Applied Digital shareholders approve share increase and board elections at annual meeting

Applied Digital Corp. (NASDAQ:APLD) reported the results of its annual meeting of stockholders held Wednesday, according to a statement based on a Securities and Exchange Commission filing.

Shareholders approved an amendment to the company’s 2024 Omnibus Equity Incentive Plan, authorizing an increase of 15,000,000 shares of common stock available for issuance under the plan. The proposal received 115,713,356 votes in favor, 4,841,785 against, and 419,613 abstentions, with 64,334,458 broker non-votes.

In addition, shareholders approved a Certificate of Amendment to the company’s Articles of Incorporation, raising the total number of authorized shares of common stock to 600,000,000, each with a par value of $0.001. This proposal received 175,797,202 votes for, 8,692,330 against, and 819,680 abstentions.

The meeting also included the election of six directors—Wes Cummins, Ella Benson, Chuck Hastings, Rachel Lee, Douglas Miller, and Richard Nottenburg—to serve until the 2026 annual meeting or until successors are elected and qualified. Votes for each director ranged from 110,352,783 to 120,172,138 in favor, with votes withheld ranging from 802,616 to 10,621,971.

Shareholders ratified the appointment of CBIZ CPAs P.C. as the company’s independent registered public accounting firm for the fiscal year ending May 31, 2026, with 184,274,121 votes in favor, 521,506 against, and 513,585 abstentions.

An advisory vote on executive compensation was also held, with 63,373,101 votes for, 57,050,059 against, and 551,594 abstentions.

Additionally, shareholders approved a proposal to adjourn the annual meeting if necessary to solicit additional proxies, with 134,078,050 votes in favor, 50,192,159 against, and 1,039,003 abstentions.

These results and actions were disclosed in a press release statement and detailed in the company’s SEC filing. Applied Digital Corp. is listed on the Nasdaq Global Select Market under the symbol APLD.

In other recent news, Applied Digital announced the successful completion of the first 50-megawatt phase of its Polaris Forge 1 AI Factory Campus in Ellendale, North Dakota. This facility marks the beginning of a 400-megawatt deployment under a 15-year lease agreement with CoreWeave, expected to generate approximately $11 billion in lease revenue. In a separate development, Applied Digital signed a significant 15-year lease agreement with a U.S.-based hyperscaler for 200 megawatts of IT capacity at its Polaris Forge 2 Campus, valued at around $5 billion in contracted revenue. This deal expands the company’s total leased capacity across its North Dakota campuses to 600 megawatts. Additionally, Applied Digital amended its Series G Convertible Preferred Stock terms, raising the minimum conversion price floor from $22.00 to $34.00. This amendment was filed with the Secretary of State of Nevada. Meanwhile, Babcock & Wilcox entered into an agreement to provide one gigawatt of power for an Applied Digital AI facility, with a project value exceeding $1.5 billion. The project involves the installation of natural gas-fired power plants and is set to begin operations in 2028.

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