---
schema_version: "secwatch.filing_event.v1"
accession: "0001641172-25-008007"
form_type: "8-K"
ticker: "APLD"
cik: "0001144879"
company_name: "Applied Digital Corp."
filed_at: "2025-05-01T23:59:59+00:00"
generated_at: "2026-05-22T23:44:54.371577+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001641172-25-008007
- form_type: 8-K
- ticker: APLD
- cik: 0001144879
- company_name: Applied Digital Corp.
- filed_at: 2025-05-01T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 5.03, 1.02, 3.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1144879/000164117225008007/0001641172-25-008007-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1144879/000164117225008007/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001641172-25-008007
- JSON: https://secwatch.observer/filing/0001641172-25-008007.json
- Plain text: https://secwatch.observer/filing/0001641172-25-008007.txt

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