Applied Digital Files Withdrawals of Designation for Preferred Stock

Applied Digital Corporation, a Nevada corporation, recently made significant changes to its preferred stock structure. In a Form 8-K filing submitted to the United States Securities and Exchange Commission on October 21, 2024, the company disclosed the termination of designations for three categories of preferred stock.

Previously, Applied Digital Corporation had earmarked 70,000 shares of preferred stock as Series A Convertible Preferred Stock (the “Series A Preferred Stock”), 50,000 shares as Series B Convertible Preferred Stock (the “Series B Preferred Stock”), and 1,380,000 shares as Series D Convertible Redeemable Preferred Stock (the “Series D Preferred Stock”).

As of the filing date of October 21, 2024, there were no outstanding shares of Series A Preferred Stock, Series B Preferred Stock, or Series D Preferred Stock. The company submitted Withdrawals of Designation for the aforementioned preferred stock to the Secretary of State of Nevada, effectively eliminating these designations from its Second Amended and Restated Articles of Incorporation.

The Withdrawals of Designation were swiftly enacted upon filing, expunging all provisions associated with the Series A, Series B, and Series D Preferred Stock from the company’s records.

In compliance with regulatory requirements, Applied Digital Corporation also disclosed pertinent financial details and exhibits in the filing. The company included exhibits related to the Withdrawals of Designation for each category of preferred stock, filed with the Secretary of State of Nevada on October 21, 2024.

Furthermore, the company furnished a cover page interactive data file embedded within the Inline XBRL document as part of its financial disclosures.

The filing was formally signed by Mohammad Saidal L. Mohmand, the Chief Financial Officer of Applied Digital Corporation, on October 24, 2024.

This move by Applied Digital Corporation marks a strategic adjustment in its capital structure, streamlining its preferred stock categories for future operations and financial maneuvers.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Applied Digital’s 8K filing here.

Applied Digital Company Profile

Applied Digital Corporation designs, develops, and operates datacenters in North America. Its datacenters provide digital infrastructure solutions to the high-performance computing industry. The company also provides artificial intelligence cloud services, high performance computing datacenter hosting, and crypto datacenter hosting services.