---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-25-029408"
form_type: "8-K"
ticker: "APLD"
cik: "0001144879"
company_name: "Applied Digital Corp."
filed_at: "2025-12-29T23:59:59+00:00"
generated_at: "2026-05-16T12:04:17.766900+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "medium"
source: SEC EDGAR
---

# Applied Digital proposes spin-out of cloud business and combination with EKSO to form ChronoScale

## Summary
- Applied Digital will spin out its cloud business, Applied Digital Cloud, and combine with EKSO Bionics (Nasdaq: EKSO) to create ChronoScale.
- Applied Digital would own ~97% of the combined company; ChronoScale expected to close H1 2026, subject to due diligence and approvals.
- Applied Digital Cloud generated ~$75.2M trailing 12-month revenue as of Aug 31, 2025, with strong AI workload demand.
- EKSO plans to pursue sale of its current exoskeleton business after the transaction, per CEO Scott Davis.
- Transaction is non-binding term sheet; ChronoScale to be purpose-built GPU platform for AI workloads.

## SEC filing metadata
- accession: 0001493152-25-029408
- form_type: 8-K
- ticker: APLD
- cik: 0001144879
- company_name: Applied Digital Corp.
- filed_at: 2025-12-29T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: medium
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1144879/000149315225029408/0001493152-25-029408-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1144879/000149315225029408/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-25-029408
- JSON: https://secwatch.observer/filing/0001493152-25-029408.json
- Plain text: https://secwatch.observer/filing/0001493152-25-029408.txt

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