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Board director designation rights for majority owner

Company: Applied Digital

Subject kind
personnel
Statement date
2026-02-16
Promised amount
4.0 directors
Current status
stated

The claim, verbatim

If APLD Investors beneficially own a majority of the combined company's outstanding voting securities, they will have the right to designate four of the seven directors on the combined company's Board of Directors, including the Chairman

Source (primary)

Applied Digital DEFA14A 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”

How we checked this

Attempted on September 16, 2026. We could not read enough of the cited source to check this claim.

The verification run did not return a result for this claim (claude -p exit 1: b'').

What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/1144879/000149315226006901/formdefa14a.htm) in full (22,278 characters, retrieved August 31, 2026) and checked each assertion in the claim against it.

Additional evidence

confirms Applied Digital DEFA14A 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”

View cached copy (2026-08-31)Live source ↗