UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

February 15, 2026

(Date of earliest event reported)

APPLIED DIGITAL CORPORATION

(Exact name of registrant as specified in its charter)

Nevada

001-31968

95-4863690

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

3811 Turtle Creek Blvd., Suite 2100, Dallas, TX		75219
(Address of principal executive offices)		(Zip Code)

214-427-1704

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

	☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

	☒	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

	☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

	☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock		APLD		Nasdaq Global Select Market

Item 1.01. Entry into a Material Definitive Agreement.

Contribution and Exchange Agreement

On February 15, 2026, APLD Intermediate HoldCo LLC, a Delaware limited liability company (“APLD Intermediate”), APLD ChronoScale HoldCo LLC, a Delaware limited liability company and a wholly owned subsidiary of APLD Intermediate (“Contributor”), each a wholly owned direct or indirect subsidiary of Applied Digital Corporation, a Nevada corporation (“APLD” or the “Company”), and Applied Digital Cloud Corporation, a Nevada corporation, which at the time of the Closing (as defined below), will be a wholly owned subsidiary of Contributor (“Cloud”), entered into a Contribution and Exchange Agreement with Ekso Bionics Holdings, Inc., a Nevada corporation (“Ekso”) (the “Contribution and Exchange Agreement”) for purposes of consummating a business combination (the “Business Combination”), as a result of which (i) Cloud will become a wholly owned subsidiary of Ekso, (ii) Ekso will, immediately after the consummation of the Business Combination (the “Closing”), continue as the parent of the combined company, and (iii) Ekso will change its name to ChronoScale Corporation (“ChronoScale”). Capitalized terms used but not defined herein shall have the meanings given to them in the Contribution and Exchange Agreement.

Subject to the satisfaction or waiver of the conditions set forth in the Contribution and Exchange Agreement, Contributor will contribute all of its right, title and interest in and to 1,200 shares of the common stock of Cloud, constituting 100% of the issued and outstanding equity of Cloud (the “Contributed Shares”), to Ekso in exchange for 138,216,820 newly issued shares (the “Exchanged Shares”) of Ekso’s common stock, par value $0.001 per share (the “Common Stock”).

As a result of and upon the consummation of the Business Combination, Contributor is expected to own approximately 97% of the combined company’s outstanding equity before giving effect to the other transactions contemplated by the Contribution and Exchange Agreement. The Exchanged Shares will be issued in a private placement transaction exempt from the registration requirements under the Securities Act of 1933, as amended (the “Securities Act”), will initially bear customary restrictive legends, and will be subject to legend removal in accordance with the terms of the Contribution and Exchange Agreement and applicable law, including Rule 144, when the conditions therefor are met.

Closing Conditions

The Closing is subject to certain customary mutual conditions, including:

(a) stockholder approval of the Business Combination as set forth in the Contribution and Exchange Agreement and related proposals (“Stockholder Approval”);

(b) an Information Statement or a Proxy Statement must be cleared by the Securities and Exchange Commission (the “SEC”) and sent to Ekso’s stockholders in accordance with Regulation 14A under the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), and in the case of the Information Statement, such mailing must be at least twenty (20) calendar days prior to Closing;

(c) No order or law shall have been entered, adopted, enacted, issued, promulgated or enforced, in each case, by a governmental entity that prevents, enjoins, prohibits, restrains or makes illegal the consummation of the Business Combination or the other transactions contemplated by the Contribution and Exchange Agreement;

(d) All requisite approvals or waivers as required by the terms of the Contribution and Exchange Agreement shall have been obtained;

(e) Ekso shall have cash and cash equivalents equal to at least $15,000,000, inclusive of net proceeds of the PIPE Investment (as defined below); and

(f) The Second Amended and Restated Articles of Incorporation of Ekso shall have been duly adopted by all necessary corporate action on the part of Ekso, filed with the Secretary of State of the State of Nevada, and shall be in full force and effect as of immediately prior to the Closing.

The obligation of each party to consummate the Business Combination is also conditioned upon (i) performance and compliance by the other party in all material respects with its pre-Closing obligations and covenants under the Contribution and Exchange Agreement, (ii) the accuracy of the representations and warranties of the other party as of the Closing (subject to customary materiality qualifiers), (iii) in both Cloud’s and Ekso’s case, the absence of a continuing material adverse effect with respect to the other party, (iv) in Cloud’s case, that (a) the PIPE Investment for gross proceeds of an amount to be determined by APLD Intermediate and on terms acceptable to APLD Intermediate, shall have been consummated concurrently with the Closing, (b) certain third-party consents as required by the terms of the Contribution and Exchange Agreement shall have been obtained, (c) the Nasdaq listing application shall have been submitted and approved, (d) the Investor Rights Agreement shall be in full force and effect at Closing, and (e) certain tail insurance policies as described in the Contribution and Exchange Agreement have been bound, paid for and in effect.

Representations, Warranties, and Covenants

Ekso, Cloud, APLD Intermediate and Contributor have each made customary representations, warranties and covenants in the Contribution and Exchange Agreement. Subject to certain exceptions, Ekso has agreed, among other things, to covenants relating to the conduct of its business during the interim period between the execution of the Contribution and Exchange Agreement and Closing. In addition, subject to certain exceptions, Ekso has agreed to covenants relating to (i) the submission of the Contribution and Exchange Agreement to the Ekso’s stockholders for approval by written consent or at a meeting thereof, and (ii) recommendation by the Board of Directors of Ekso in favor of the adoption by Ekso’s stockholders of the Contribution and Exchange Agreement.

Non-Solicitation

Ekso is subject to customary “no-shop” restrictions on its ability to solicit alternative acquisition proposals, to furnish information to, and participate in discussions or negotiations with, third parties regarding any alternative acquisition proposals. Neither Contributor nor APLD Intermediate shall solicit, discuss or negotiate any acquisition proposal with respect to Cloud other than with Ekso; however, transactions involving Cloud as part of any proposed sale of APLD are not restricted.

Termination Fees and Expenses

The Contribution and Exchange Agreement contains certain customary termination rights for Ekso and APLD Intermediate. Either Ekso or APLD Intermediate may terminate the Contribution and Exchange Agreement (i) by mutual written consent, (ii) if the Business Combination has not been consummated on or before July 15, 2026, (iii) if any Order restrains, enjoins or otherwise prohibits the consummation of the Business Combination, or (iv) if the other party materially breaches or if there is a material inaccuracy in any of their respective representations, or warranties or the other party failed to perform any of its covenants or other agreements that results in the failure of the related closing condition to be satisfied, subject to a cure period in certain circumstances. In addition, APLD Intermediate may terminate the Contribution and Exchange Agreement if (i) Ekso fails to obtain the requisite Stockholder Approval either by written consent or at a duly convened meeting of Ekso’s stockholders, in either case, by the applicable deadline, or (ii) at any time after or concurrently with the announcement of a sale of the Company.

Unless the Contribution and Exchange Agreement is terminated in accordance with its terms, Ekso shall pay, at the Closing, all fees and expenses of the parties, including the fees and expenses of their respective advisers, counsel, accountants and other experts, if any, as well as all other out-of-pocket expenses incurred by such parties in connection with the negotiation, preparation, execution, and delivery of the Contribution and Exchange Agreement. If the Contribution and Exchange Agreement is terminated in accordance with its terms, each party shall be responsible for its own expenses, and APLD Intermediate and Contributor shall be responsible for any expenses incurred by Cloud.

The Closing is expected to occur in the second calendar quarter of 2026. However, there can be no assurance that the Business Combination will be completed on or prior to that time, or at all.

In connection with, and as a condition to the consummation of, the Business Combination, Ekso intends to complete a private placement of shares of Ekso’s Common Stock or convertible preferred stock up to an amount to be determined by APLD Intermediate (the “PIPE Investment”). The PIPE Investment, when consummated, will be dilutive to both Ekso legacy stockholders and Cloud.

The foregoing description of the Contribution and Exchange Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Contribution and Exchange Agreement, which is filed as Exhibit 10.1 hereto and incorporated by reference herein.

Investor Rights Agreement

In connection with, and effective upon, the Closing, Ekso and the Contributor will enter into an Investor Rights Agreement (the “Investor Rights Agreement”). Pursuant to the Investor Rights Agreement, the APLD Investor (as defined therein), or any group of APLD Investors collectively, that beneficially owns a majority of the outstanding voting securities of the combined company at any time will have the right to designate four (4) of the seven (7) directors on the combined company’s Board of Directors, including the Chairman (each such director, the “APLD Designee”). The initial APLD Designees, as of the Closing, are expected to be Wes Cummins (Chairman), Jason Zhang, Ella Benson and Richard Nottenburg, and the rest of the combined company’s Board of Directors at the Closing is expected to be comprised of the combined company’s Chief Executive Officer and two directors mutually agreed upon by the APLD Designator (as defined in the Investor Rights Agreement) and Ekso.

In addition, if the APLD Investors beneficially own less than a majority of the outstanding voting securities of the combined company, the APLD Investor(s) will be entitled to designate (i) if the APLD Investors beneficially own 25% or more of such voting securities, three directors, (ii) if the APLD Investors beneficially own at least 10% (but less than 25%) of such voting securities, two directors, and (iii) if the APLD Investors beneficially own less than 10% of such voting securities, one director. Any changes to the size of the combined company’s Board of Directors while the APLD Investors collectively beneficially own at least 30% of such company’s voting securities will require the written consent from the APLD Designator.

The Investor Rights Agreement also provides the APLD Investor (or group of APLD Investors) with (i) customary registration rights with respect to the resale of the Exchanged Shares received in the Business Combination, (ii) certain preemptive rights so long as the APLD Investors collectively beneficially own at least 10% of the combined company’s voting securities, (iii) consent rights so long as the APLD Investors beneficially own at least 30% of the combined company’s voting securities and (iv) certain governance, information and other rights with respect to the combined company.

The foregoing description of the Investor Rights Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Investor Rights Agreement, a form of which is attached as Exhibit A to the Contribution and Exchange Agreement, and filed as Exhibit 10.2 hereto and incorporated by reference herein.

Additional Information and Where to Find It

Ekso expects to file a standalone information statement on Schedule 14C (“Information Statement”) or proxy statement on Schedule 14A (“Proxy Statement”) with the SEC in connection with the Business Combination. If the Business Combination and related proposals set forth in the Contribution and Exchange Agreement are approved by a written consent of Ekso’s stockholders holding a majority of the voting power of Ekso, Ekso will mail the definitive Information Statement to the stockholders as of the record date set forth in the written consent for informational purposes only. In the alternative, Ekso will mail the definitive proxy statement and other relevant materials to Ekso’s stockholders as of a record date to be established for purposes of voting on the Business Combination and other matters described therein. APLD and Ekso will also file other documents regarding the Business Combination with the SEC.

This Current Report on Form 8-K does not contain all of the information that should be considered concerning the Business Combination and related proposals and is not intended to form the basis of any investment decision or any other decision in respect of the Business Combination. Before making any voting or investment decision, stockholders of Ekso, APLD and other interested parties are urged to read, when available, the Information Statement or the Proxy Statement, as applicable, and all other relevant documents filed or that will be filed with the SEC in connection with the Business Combination, because such documents will contain important information about APLD, Ekso, ChronoScale and the Business Combination and related proposals. Investors and security holders will also be able to obtain copies of the Information Statement or Proxy Statement, and all other documents filed or that will be filed with the SEC by ChronoScale, APLD, and Ekso, without charge, once available, on the SEC’s website (http://www.sec.gov).

NEITHER THE SEC NOR ANY STATE SECURITIES REGULATORY AGENCY HAS APPROVED OR DISAPPROVED THE BUSINESS COMBINATION DESCRIBED HEREIN, PASSED UPON THE MERITS OR FAIRNESS OF THE BUSINESS COMBINATION OR ANY RELATED TRANSACTIONS OR PASSED UPON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE IN THIS CURRENT REPORT ON FORM 8-K. ANY REPRESENTATION TO THE CONTRARY CONSTITUTES A CRIMINAL OFFENSE.

Participants in the Solicitation

If a Proxy Statement is filed, APLD, Ekso and their respective directors and executive officers may be deemed under SEC rules to be participants in the solicitation of proxies from Ekso’s stockholders in connection with the Business Combination. A list of the names of such directors and executive officers, and information regarding their interests in the Business Combination and their ownership of Ekso’s securities are, or will be, contained in Ekso’s filings with the SEC. Additional information regarding the interests of the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of Ekso’s stockholders in connection with the Business Combination, including the names and interests of ChronoScale’s and Ekso’s directors and executive officers, will be set forth in the Information Statement or Proxy Statement, as applicable, which is expected to be filed by Ekso with the SEC. Investors and security holders may obtain free copies of these documents as described above.

No Offer or Solicitation

This Current Report on Form 8-K is for informational purposes only and is not a proxy statement, information statement or solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the Business Combination and shall not constitute an offer to sell or exchange, or a solicitation of an offer to buy or exchange the securities of Ekso, Cloud or ChronoScale, or any commodity or instrument or related derivative, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, sale or exchange would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act, or an exemption therefrom. Investors should consult with their counsel as to the applicable requirements for a purchaser to avail itself of any exemption under the Securities Act.

Forward-Looking Statements

This Current Report on Form 8-K contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, future operating and financial performance, product development, market position, business strategy and objectives and future financing plans. These statements use words, and variations of words, such as “will,” “continue,” “build,” “intend,” “design,” “propose,” and “may.” Other examples of forward-looking statements may include, but are not limited to, (i) statements regarding the closing of the Business Combination and the timing of the Business Combination; (ii) statements regarding certain filings the parties expect to make with the SEC in connection with the Business Combination, including statements regarding the filing of the preliminary and definitive Information Statement or Proxy Statement, as the case may be; (iii) statements regarding the combined business, including ownership of the combined business and board composition; (iv) statements of combined company’s plans and objectives; and (v) statements of assumptions underlying other statements and statements about the combined company or its business. You are cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events and thus are inherently subject to uncertainty. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from APLD’s expectations. These risks, uncertainties, and other factors include: the parties’ ability to close the Business Combination; difficulties and delays in integrating the combined business resulting from the Business Combination; higher than anticipated transaction costs; the parties’ ability to realize the contemplated financial, business or strategic benefits associated with the Business Combination; the parties’ ability to obtain regulatory and stockholder approval for the Business Combination; the parties’ inability to comply with regulations, developments and changes in regulations; cash flow and access to capital; and conditions in the debt and equity capital markets. A further list and description of these and other risks, uncertainties and other factors can be found in Ekso’s and APLD’s respective most recently filed Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, including in the sections captioned “Forward-Looking Statements” and “Risk Factors,” and in each company’s subsequent filings with the SEC. Copies of Ekso’s filings are available online at www.sec.gov, or on request from Ekso. Information in this Current Report on Form 8-K is as of the dates and time periods indicated herein, and none of Ekso, APLD nor ChronoScale undertakes to update any of the information contained in these materials, except as required by law.

Item 9.01 Financial Statements and Exhibits

EXHIBIT INDEX

Exhibit No.		Description
10.1*		Contribution and Exchange Agreement, dated February 15, 2026, by and among Ekso Bionics Holdings, Inc., APLD ChronoScale Holdco LLC, APLD Intermediate Holdco LLC, and Applied Digital Cloud Corporation.
10.2		Form of Investor Rights Agreement by and between ChronoScale Corporation and APLD ChronoScale Holdco LLC.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

* Certain confidential information has been omitted from this filing pursuant to Item 601(a)(5) of Regulation S-K and will be furnished to the Securities and Exchange Commission upon request.

SIGNATURE

Pursuant to the requirements of Section 13 or 15 (d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: February 17, 2026	By:	/s/ Saidal L. Mohmand
	Name:	Saidal L. Mohmand
	Title:	Chief Financial Officer

Applied Digital Corp. 8-K