[Form 4] Applied Digital Corp. Insider Trading Activity

Rhea-AI Filing Summary

Applied Digital (APLD) insider update: A Form 4 reports a change in beneficial ownership tied to a management agreement. On 10/31/2025, the reporting person’s Investment Management Agreement related to certain accounts at 272 Capital was terminated, and the reporting person ceased having discretionary or voting authority over 903,970 shares (Transaction Code J).

Following the reported event, beneficial holdings are listed as 722,483 shares held indirectly through 272 Capital, 17,590,238 shares held indirectly through Cummins Family Ltd., and 2,841,329 shares held directly, which includes 742,166 shares in the reporting person’s IRA.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Cummins Wes

(Last) (First) (Middle)

3811 TURTLE CREEK BOULEVARD

SUITE 2100

(Street)

DALLAS TX 75219

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Applied Digital Corp. [ APLD ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CEO; Chairman

3. Date of Earliest Transaction (Month/Day/Year)
10/31/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	10/31/2025		J(1)		903,970	D	(1)	722,483	I	See Footnote(2)
Common Stock								17,590,238	I	See Footnote(3)
Common Stock								2,841,329(4)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The 903,970 shares were indirectly held by 272 Capital, LLC ("272 Capital") pursuant to a certain Investment Management Agreement with the investment manager of certain trading accounts. On October 31, 2025, the Investment Management Agreement was terminated. As a result, the Reporting Person ceased having discretionary or voting authority with respect to the 903,970 shares.

2. Shares are held by 272 Capital, of which the Reporting Person is the President.

3. Shares are held by Cummins Family Ltd., of which the Reporting Person is the CEO.

4. Includes 742,166 shares held in the Reporting Person's IRA.

	/s/ Mark Chavez as Attorney-in-Fact	11/04/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did APLD’s Form 4 disclose?

It reported that on 10/31/2025, the reporting person ceased discretionary and voting authority over 903,970 shares due to termination of an Investment Management Agreement (Code J).

Which entity held the 903,970 shares referenced in APLD’s Form 4?

They were indirectly held by 272 Capital, LLC pursuant to an Investment Management Agreement.

What are the reporting person’s beneficial holdings after the event for APLD?

Listed as 722,483 shares indirectly via 272 Capital, 17,590,238 shares indirectly via Cummins Family Ltd., and 2,841,329 shares directly (including 742,166 in an IRA).

What does Transaction Code J signify in this APLD filing?

It indicates an “other” change in ownership; here, the change stems from termination of an Investment Management Agreement as described in the footnotes.

Who is the reporting person’s relationship to APLD?

The reporting person is a Director, CEO, and Chairman of Applied Digital Corp.

How are some APLD shares held indirectly by the reporting person?

Through 272 Capital, LLC and Cummins Family Ltd., as detailed in the footnotes.