Applied Digital Corp. (APLD): M&A transaction — Applied Digital completes cloud business spinoff, retains ~97% of ChronoScale (CHRN)

Applied Digital Corp.

Contributed cloud business to Ekso Bionics; combined entity renamed ChronoScale Corp., trading on Nasdaq as CHRN as of May 5, 2026.
Applied Digital received ~138M shares of ChronoScale, representing ~97% ownership, plus invested $15.75M in a private placement at $12.01/share.
Applied Digital entered a Management Advisory and Corporate Services Agreement with ChronoScale, receiving 1% of gross revenue quarterly plus service fees.
Investor Rights Agreement gives Applied Digital the right to designate 4 of 7 directors and approval rights over major actions while holding ≥30% of voting securities.
ChronoScale must file a resale registration statement within 60 days and use commercially reasonable efforts to have it declared effective within 30-60 days.

item 1.01 item 2.01 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Applied Digital Corp. completed a disposition involving Ekso Bionics Holdings, Inc. (closed 2026-05-05).

Action: disposition
Counterparty: Ekso Bionics Holdings, Inc.
Closing: 2026-05-05

Exact text from the filing

On May 5, 2026 (the “Closing Date”), Applied Digital Corporation, a Nevada corporation (the “Company”), completed the previously announced divestiture of its cloud business pursuant to that certain Contribution and Exchange Agreement

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Applied Digital Corp. filing history →

Source: SEC EDGAR

accession 0001493152-26-021333

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