Applied Digital enters $150M convertible preferred facility to fund Ellendale HPC campus

Applied Digital Corp.

Up to $150M Series G convertible preferred; 4% original issue discount; no dividends; 36-month term.
Company has sole discretion to draw in $25M increments; no minimum commitment or penalties for non-use.
Conversion price = greater of 95% of 5-day VWAP floor and $4.25 initial floor (can be reduced to $1.34).
Proceeds to fund development of Ellendale HPC Campus and for general corporate purposes.
Terminated prior Standby Equity Purchase Agreement with YA II PN effective May 7, 2025; no early termination penalties.

item 1.01 item 5.03 item 1.02 item 3.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Applied Digital Corp.: Filed Certificate of Designation for Series G Convertible Preferred Stock designating 156,000 shares with a stated value of $1,000 per share (effective 2025-04-30).

Change: charter amendment
Effective: 2025-04-30

Exact text from the filing

On April 30, 2025, the Company filed a Certificate of the Designations, Powers, Preferences and Rights of Series G Convertible Preferred Stock with the Secretary of State of the State of Nevada designating 156,000 shares out of the authorized but unissued shares of its preferred stock as Series G Preferred Stock with a stated value of $1,000 per share

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13 governance changes filed in the last 30 days. Browse all governance changes →

Applied Digital Corp. filing history →

Source: SEC EDGAR

accession 0001641172-25-008007

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