Ault & Company Takes Major Stake in AI Chip Maker Hyperscale Data

Rhea-AI Filing Summary

Ault & Company filed a Form 3 (Initial Statement of Beneficial Ownership) for Hyperscale Data (GPUS), reporting its position as a 10% owner. The filing discloses the following key holdings:

• Common Stock: Direct ownership of 721 shares (adjusted for 1-for-35 reverse stock split)
• Series C Convertible Preferred Stock: Convertible to common stock at variable rate (current conversion price $1.0721 per share, ~932.75 shares per preferred share)
• Warrants: 371,661 Series C Warrants ($118.3875 exercise price) and 54,498 October 2023 Warrants ($160.7375 exercise price)

Milton C. Ault III, CEO of Ault & Company, serves as a director of Hyperscale Data, making the company a director by deputization. The warrants become exercisable after a 6-month waiting period and expire five years from issuance. All securities quantities reflect the November 2024 reverse stock split adjustment.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Ault & Company, Inc.

(Last) (First) (Middle)

11411 SOUTHERN HIGHLANDS PARKWAY

SUITE 190

(Street)

LAS VEGAS NV 89141

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
07/23/2024

3. Issuer Name and Ticker or Trading Symbol
Hyperscale Data, Inc. [ GPUS ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	721(1)	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Series C Convertible Preferred Stock	(2)	(3)	Common Stock	(4)	(4)	D
Series C Warrants	(5)	(5)	Common Stock	371,661(2)	$118.3875	D
October 2023 Warrants	(5)	(5)	Common Stock	54,498(2)	$160.7375	D

Explanation of Responses:

1. All price and ownership figures have been adjusted for the 1-for-35 reverse stock split on November 22, 2024.

2. Each share of Series C Convertible Preferred Stock has a stated value of $1,000.00 and is convertible into shares of Common Stock at a conversion price equal to the greater of (i) $0.10 per share and (ii) the lesser of (A) $306.25 or (B) 105% of the volume weighted average price of the Common Stock during the ten trading days immediately prior to the date of conversion (the "Conversion Price"). The Conversion Price is subject to adjustment in the event of an issuance of Common Stock at a price per share lower than the Conversion Price then in effect, as well as upon customary stock splits, stock dividends, combinations or similar events.

3. The Series C Convertible Preferred Stock has no expiration date.

4. As of June 20, 2025, the Conversion Price was $1.0721 per share, so each share of Series C Convertible Preferred Stock is convertible into approximately 932.75 shares of Common Stock.

5. The October 2023 and the Series C Warrants have a five-year term, expiring on the fifth anniversary of the date of issuance, and become exercisable on the first business day after the six-month anniversary of the date of issuance.

Remarks:

Mr. Ault, Chief Executive Officer of Ault & Company, Inc. ("Ault & Co."), is a director of the Issuer. For purposes of Section 16 of the Exchange Act, Ault & Co. may be deemed a director by deputization by virtue of its representation on the Board of Directors of the Issuer. The holdings reported herein were previously disclosed on Section 16 filings made by Mr. Ault, and this filing is being made solely for the purpose of identifying Ault & Co. directly as reporting person for Section 16 purposes.

	/s/ Milton C. Ault, III, Chief Executive Officer of Ault & Company, Inc.	06/20/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

How many shares of GPUS common stock does Ault & Company directly own as of June 2025?

According to the Form 3 filing, Ault & Company directly owns 721 shares of GPUS common stock (adjusted for the 1-for-35 reverse stock split that occurred on November 22, 2024).

What convertible securities does Ault & Company hold in GPUS?

Ault & Company holds Series C Convertible Preferred Stock, Series C Warrants (371,661 underlying shares), and October 2023 Warrants (54,498 underlying shares). The Series C Preferred Stock has a $1,000 stated value and converts at the greater of $0.10 or the lesser of $306.25 or 105% of the 10-day VWAP.

What is the exercise price of GPUS warrants held by Ault & Company?

According to the filing, Ault & Company holds two types of warrants: Series C Warrants with an exercise price of $118.3875 per share, and October 2023 Warrants with an exercise price of $160.7375 per share.

What is Ault & Company's relationship to GPUS?

Ault & Company is a 10% owner of GPUS, and its CEO Mr. Ault serves as a director of GPUS. The filing notes that Ault & Company may be deemed a director by deputization due to its representation on the Board of Directors of GPUS.

What is the current conversion price of GPUS's Series C Convertible Preferred Stock?

As of June 20, 2025, the conversion price of the Series C Convertible Preferred Stock was $1.0721 per share, allowing each preferred share to be converted into approximately 932.75 shares of common stock.