Promissory Note conversion price terms
Company: Applied Digital
The claim, verbatim
Investor may convert promissory note at price per share equal to the lower of $8.00 (fixed price) and 95% of the lowest daily VWAP during five trading days prior to conversion, subject to a floor price of $3.00.
Source (primary)
Applied Digital 8-K filed 2024-05-24 (SEC EDGAR, sec_filing)
View cached copy (2026-08-31)Live source ↗
Quote: “convert a portion of the Promissory Note at a price per share equal to the lower of: (a) $8.00 (the "Fixed Price") and (b) 95% of the lowest daily volume weighted average price (the "VWAP") of the Common Shares during the five trading days immediately prior to the date of such conversion, subject to a floor price of $3.00”
How we checked this
Checked on September 18, 2026. The cited source supports every part of this claim.
The filing sets the conversion price as the lower of $8.00 or 95% of the lowest five-day VWAP, subject to a $3.00 floor.
Confirmed in the source:
- The investor may convert at the lower of $8.00 (the Fixed Price) and 95% of the lowest daily VWAP during the five trading days before conversion
- The conversion price is subject to a floor price of $3.00
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/1144879/000114487924000140/apld-20240524.htm) in full (15,238 characters, retrieved August 31, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Applied Digital 8-K filed 2024-05-24
Quote: “convert a portion of the Promissory Note at a price per share equal to the lower of: (a) $8.00 (the "Fixed Price") and (b) 95% of the lowest daily volume weighted average price (the "VWAP") of the Common Shares during the five trading days immediately prior to the date of such conversion, subject to a floor price of $3.00”