: incurrence
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1144879/000149315225013210/0001493152-25-013210-index.htm
- Governance Changes
  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).
  - Change: charter amendment
  - Effective: 2025-09-11
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1144879/000149315225013210/0001493152-25-013210-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.