Conditional prepayment obligation to Yorkville if registration statement not effective by July 8
Company: Applied Digital
The claim, verbatim
Company is obligated to prepay promissory notes to Yorkville on pro rata basis in weekly installments of $2.5 million cash or $5.0 million common shares (at Yorkville's discretion) if May Registration Statement on Form S-1 is not declared effective by July 8, 2024
Source (primary)
Applied Digital 8-K filed 2024-06-07 (SEC EDGAR, sec_filing)
View cached copy (2026-08-31)Live source ↗
Quote: “the Registration Statement on Form S-1 filed by the Company on May 31, 2024 (the "May Registration Statement") is not declared effective by the Securities and Exchange Commission (the "SEC") by July 8, 2024 (the "Effectiveness Deadline")... then starting on the Effectiveness Deadline... the Company is obligated to prepay the promissory notes issued in connection with the March PAA and May PAA (on a pro rata basis) in equal weekly installments of either $2.5 million in cash or $5.0 million in Common Shares as determined by YA in its sole discretion”
How we checked this
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Additional evidence
confirms Applied Digital 8-K filed 2024-06-07
Quote: “the Registration Statement on Form S-1 filed by the Company on May 31, 2024 (the "May Registration Statement") is not declared effective by the Securities and Exchange Commission (the "SEC") by July 8, 2024 (the "Effectiveness Deadline")... then starting on the Effectiveness Deadline... the Company is obligated to prepay the promissory notes issued in connection with the March PAA and May PAA (on a pro rata basis) in equal weekly installments of either $2.5 million in cash or $5.0 million in Common Shares as determined by YA in its sole discretion”