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.

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