Applied Digital Appoints Ella Benson to Board of Directors

Core Viewpoint - Applied Digital Corporation has appointed Ella Benson as an independent director on its Board of Directors, effective May 6, 2024, as part of a Cooperation and Standstill Agreement with Oasis Management Company [1][2]. Group 1: Appointment Details - Ella Benson brings over a decade of experience in financial services and has been a Director at Oasis Management Co., Ltd. since 2013 [2]. - Benson's previous experience includes working as an analyst at GAM from 2009 to 2013, and she holds a Bachelor of Business Administration in Finance from the University of Texas at Austin [2]. - The appointment is expected to enhance the company's strategic direction as it expands its board to provide oversight [2]. Group 2: Cooperation and Standstill Agreement - The Agreement with Oasis includes terms regarding board membership and composition, as well as a restriction on Oasis accumulating more than 9.9% of the company's outstanding shares [2]. - The Agreement is set to extend until the anticipated November 2026 Annual Meeting of Shareholders, approximately 31 months from the effective date [2]. - Oasis currently owns approximately 5.2 million shares of the company's common stock, representing about 4.2% of the outstanding shares [3]. Group 3: Company Overview - Applied Digital designs, develops, and operates next-generation data centers across North America, focusing on high-performance computing (HPC) solutions [4]. - The company aims to provide digital infrastructure to support the growing HPC industry, particularly for major hyperscalers and enterprises running AI workloads [2].