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Data Storage Corporation has completed the sale of its cloud solutions business, representing substantially all of its assets, to Total Server Solutions Holdings for a purchase price of $40 million. The buyer acquired all units of CloudFirst Global LLC and assumed specified liabilities, with $1.5 million placed in escrow for indemnity and purchase price adjustments.
After this divestiture, the cloud business is no longer part of the company’s operations, and its only remaining operating subsidiary is Nexxis, Inc., a telecommunications and data access business that generated approximately $1.1 million in sales for the year ended December 31, 2024. Stockholders approved the divestiture and related executive compensation at the 2025 annual meeting, along with electing ten directors and ratifying the independent auditor.
Harold J. Schwartz, who serves as a director, president and a >10% owner of Data Storage Corp (DTST), reported the vesting and conversion of two restricted stock unit awards into common stock on September 11, 2025. Two RSU grants—one from March 1, 2023 for 4,902 shares and one from April 10, 2023 for 8,334 shares—vested in full upon the consummation of the divestiture of the company’s CloudFirst business and converted one-for-one into common shares, a total of 13,236 shares issued to the reporting person. Following these transactions the reported beneficial ownership totals shown are 892,425 shares after the first conversion and 900,759 shares after the second conversion. The Form 4 was signed by an attorney-in-fact on behalf of the reporting person on September 15, 2025.
Data Storage Corp (DTST) insider filing shows automatic vesting of restricted stock units upon a business divestiture and a correction to previously reported ownership. The reporting person, Charles M. Piluso, had two RSU awards convert one-for-one into common stock on 09/11/2025, totaling 9,804 and 9,417 shares (combined 19,221 shares) that vested immediately upon consummation of the divestiture of the Company’s CloudFirst business. The Form 4 lists multiple direct and indirect holdings, including interests through Piluso Family Associates (16,667 shares), Piluso Family Associates LLC (65,083 shares), The Lasata 2012 Trust (230,116 shares) and The Bella Vita 2012 Trust (230,116 shares).
The filing notes an adjustment correcting an immaterial error in the previously reported post-transaction beneficial ownership amount disclosed on a prior Form 4 filed 06/11/2025.
Panagiotakos Christos, Chief Financial Officer of Data Storage Corp (DTST), acquired shares through the vesting of restricted stock units tied to the company’s divestiture of its CloudFirst business. On 09/11/2025 two RSU grants vested upon consummation of the divestiture: 4,902 RSUs granted March 1, 2023 and 5,565 RSUs granted March 28, 2023. Each RSU converts one-for-one into common stock; the filing reports resulting beneficial ownership figures of 45,995 and 51,560 shares following those transactions. The Form 4 was signed by an attorney-in-fact on 09/15/2025.
Data Storage Corp reporting officer and director Thomas Kempster received vesting of restricted stock units that converted into common stock upon a corporate divestiture. Two RSU awards totaling 13,236 shares (4,902 and 8,334) vested and were reported as acquired on 09/11/2025, with the Reporting Person's beneficial ownership increasing to 878,818 shares following the transactions. The filings state these RSUs were granted on 03/01/2023 and 04/10/2023 and vested in full immediately upon consummation of the divestiture of the Issuer’s CloudFirst business.
Charles M. Piluso, Chairman and CEO of Data Storage Corp (DTST), filed an amended Form 4 disclosing transactions on 03/28/2025. The amendment reports that 3,390 shares of common stock were sold to satisfy tax withholding at a weighted-average price of $3.55 (individual sale prices ranged from $3.50 to $3.65). The filing also discloses the vesting of 9,416 restricted stock units (RSUs) that converted one-for-one into common stock, increasing the Reporting Person’s direct holdings to 401,659 shares. The filing details additional indirect holdings: 16,667 shares via Piluso Family Associates, 65,083 via Piluso Family Associates LLC, and 230,116 each through two trusts, for significant aggregate indirect ownership.
Data Storage Corp (DTST) amended Form 4 shows Chief Financial Officer Christos Panagiotakos reported equity changes tied to RSU vesting on 03/28/2025. The filing discloses the vesting of 5,564 restricted stock units that converted one-for-one into common shares and increased the reporting person’s beneficial ownership to 41,093 shares. To satisfy tax-withholding obligations, 2,003 shares were sold in multiple transactions at a weighted average price of $3.61 (trades ranged $3.50–$3.68). The RSUs were granted 03/28/2023 and vest in equal annual installments through 03/28/2026. The amendment corrects an omission from the original Form 4 filed 04/01/2025.