ANNOUNCEDReverse Morris TrustReverse Morris Trust

Applied Digital Cloud RMT

APLDApplied DigitalNASDAQ

Parent Company

Applied Digital

APLD

Technology / Data Centers

SpinCo / Target

Applied Digital Cloud

ANNOUNCED

2025-12-29

EXPECTED

H1 2026

MARKET CAP

—

DEAL VALUE

—

Summary

Applied Digital is pursuing a Reverse Morris Trust transaction for its cloud computing and AI data center business, combining a tax-free spinoff with a merger to create a focused AI infrastructure company.

Details & Analysis

The RMT structure allows Applied Digital to separate its cloud business in a tax-efficient manner. UBS tracked the associated debt offering for AI data center bonds as a significant financing event.