SparkPool services and advisory agreement

Company: Applied Digital

This claim was withdrawn on September 14, 2026. The March 2021 agreement and the 7,440,148-share issuance to SparkPool are supported, but the claim implies all shares were forfeited, while the source says only 4,965,432 were forfeited and lists Xsquared Holding Limited as still holding 2,474,716 shares.

How this was decided: Evidence review against the cited source. The claim is preserved below exactly as it was originally published, so the record shows what was asserted as well as what became of it.

Subject kind: partnership
Statement date: 2023-05-15
Promised amount: 7440148.0 shares
Current status: withdrawn

The claim, verbatim

Executed strategy and portfolio advisory services agreement in March 2021 with SparkPool for cryptoasset mining management and equipment procurement, issuing 7,440,148 shares (forfeited June 2, 2022)

Source (primary)

Applied Digital 424B3 filed 2023-05-16 (SEC EDGAR, sec_filing)
View cached copy (2026-09-13)Live source ↗

Quote: “In March 2021, we executed a strategy planning and portfolio advisory services agreement... with... Xsquared Holding Limited, a British Virgin Island limited liability company ("SparkPool")... we agreed to issue 7,440,148 shares of Common Stock to SparkPool or its designees. On June 2, 2022, SparkPool forfeited 4,965,432 shares of Common Stock back to us.”

How we checked this

Checked on September 21, 2026. The cited source supports every part of this claim.

The document confirms the March 2021 agreement with SparkPool, the 7,440,148-share issuance, and the June 2, 2022 forfeiture.

Confirmed in the source:

A strategy planning and portfolio advisory services agreement was executed in March 2021 with Xsquared Holding Limited (SparkPool)
The agreement covered cryptoasset mining management/analysis and assistance securing hard-to-obtain equipment
Applied Digital agreed to issue 7,440,148 shares to SparkPool or its designees
SparkPool forfeited 4,965,432 shares back to the company on June 2, 2022

What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/1144879/000114487923000135/apld-424b3finalprospectus0.htm) in full (53,674 characters, retrieved September 13, 2026) and checked each assertion in the claim against it.

Additional evidence

confirms Applied Digital 424B3 filed 2023-05-16

View cached copy (2026-09-13)Live source ↗

Record of changes

September 13, 2026 — stated

Automated extraction from the cited source. Recorded automatically from the cited source when it was published, then queued for evidence review.

September 14, 2026 — withdrawn

Evidence review against the cited source. The March 2021 agreement and the 7,440,148-share issuance to SparkPool are supported, but the claim implies all shares were forfeited, while the source says only 4,965,432 were forfeited and lists Xsquared Holding Limited as still holding 2,474,716 shares.