Applied Digital Appoints Ella Benson to Board of Directors
April 30 2024 - 5:16PM
Applied Digital Corporation (Nasdaq:
APLD) ("Applied Digital" or the
"Company"), a designer, builder, and operator of
next-generation digital infrastructure designed for
High-Performance Computing (HPC) applications, has appointed Ella
Benson as an independent director on its Board of Directors (the
“Board”), effective May 6, 2024. Ella has also been appointed to
serve as Chairperson of the Nominating and Governance Committee.
Ella Benson brings over a decade of experience in financial
services and is a Director at Oasis Management Co., Ltd. (“Oasis”).
She has substantial experience working with public companies
undergoing strategic transitions. Prior to joining Oasis in 2013,
Benson was an analyst at GAM, an independent asset management firm,
from 2009 to 2013. Benson holds a Bachelor of Business
Administration in Finance from the McCombs School of Business at
the University of Texas at Austin.
“I’m honored that Ella Benson will join our Board of Directors,”
said Wes Cummins, CEO and Chairman of the Board at Applied Digital.
Ella’s background in investment management will make her a great
asset to our company and our strategic direction as we continue to
expand our board of directors to provide oversight.”
“I am pleased to join Applied Digital's Board of Directors,”
said Benson. “My extensive financial experience in maximizing
shareholder value integrates smoothly as the company continues to
expand its hosting and service offerings by providing
high-performance computing power to major hyperscalers and other
enterprises running AI workloads.”
Ms. Benson joins the Board as part of a Cooperation and
Standstill Agreement (the “Agreement”) with Oasis regarding, among
other things, the membership and composition of the Board and
Oasis’ cessation of further accumulations of the Company’s stock in
excess of 9.9% of the Company’s outstanding shares, as well as its
curtailment of certain other activities during Ms. Benson’s tenure
on the Board, which is contemplated by the Agreement to extend
through the date of the Company’s anticipated November 2026 Annual
Meeting of Shareholders, or approximately 31 months from the
effective date of the Agreement. Additional details about the
Agreement are contained in a Form 8-K filed by the Company with the
U.S. Securities and Exchange Commission on April 30, 2024.
Oasis has advised the Company that Oasis and its affiliates
currently own approximately 5.2 million shares of the Company’s
common stock, representing approximately 4.2% of the outstanding
shares of the Company’s common stock.
About Applied DigitalApplied Digital (Nasdaq:
APLD) designs, develops and operates next-generation data centers
across North America to provide digital infrastructure solutions to
the rapidly growing high-performance computing (HPC) industry. Find
more information at www.applieddigital.com. Follow us on Twitter at
@APLDdigital.
About Oasis Management Company Ltd.Oasis
Management Company Ltd. manages private investment funds focused on
opportunities in a wide array of asset classes across countries and
sectors. Oasis was founded in 2002 by Seth H. Fischer, who leads
the firm as its Chief Investment Officer. More information about
Oasis is available at https://oasiscm.com.
Investor Relations ContactsMatt Glover or Alex
KovtunGateway Group, Inc.(949) 574-3860APLD@gateway-grp.com
Media ContactBrenlyn Motlagh or Diana
JarrahGateway Group, Inc.(949) 899-3135APLD@gateway-grp.com
Applied Digital (NASDAQ:APLD)
Historical Stock Chart
From Apr 2024 to May 2024
Applied Digital (NASDAQ:APLD)
Historical Stock Chart
From May 2023 to May 2024