secwatch.observer — SEC 8-K summary
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Issuer:     Applied Digital Corp. (APLD)
CIK:        0001144879
Form:       8-K
Filed at:   2025-09-12T23:59:59+00:00
Accession:  0001493152-25-013210
Event type: other_material
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 2.03, 3.02, 5.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1144879/000149315225013210/0001493152-25-013210-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1144879/000149315225013210/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-25-013210

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