U.S. AI Data Center Company Executes RSU Vesting for Executives Including CEO... Withholding Company Shares for Tax Payment

Applied Digital Corp. (NASDAQ: APLD) disclosed in Form 4 filings submitted to the U.S. Securities and Exchange Commission on March 12 and April 4 that key executives—including the CEO, president and CFO—undertook share withholdings of company stock to cover taxes arising from their restricted stock unit (RSU) vesting. President Jason Gechen Zhang had approximately 90,000 shares withheld at $27.48 per share, totaling about $2.56 million (roughly KRW 3.5 billion) to satisfy his tax liabilities. Similarly, CEO Wes Cummins and CFO Mohammad Saidal LaVanway’s RSU vestings on the same dates were processed through automatic disposals to meet their tax obligations. Despite these transactions, the CEO still holds over 4 million shares, the president over 1.8 million shares, and the CFO hundreds of thousands of shares in common stock, along with several million unvested RSU incentives.

Meanwhile, the company recently raised approximately $2.15 billion (around KRW 3 trillion) in senior secured notes maturing in 2031 through its subsidiary to fund data center construction, marking a continued large-scale leveraged investment in expanding its AI and HPC infrastructure. Even after experiencing what has been called “its worst month of the year” amid a recent stock price correction, all 12 Wall Street analysts covering the stock maintain positive outlooks with buy ratings intact—affirming persistent growth prospects.

Headquartered in Dallas, Texas, Applied Digital is an infrastructure company specializing in the design, construction and operation of ultra-high-density data centers tailored for high-performance computing and artificial intelligence workloads. The company has pivoted from its blockchain and cryptocurrency mining roots to focus on AI data centers. It has expanded AI data center campuses across North America, including in North Dakota, at scales of several hundred megawatts, securing long-term leases with hyperscalers such as CoreWeave. Recently, it quietly broke ground on a new 430-megawatt AI data center in a small city in the U.S. South, drawing attention amid local power and environmental considerations.