Maximum put issuance $75 million per issuance; one put issuance per seven business days; maximum aggregate stated value of Series G preferred outstanding at any one time $75 million (each waivable by a majority-in-interest of investors). Draws at company discretion; $1,000 stated value per share; 3% original issue discount.

Make-whole

missing — add on communication

Economic analysis

Effective annual cost

n/acalculated: coupon + capped-call cost amortized over the note's life — needs coupon, maturity, and (if hedged) capped-call cost

Interest savings vs. plain debt

n/anot shown — would require an assumed comparable straight-debt rate, which we do not fabricate

Implied option value / volatility

n/anot shown — would require an assumed volatility input, which we do not fabricate

Breakeven

n/anot shown — would require assumed reinvestment/discount-rate assumptions, which we do not fabricate

Context

Shares outstanding (as of issue date)

285,769,539

Stock price / market cap (as of issue date)

n/ano price on or before the issue date

Use of proceeds

Continued construction and development of the Polaris Forge 1 and Polaris Forge 2 data centers in Ellendale and Harwood, North Dakota; general working capital purposes; transaction expenses

Other financing outstanding (excl. this instrument)

Private placement of common stock (Nvidia, Related Companies) ($160.0M), 2.75% Convertible Senior Notes due 2030 ($450.0M), Perpetual preferred + common equity partnership (APLD HPC Holdings LLC, Macquarie Asset Management) ($5.00B), SMBC term loan credit agreement (18-month) ($375.0M), 9.250% senior secured notes due 2030 ($2.35B), 7.000% senior secured notes due 2031 (APLD ComputeCo 3 LLC, Polaris Forge 1 Building 4) ($1.59B), Senior Secured Notes due 2031 — Polaris Forge 2 (APLD ComputeCo 2 LLC) ($2.15B), Revolving credit facility (up to $430 million committed, $120 million incremental capacity to $550 million) ($430.0M)

— of which existing debt

$12.51B

Existing cash

n/anot tracked in the system yet

Anti-dilution adjustment terms

Conversion price = greater of 95% of lowest daily VWAP over the five preceding trading days and the floor price (carried forward from original PEPA); floor price may not be reduced below $4.48 (raised from $4.33); board may increase or decrease the applicable floor price with respect to any put at its sole discretion; 4.99% beneficial ownership limitation and 19.99% Nasdaq exchange cap (carried forward)

Related acquisition

none

Related deal

none

Related site

none

Sources

PricedApplied Digital enters $150 million Series G convertible preferred equity facility

Apr 30, 2025

UpsizedApplied Digital upsizes Series G preferred equity facility to $1.59 billion

Oct 21, 2025

UpsizedApplied Digital upsizes Series G preferred equity facility to $2.0 billion

Jun 26, 2026