Applied Digital Corp. Files 8-K
Ticker: APLD · Form: 8-K · Filed: Jun 17, 2024 · CIK: 1144879
Sentiment: neutral
Topics: corporate-filing, 8-K
TL;DR
Applied Digital filed an 8-K on 6/17. Standard corporate update.
AI Summary
Applied Digital Corp. filed an 8-K on June 17, 2024, to report other events and financial statements. The filing details the company's operations and corporate structure, including its former names and incorporation details in Nevada.
Why It Matters
This filing provides an update on Applied Digital Corp.'s corporate status and events, which is important for investors to stay informed about the company's official disclosures.
Risk Assessment
Risk Level: low — This filing is a routine corporate disclosure and does not appear to contain significant new financial or operational risks.
Key Players & Entities
- Applied Digital Corp. (company) — Registrant
- Nevada (jurisdiction) — State of incorporation
- June 17, 2024 (date) — Date of earliest event reported
- 3811 Turtle Creek Blvd., Suite 2100, Dallas, TX 75219 (address) — Principal executive offices
- Applied Blockchain, Inc. (company) — Former company name
- Applied Science Products, Inc. (company) — Former company name
- FLIGHT SAFETY TECHNOLOGIES INC (company) — Former company name
FAQ
What is the primary purpose of this 8-K filing for Applied Digital Corp.?
The primary purpose is to report 'Other Events' and 'Financial Statements and Exhibits' as of June 17, 2024.
When was the earliest event reported in this filing?
The earliest event reported was on June 17, 2024.
In which state is Applied Digital Corp. incorporated?
Applied Digital Corp. is incorporated in Nevada.
What is the principal executive office address for Applied Digital Corp.?
The principal executive office is located at 3811 Turtle Creek Blvd., Suite 2100, Dallas, TX 75219.
What were some of Applied Digital Corp.'s former company names?
Applied Digital Corp. was formerly known as Applied Blockchain, Inc., Applied Science Products, Inc., and FLIGHT SAFETY TECHNOLOGIES INC.
Filing Stats: 788 words · 3 min read · ~3 pages · Grade level 11.4 · Accepted 2024-06-17 16:39:19
Key Financial Figures
- $15 m — ch provides for an initial borrowing of $15 million, which was drawn on June 7, 2024,
- $110 m — 024, and subsequent borrowings of up to $110 million, which will be available subject
- $75 million — eature that permits up to an additional $75 million of borrowings subject to the mutual agr
- $0 — common stock of the Company, par value $0.001, in a registered direct issuance. T
Filing Documents
- apld-20240617.htm (8-K) — 30KB
- exh51-swopinion.htm (EX-5.1) — 15KB
- exh52-milbankopinion.htm (EX-5.2) — 10KB
- image_0a.jpg (GRAPHIC) — 45KB
- 0001144879-24-000171.txt ( ) — 248KB
- apld-20240617.xsd (EX-101.SCH) — 2KB
- apld-20240617_lab.xml (EX-101.LAB) — 22KB
- apld-20240617_pre.xml (EX-101.PRE) — 13KB
- apld-20240617_htm.xml (XML) — 3KB
01 Other Events
Item 8.01 Other Events. Promissory Note As previously disclosed, on June 7, 2024, APLD Holdings 2 LLC (the "Borrower"), a subsidiary of Applied Digital Corporation (the "Company") entered into a Promissory Note with CIM APLD Lender Holdings, LLC ("CIM"), which provides for an initial borrowing of $15 million, which was drawn on June 7, 2024, and subsequent borrowings of up to $110 million, which will be available subject to the satisfaction of certain conditions. In addition, the Promissory Note includes an accordion feature that permits up to an additional $75 million of borrowings subject to the mutual agreement of CIM and the Borrower. On June 17, 2024, as partial consideration for the initial $15 million, the Company issued a warrant (the "Registered Warrant") to CIM to purchase up to 6,300,449 shares of common stock of the Company, par value $0.001, in a registered direct issuance. The terms of the Registered Warrant have been previously disclosed in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission (the "SEC") on June 7, 2024, as amended on June 10, 2024 and are incorporated herein by reference. The Registered Warrant is being offered and sold pursuant to a shelf registration statement on Form S-3 (File No. 333-279155), filed with the SEC on May 6, 2024, and declared effective by the SEC on May 16, 2024, and the accompanying base prospectus included therein, as supplemented by the prospectus supplement filed with the SEC on June 17, 2024. The foregoing description of the Registered Warrant does not purport to be complete and is qualified in its entirety by reference to the full text of the Form of Warrant, which is included as Annex H to the Promissory Note, attached as Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the SEC on June 7, 2024, as amended on June 10, 2024, and is incorporated herein by reference. A copy of the legal opinion and consent of Snell & Wilmer LLP, relating to the validi
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 5.1 Opinion of Snell & Wilmer LLP 5.2 Opinion of Milbank LLP 23.1 Consent of Snell & Wilmer LLP (included in Exhibit 5.1) 23.2 Consent of Milbank LLP (included in Exhibit 5.2) 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). SIGNATURE Pursuant to the requirements of Section 13 or 15 (d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Dated: June 17, 2024 By: /s/ David Rench Name: David Rench Title: Chief Financial Officer