APLD investor board designation rights
Company: Applied Digital
The claim, verbatim
APLD Investors with majority ownership entitled to designate 4 of 7 directors including Chairman; tiered designation rights scale with 25%+, 10-25%, and <10% ownership levels
Source (primary)
Applied Digital 8-K filed 2026-02-17 (SEC EDGAR, sec_filing)
View cached copy (2026-08-31)Live source ↗
Quote: “the APLD Investor (as defined therein), or any group of APLD Investors collectively, that beneficially owns a majority of the outstanding voting securities of the combined company at any time will have the right to designate four (4) of the seven (7) directors on the combined company's Board of Directors, including the Chairman... if the APLD Investors beneficially own 25% or more of such voting securities, three directors, (ii) if the APLD Investors beneficially own at least 10% (but less than 25%) of such voting securities, two directors, and (iii) if the APLD Investors beneficially own less than 10% of such voting securities, one director”
How we checked this
Additional evidence
confirms Applied Digital 8-K filed 2026-02-17
Quote: “the APLD Investor (as defined therein), or any group of APLD Investors collectively, that beneficially owns a majority of the outstanding voting securities of the combined company at any time will have the right to designate four (4) of the seven (7) directors on the combined company's Board of Directors, including the Chairman... if the APLD Investors beneficially own 25% or more of such voting securities, three directors, (ii) if the APLD Investors beneficially own at least 10% (but less than 25%) of such voting securities, two directors, and (iii) if the APLD Investors beneficially own less than 10% of such voting securities, one director”