Board designation rights at ChronoScale
Company: Applied Digital
The claim, verbatim
Applied Digital has the right to designate four of seven directors on ChronoScale's Board of Directors, including the Chairman. Initial designees are Wes Cummins (Chairman), Ella Benson, Douglas Miller, and Richard Nottenburg. Designation rights scale with ownership: 4 directors for ≥50% ownership, 3 for ≥25%, 2 for 10-25%, and 1 for <10%.
Source (primary)
Applied Digital 8-K filed 2026-05-05 (SEC EDGAR, sec_filing)
View cached copy (2026-08-30)Live source ↗
Quote: “the APLD Designator (as defined therein) has the right to designate four (4) of the seven (7) directors on ChronoScale's Board of Directors (the "Board"), including the Chairman... The initial APLD Designees are Wes Cummins (Chairman), Ella Benson, Douglas Miller and Richard Nottenburg... (i) for so long as the APLD Investors (as defined therein) beneficially own at least 50% of the aggregate outstanding voting securities of ChronoScale, the APLD Designator may designate four (4) directors, (ii) if the APLD Investors beneficially own at least 25%... may designate three (3) directors; (iii) if the APLD Investors beneficially own at least 10% (but less than 25%)... may designate two (2) directors; and (iv) if the APLD Investors beneficially own less than 10%... may designate one (1) director.”
How we checked this
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Additional evidence
confirms Applied Digital 8-K filed 2026-05-05
Quote: “the APLD Designator (as defined therein) has the right to designate four (4) of the seven (7) directors on ChronoScale's Board of Directors (the "Board"), including the Chairman... The initial APLD Designees are Wes Cummins (Chairman), Ella Benson, Douglas Miller and Richard Nottenburg... (i) for so long as the APLD Investors (as defined therein) beneficially own at least 50% of the aggregate outstanding voting securities of ChronoScale, the APLD Designator may designate four (4) directors, (ii) if the APLD Investors beneficially own at least 25%... may designate three (3) directors; (iii) if the APLD Investors beneficially own at least 10% (but less than 25%)... may designate two (2) directors; and (iv) if the APLD Investors beneficially own less than 10%... may designate one (1) director.”