Form 4: Applied Digital Corp. CEO Wes Cummins Reports Stock Transactions
SEC Form 4 Filing
Wes Cummins, CEO and Chairman of Applied Digital Corp., reports the vesting of restricted stock units and related tax withholding, impacting his beneficial ownership.
Summary
- On August 5, 2024, Wes Cummins, CEO and Chairman of Applied Digital Corp., reported transactions involving the company's common stock.
- 83,333 restricted stock units (RSUs) vested and converted into common stock.
- 32,792 shares were withheld for tax purposes related to the RSU vesting at a price of $4.21 per share.
- Following these transactions, Cummins directly owns 4,015,305 shares of common stock.
- He also indirectly owns 17,590,238 shares through Cummins Family Ltd. and 1,626,453 shares through B. Riley Asset Management, LLC.
Sentiment
Score: 5
Explanation: Neutral sentiment as the document is a standard regulatory filing reporting insider transactions.
Industry Context
Form 4 filings are standard practice for reporting insider transactions and provide transparency to investors.
Stakeholder Impact
- The transactions may have a minor impact on shareholders due to the change in the CEO's holdings.
- Employees may be impacted by the vesting of RSUs as part of their compensation packages.
Key Dates
| Date | Description |
|---|---|
| 08/05/2022 | Date RSUs were granted, vesting over time. |
| 02/05/2023 | First vesting date of RSUs (83,333 shares). |
| 08/05/2023 | Second vesting date of RSUs (83,333 shares). |
| 02/05/2024 | Third vesting date of RSUs (83,334 shares). |
| 08/05/2024 | Date of reported transactions: RSU vesting and tax withholding. |
| 02/05/2025 | Fifth vesting date of RSUs (83,333 shares). |
| 08/05/2025 | Final vesting date of RSUs (83,334 shares). |
| 08/07/2024 | Date of signature on the Form 4 filing. |
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