On May 7, 2024, Oasis Management Company Ltd announced that it has entered into a cooperation and standstill agreement with the Applied Digital Corporation, pursuant to the agreement the Company 1) appointed Ella Benson, a Director at Oasis Management to the board of directors of the Company, 2) agreed to include Benson in the Company's slate of nominees for election as directors of the Company at the Company's 2024 and 2025 annual meetings of stockholders, subject to certain conditions. In addition, Oasis Management stated that the Cooperation Agreement also includes customary standstill provisions, subject to certain exceptions, including restrictions on Oasis Management's and its affiliates' ability to acquire additional shares of the Common Stock to the extent such acquisition would cause Oasis Management to beneficially own more than 9.9% of the outstanding Common Stock.