secwatch.observer — SEC 8-K summary
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Issuer:     Applied Digital Corp. (APLD)
CIK:        0001144879
Form:       8-K
Filed at:   2025-05-01T23:59:59+00:00
Accession:  0001641172-25-008007
Event type: debt
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 5.03, 1.02, 3.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1144879/000164117225008007/0001641172-25-008007-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1144879/000164117225008007/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001641172-25-008007

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