Applied Digital - APLD STOCK NEWS

Applied Digital (Nasdaq: APLD) has appointed Tom Burke as its new Chief Revenue Officer to drive revenue growth and strategic partnerships. With over a decade of experience in global sales and AI partnerships, Burke will oversee revenue-generating functions, develop sales strategies, and coordinate cross-functional alignment. His role includes establishing a client success organization and working on revenue projections and investment planning.

Burke's background includes serving as VP & Head of Global Sales for IBM Data & AI, where he led IBM's AI partnership strategy globally. Applied Digital's CEO, Wes Cummins, expressed confidence in Burke's expertise to expand the company's market presence in next-generation data centers optimized for AI workloads. The company has over 2 GW of power in various stages of development and offers cutting-edge solutions in data centers and Cloud as a Service for HPC needs.

Applied Digital has appointed Chris Jackson as the new Senior Vice President of Operations. Jackson brings over 20 years of experience in managing critical project operations, having held senior roles at Stream Data Centers and Vantage Data Centers. In his new position, Jackson will oversee development and operational activities, including security, safety, reliability, engineering, customer experience, and compliance. His appointment aims to drive operational efficiency and scalability at Applied Digital, leveraging his extensive background in strategic operational oversight and large-scale data service management. Jackson's experience includes managing Amazon Web Services' largest availability zone, ensuring 99.999% availability across 1200MW of IT resources. Applied Digital hopes Jackson's expertise will bolster its position as a leader in next-generation data centers and high-performance computing solutions.

CIM Group has committed an initial $125 million loan to Applied Digital, with potential expansion up to $200 million, to support the construction of a High-Performance Computing (HPC) campus in Ellendale, North Dakota. Applied Digital, a firm specializing in next-generation digital infrastructure, started building the first 100 MW, 342,000-square-foot data center in October 2023. The campus has a future capacity exceeding 600 MW. Applied Digital has also signed an LOI with a U.S.-based hyperscaler for a 400 MW capacity lease. This partnership aims to establish Applied Digital as a leader in HPC data centers, leveraging CIM Group's expertise in bespoke credit solutions and commercial real estate development.

Applied Digital (Nasdaq: APLD) has secured $125 million in private financing with an option to expand up to $200 million, aimed at funding the construction of its High-Performance Computing (HPC) data center in Ellendale, ND. The deal, backed by CIM Group, includes a promissory note with a 12% annual interest rate and a three-year term. The agreement also issues warrants for 6,300,449 shares at a strike price of $4.8005, with an additional 2,964,917 shares potentially available. The funds will help Applied Digital finalize its data center buildout, positioning it as a leader in digital infrastructure for AI.

On May 24, 2024, Applied Digital announced a $42.1 million unsecured convertible debenture to advance its HPC data center project in Ellendale, North Dakota. The debenture bears no interest, has a 5% original issue discount, and a 54-week term. Its conversion price is the lower of $8.00 or 95% of the lowest daily volume-weighted average price during the five days before conversion. If below $8.00, conversion is capped at $16 million per month. The debenture is prepayable if the stock trades below $8.00. The proceeds will finance construction advancements, with the Investor agreeing not to short the stock. Legal counsel was provided by Lowenstein Sandler LLP.

Applied Digital (Nasdaq: APLD) announced its participation in multiple upcoming investor conferences, including the 19th Annual Needham Technology & Media Conference, 24th Annual B. Riley Institutional Investor Conference, and 21st Annual Craig-Hallum Institutional Investor Conference. The company will present at these events and hold one-on-one meetings with investors, showcasing its next-generation digital infrastructure designed for High-Performance Computing (HPC) applications.

Applied Digital (Nasdaq: APLD) announced the appointment of Todd Gale as Chief Development Officer. Gale, with over 45 years of industry experience, will lead the company's datacenter design strategy, focusing on liquid cooling systems, power systems design, and data hall infrastructure at the company's HPC datacenter campus in Ellendale, North Dakota.

Applied Digital (Nasdaq: APLD) appoints Ella Benson as an independent director on its Board of Directors, effective May 6, 2024. Benson, with over a decade of experience in financial services, will also serve as the Chairperson of the Nominating and Governance Committee. Her appointment is part of a Cooperation and Standstill Agreement with Oasis Management Company. The agreement includes restrictions on Oasis' stock ownership and activities during Benson's tenure on the Board.