[Form 4] Applied Digital Corporation Insider Trading Activity

Rhea-AI Filing Summary

Cummins Wes, CEO and Chairman of Applied Digital Corp. (APLD), reported an insider sale on 09/03/2025. The filing shows a sale of 400,000 shares of Common Stock at $15.26 per share, reducing his direct holdings to 2,659,379 shares (which include 742,166 shares held in his IRA). The report also discloses indirect holdings of 17,590,238 shares through Cummins Family Ltd. and 1,626,453 shares through 272 Capital, LLC. The form was signed by an attorney-in-fact on 09/05/2025.

Positive

• Transparent disclosure of the sale and detailed breakdown of direct and indirect holdings, including IRA-held shares
• Substantial retained ownership through Cummins Family Ltd. and 272 Capital, LLC indicating continued economic interest

Negative

• Insider disposition of 400,000 shares could be interpreted negatively by some investors despite no stated reason
• No disclosure in the form of a 10b5-1 plan or explanation for the sale limits context for interpreting the transaction

Insights

Corporate Governance Expert

TL;DR: A significant insider sale occurred; large indirect holdings remain concentrated in related entities.

The sale of 400,000 shares at $15.26 is a clear, reported disposition by the CEO and Chairman. While the transaction reduces the reporting person's direct stake to 2,659,379 shares, the filing explicitly shows material indirect ownership via Cummins Family Ltd. (17,590,238 shares) and 272 Capital, LLC (1,626,453 shares). From a governance perspective, the concentration of ownership across direct and indirect holdings is notable because it centralizes voting and economic power in related parties. The filing contains no information on the reason for the sale or any 10b5-1 plan.

Securities Analyst

TL;DR: Insider sold shares but retains substantial aggregate ownership through multiple vehicles.

The reported disposition is a routine insider sale recorded under Form 4. The concrete figures—400,000 shares sold at $15.26 and indirect holdings totaling 19,216,691 shares—are primary facts investors can use to update ownership tables. The filing does not include sales over time, price context beyond the single transaction, or any derivative transactions. This limits assessment to the single reported sale and the explicit ownership breakdown.

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

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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)
09/03/2025

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	09/03/2025		S		400,000	D	$15.26	2,659,379(1)	D
Common Stock								17,590,238	I	See Footnote.(2)
Common Stock								1,626,453	I	See Footnote(3)

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

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

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

	/s/ Mark Chavez as Attorney-in-Fact	09/05/2025
	** 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 transaction did APLD insider Cummins Wes report on Form 4?

The filing reports a sale of 400,000 shares of Applied Digital Corp. at $15.26 per share on 09/03/2025.

How many APLD shares does Cummins Wes directly and indirectly own after the sale?

After the reported sale, the filing shows 2,659,379 shares directly owned and indirect holdings of 17,590,238 (Cummins Family Ltd.) and 1,626,453 (272 Capital, LLC).

Does the Form 4 indicate whether the sale was part of a 10b5-1 plan?

The filing does not state that the transaction was made pursuant to a 10b5-1 plan; no such plan is indicated in the form.

Who signed the Form 4 for Cummins Wes?

The Form 4 was signed by Mark Chavez as Attorney-in-Fact on 09/05/2025.

How many shares are held in Cummins Wes's IRA according to the filing?

The filing discloses 742,166 shares held in the reporting person's IRA.