On October 8, 2024, the Board of Directors of Applied Digital Corporation, a Nevada corporation, approved a change in management, as previously announced on October 9, 2024. Effective October 15, 2024, David Rench, the Company?s current Chief Financial Officer since March 2021, is transitioning from his role as Chief Financial Officer to Chief Administrative Officer of the Company. Also effective October 15, 2024, Saidal Mohmand, the Company?s current Executive Vice President of Finance, will succeed Mr. Rench as the Company?s Chief Financial Officer.

Mr. Mohmand?s appointment as Chief Financial Officer was contingent on satisfactory completion of independence and conflict checks, which were satisfactorily completed on October 15, 2024. Mr. Mohmand, age 34, has served as the Company?s Executive Vice President of Finance since September 2021, where he led the Company?s financial strategy and capital market initiatives. In addition to Mr. Mohmand?s role as Chief Financial Officer of the Company, since July 2020 he has served as the Director of Research at 272 Capital LP (?272 Capital?), an investment advisory firm (founded by Wes Cummins, the Company?s Chairman and Chief Executive Officer) specializing in technology hardware, software, and service companies.

Following the acquisition of 272 Capital by B. Riley Financial in August 2021, Mr. Mohmand served as Director of Research at B. Riley Asset Management from August 2021 to February 2024. Prior to such positions, Mr. Mohmand served as Director of Research at GrizzlyRock Capital, a value-oriented long/short fund based in Chicago, from December 2013 to June 2020. Mr. Mohmand earned his B.B.A. in Finance and Accountancy from Western Michigan University.