Form 4: Applied Digital Corp. CEO Wes Cummins Executes Stock Transactions
SEC Form 4
CEO Wes Cummins reports stock transactions including RSU conversions, tax-related share surrenders, and holdings through related entities.
Summary
- Wes Cummins, CEO and Chairman of Applied Digital Corp., reported changes in beneficial ownership of the company's stock.
- On April 4, 2024, Cummins converted 200,000 Restricted Stock Units (RSUs) into common stock.
- He also surrendered 49,113 shares to cover tax withholding obligations at a price of $3.27 per share.
- Following these transactions, Cummins directly owns 3,964,764 shares, including 742,166 shares held in his IRA.
- Cummins indirectly owns 17,590,238 shares through Cummins Family Ltd. and 2,030,686 shares through 272 Capital, LLC.
- Unvested RSUs will vest on October 4, 2024, April 4, 2025, October 4, 2025 and April 4, 2026.
- Additional RSUs will vest on August 5, 2024, February 5, 2025 and August 5, 2025.
Sentiment
Score: 5
Explanation: The document is a standard SEC filing detailing stock transactions. It doesn't inherently convey positive or negative sentiment, but rather provides factual information.
Industry Context
This filing is a routine disclosure of insider transactions, which are common for executives of publicly traded companies. It provides transparency into the trading activities of key personnel.
Stakeholder Impact
- The transactions may be of interest to shareholders as they provide insight into the CEO's holdings and trading activity.
- The tax-related share surrender could slightly dilute existing shareholders' equity.
Key Dates
| Date | Description |
|---|---|
| 04/04/2024 | Date of RSU conversion and tax-related share surrender. |
| 04/08/2024 | Date of Form 4 signature. |
| 10/04/2024 | Date of first RSU vesting tranche. |
| 08/05/2024 | Date of additional RSU vesting tranche. |
| 02/05/2025 | Date of additional RSU vesting tranche. |
| 04/04/2025 | Date of additional RSU vesting tranche. |
| 08/05/2025 | Date of final RSU vesting tranche. |
| 10/04/2025 | Date of additional RSU vesting tranche. |
| 04/04/2026 | Date of final RSU vesting tranche. |
Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.