Applied Digital Corp. 8-K

What Happened
Applied Digital Corporation (APLD) announced on December 29, 2025, that it entered into a non‑binding term sheet to pursue a proposed business combination of its cloud computing business, Applied Digital Cloud, with EKSO Bionics Holdings, Inc. The company disclosed the news in a press release attached to an SEC Form 8‑K (Item 7.01, Regulation FD Disclosure) and incorporated by reference (Exhibit 99.1).

Key Details

• Date filed: December 29, 2025 (press release attached as Exhibit 99.1).
• Parties: Applied Digital Corporation’s cloud unit (Applied Digital Cloud) and EKSO Bionics Holdings, Inc.
• Nature of deal: Non‑binding term sheet for a proposed business combination; no definitive agreement reported.
• Financial terms and transaction specifics were not disclosed in the 8‑K.

Why It Matters
This is significant because it concerns a potential change to Applied Digital’s business structure by combining or transferring its cloud unit — a material operating segment. Because the term sheet is non‑binding and key terms weren’t disclosed, investors should watch for future SEC filings (definitive agreements, material terms, financial statements) that will reveal deal economics, approvals required, and potential impacts on revenue, operations, and shareholder value.