Form 4: Applied Digital Corp. Director Wes Cummins Transfers 1,000,000 Shares in Exchange for Stake in Beacon Partners LLC
SEC Form 4 Filing
Wes Cummins, Director, 10% Owner, CEO and Chairman of Applied Digital Corp., transferred 1,000,000 shares of common stock in exchange for a stake in Beacon Partners LLC.
Summary
- On March 26, 2025, Wes Cummins, a director, 10% owner, CEO, and Chairman of Applied Digital Corp. (APLD), engaged in a transaction involving the company's common stock.
- Cummins, through Lost River, LLC, transferred 1,000,000 shares of APLD common stock to 1334 Partners, L.P. in exchange for 49% of the membership interests of Beacon Partners LLC and a $1,400,000 credit to Lost River, LLC's pro rata share of operating expenses of Beacon.
- The transaction was executed pursuant to a Membership Interest Purchase Agreement dated March 26, 2025.
- Following the transaction, Cummins directly owns 2,938,279 shares, which includes 742,166 shares held in his IRA.
- Cummins also indirectly owns 17,590,238 shares through Cummins Family Ltd., where he serves as CEO, and 1,626,453 shares through 272 Capital, LLC, where he serves as President.
Sentiment
Score: 5
Explanation: The document is a standard SEC Form 4 filing, indicating a change in beneficial ownership. It doesn't inherently convey positive or negative sentiment, but rather reports a transaction. The sentiment is neutral.
Industry Context
This transaction reflects a strategic move by a key executive to diversify investments while maintaining a significant stake in the company. It's common for executives to manage their holdings and diversify their investments.
Stakeholder Impact
- The transaction may have a minor impact on shareholders as it involves a transfer of shares by a key executive.
- The impact on other stakeholders (employees, customers, suppliers, creditors) is likely to be minimal.
Key Dates
| Date | Description |
|---|---|
| 03/26/2025 | Date of the Membership Interest Purchase Agreement and the stock transfer transaction. |
| 03/28/2025 | Date of signature by Attorney-in-Fact. |
Keywords
Applied Digital Corp, Wes Cummins, stock transfer, beneficial ownership, Form 4, Beacon Partners LLC, Lost River LLC, 1334 Partners L.P., director, CEO, Chairman
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