DALLAS - Applied Digital Corporation (NASDAQ:APLD), a company specializing in the construction and operation of advanced data centers with a market capitalization of $1.92 billion, announced today the appointment of Laura Laltrello as its new Chief Operating Officer (COO). The company’s stock has shown strong momentum, gaining over 14% in the past week. Ms. Laltrello, with a background of nearly 20 years in executive leadership, is expected to propel the company’s strategic initiatives, particularly in the realm of AI-driven digital infrastructure.
As COO, Laltrello will oversee the day-to-day operations of Applied Digital, aligning the company’s operational efforts with its long-term objectives. Her expertise encompasses data center operations and large-scale infrastructure projects, skills that are anticipated to be beneficial to Applied Digital’s growth. She joins the company from Honeywell International Inc (NASDAQ:HON)., where she served as Vice President and General Manager of Building Automation Services.
Wes Cummins (NYSE:CMI), Chairman and CEO of Applied Digital, expressed confidence in Laltrello’s ability to translate the company’s strategic vision into actionable plans. He highlighted her role in fostering innovation and accelerating the company’s growth as an "AI Factory pioneer."
In her statement, Laltrello conveyed her enthusiasm about joining Applied Digital and her plans to leverage her experience to optimize the company’s operations and performance.
Concurrent with her appointment, Laltrello received an inducement award of 600,000 time-based restricted stock units (RSUs), set to vest over a three-year period, contingent upon her continued employment. This award was granted as an employment inducement, approved by the company’s Board of Directors on December 27, 2024, and falls outside of the company’s equity incentive plan, in compliance with Nasdaq Rule 5635(c)(4).
Applied Digital develops and operates next-generation data centers designed to cater to high-performance computing applications, including AI/ML, blockchain, and other demanding workloads. The company aims to provide secure and scalable digital hosting solutions, emphasizing sustainability and advanced compute capabilities.
The information in this article is based on a press release statement from Applied Digital Corporation.
In other recent news, Applied Digital has been making significant strides in its operations. Cantor Fitzgerald initiated coverage on Applied Digital, expressing confidence in the company’s potential to become a significant operator of high-performance compute data centers. The firm’s analysis suggests that a deal with a major client, referred to as "Hyperscaler 1," is not a matter of if but when.
Furthermore, Applied Digital has energized a key data center transformer, moving closer to providing infrastructure that supports AI and digital transformation initiatives. This milestone follows the company’s recent petition for annexation of its property to the City of Ellendale, a move anticipated to benefit the local community.
The company has also seen changes in its leadership, with Laura Laltrello appointed as the new Chief Operating Officer, Saidal Mohmand as Chief Financial Officer, and David Rench as Chief Administrative Officer. These changes accompany the company’s strategic direction, which includes nearing the completion of a high-performance computing lease with a major hyperscaler.
In terms of financial initiatives, Applied Digital has secured $150 million for its data center, initiated an offering of Series E-1 Redeemable Preferred Stock aiming to raise up to $62.5 million, and priced its $375 million convertible senior notes due 2030. These are some of the recent developments in the company’s operations that highlight its commitment to growth and innovation.
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