Form 4: Applied Digital CEO Wes Cummins Reports Stock Transactions and Power of Attorney Filing
SEC Form 4 Filing
Wes Cummins, CEO and Chairman of Applied Digital Corp., reports stock transactions related to RSU vesting and tax withholding, along with a power of attorney designation.
Summary
- Wes Cummins, CEO and Chairman of Applied Digital Corporation, filed a Form 4 detailing changes in beneficial ownership of the company's stock.
- The filing reports the vesting of 83,333 restricted stock units (RSUs) on February 5, 2025.
- 21,009 shares were withheld for tax purposes related to the RSU vesting at a price of $8.1 per share.
- Following these transactions, Cummins directly owns 3,938,279 shares of common stock.
- He also indirectly owns 17,590,238 shares through Cummins Family Ltd. and 1,626,453 shares through 272 Capital, LLC.
- Cummins also filed a Power of Attorney, appointing Mohammad Saidal LaVanway Mohmand and Mark Chavez to handle SEC filings on his behalf.
Sentiment
Score: 5
Explanation: The sentiment is neutral as the filing primarily reports routine transactions related to executive compensation and administrative matters.
Positives
- The vesting of RSUs indicates continued alignment of executive compensation with company performance.
Industry Context
Form 4 filings are routine disclosures required by the SEC to provide transparency into the transactions of company insiders, allowing investors to track ownership changes and potential alignment with company performance.
Stakeholder Impact
- The reported transactions provide transparency to shareholders regarding executive compensation and ownership.
Key Dates
| Date | Description |
|---|---|
| 2022-08-05 | Date of grant for the Restricted Stock Units (RSUs). |
| 2023-02-05 | First vesting date for the RSUs (83,333 shares). |
| 2023-08-05 | Second vesting date for the RSUs (83,333 shares). |
| 2024-02-05 | Third vesting date for the RSUs (83,334 shares). |
| 2024-08-05 | Fourth vesting date for the RSUs (83,333 shares). |
| 2025-02-05 | Fifth vesting date for the RSUs (83,333 shares); date of reported transaction. |
| 2025-02-07 | Date of the Power of Attorney execution. |
| 2025-08-05 | Final vesting date for the RSUs (83,334 shares). |
Keywords
Form 4, Wes Cummins, Applied Digital, APLD, Beneficial Ownership, Restricted Stock Units, RSU, Power of Attorney, SEC Filing, Section 16
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