Applied Digital CEO Wes Cummins Sells 1.34M Shares After PSU Vesting

What Happened

• Wes Cummins, CEO and Chairman of Applied Digital (APLD), had 1,600,000 performance stock units (PSUs) vest on July 31, 2026 (these converted one-for-one into shares). Of those shares, 629,600 were withheld to cover tax obligations at $27.39 per share (value reported $17,244,744), and an additional 714,685 shares were disposed on August 4, 2026 (transaction coded J; no price reported). The tax withholding is reported as a disposition for reporting purposes but (per the filing) does not represent an open-market sale.

Key Details

• Transaction dates: 7/31/2026 (PSU vesting and tax withholding) and 8/04/2026 (other disposition).
• Specifics:
  • A (award/vesting) — 1,600,000 shares acquired on 7/31/2026 (PSUs vested).
  • F (tax withholding) — 629,600 shares withheld @ $27.39 → $17,244,744 reported.
  • J (other disposition) — 714,685 shares disposed on 8/04/2026 (no price disclosed).
• Shares remaining from this vest: 1,600,000 − 629,600 − 714,685 = 255,715 shares retained from the vested PSUs.
• Other reported holdings and notes: filing references 1,500,000 RSUs granted 1/6/2026 with multi-year vesting, 742,166 shares held in the reporting person’s IRA, shares held by Cummins Family Ltd., and holdings tied to 272 Capital (including a corrected 5,000-share omission in prior filings).
• Filing timeliness: Form 4 filed 8/04/2026 reporting 7/31/2026 transactions — this appears to be later than the two-business-day filing window required under Section 16.

Context

• The primary event was vesting of PSUs (an award converting to shares). The 629,600-share tax withholding is an internal transfer to cover taxes, not necessarily an open-market sale. The J-coded 714,685-share disposition is labeled generically as "other" — the filing does not specify whether that was a sale, transfer to an entity, or another type of disposition.
• The filing also notes ongoing RSU grants (1.5M RSUs with a multi-year schedule) and various entity-held shares; these factor into total beneficial ownership but do not necessarily reflect immediate insider sentiment.