[Form 4] Hyperscale Data, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Milton C. Ault III, Executive Chairman and 10% owner of Hyperscale Data (GPUS), reported multiple acquisitions of derivative securities between October 2024 and December 2024 through Ault & Company.

Key transactions include:

• Acquisition of 3,750 Series C Convertible Preferred Stock shares (total value: $3.75M) with conversion price determined by market conditions
• Receipt of 47,845 Series C Warrants with exercise price of $118.3875, exercisable between April 2025 and December 2029
• Acquisition of 4,234,561 Class B Common Stock shares as stock dividend, carrying 10x voting power compared to Class A shares

Post-transactions, Ault & Company holds 50,000 Series C Preferred shares, 422,337 warrants, and over 4.2M Class B shares. All transactions were indirect through Ault & Company, where Milton Ault serves as CEO. Figures reflect adjustment for 1-for-35 reverse stock split executed November 22, 2024.

Positive

• None.

Negative

• Executive Chairman Milton Ault III and Ault & Company acquired significant control through Class B Common Stock (4,234,561 shares) with 10x voting power, potentially reducing other shareholders' voting influence
• Large accumulation of convertible preferred stock (50,000 shares) and warrants (422,337) at $118.3875 indicates potential future dilution risk for existing shareholders
• Complex convertible preferred stock terms with variable conversion prices that could lead to additional dilution if stock price declines below current $1.0721 conversion price

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

AULT MILTON C III

(Last) (First) (Middle)

11411 SOUTHERN HIGHLANDS PARKWAY

SUITE 190

(Street)

LAS VEGAS NV 89141

(City) (State) (Zip)

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
10/04/2024

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

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

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

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Series C Convertible Preferred Stock	(1)	10/04/2024		A		350		10/04/2024	(2)	Common Stock	(3)	$1,000	44,650	I	By Ault & Company, Inc.(5)
Series C Warrants	$118.3875	10/04/2024		A		2,956(4)		04/04/2025	10/04/2029	Common Stock	2,956(4)	$0.00	377,148(4)	I	By Ault & Company, Inc.(5)
Series C Convertible Preferred Stock	(1)	10/10/2024		A		500		10/10/2024	(2)	Common Stock	(3)	$1,000	45,150	I	By Ault & Company, Inc.(5)
Series C Warrants	$118.3875	10/10/2024		A		4,223(4)		04/10/2025	10/10/2029	Common Stock	4,223(4)	$0.00	381,371(4)	I	By Ault & Company, Inc.(5)
Series C Convertible Preferred Stock	(1)	10/18/2024		A		450		10/18/2024	(2)	Common Stock	(3)	$1,000	45,600	I	By Ault & Company, Inc.(5)
Series C Warrants	$118.3875	10/18/2024		A		3,801(4)		04/18/2025	10/18/2029	Common Stock	3,801(4)	$0.00	385,172(4)	I	By Ault & Company, Inc.(5)
Series C Convertible Preferred Stock	(1)	10/22/2024		A		100		10/22/2024	(2)	Common Stock	(3)	$1,000	45,700	I	By Ault & Company, Inc.(5)
Series C Warrants	$118.3875	10/22/2024		A		845(4)		04/22/2025	10/22/2029	Common Stock	845(4)	$0.00	386,017(4)	I	By Ault & Company, Inc.(5)
Series C Convertible Preferred Stock	(1)	11/13/2024		A		95		11/13/2024	(2)	Common Stock	(3)	$1,000	45,795	I	By Ault & Company, Inc.(5)
Series C Warrants	$118.3875	11/13/2024		A		802(4)		05/13/2025	11/13/2029	Common Stock	802(4)	$0.00	386,819(4)	I	By Ault & Company, Inc.(5)
Series C Convertible Preferred Stock	(1)	11/15/2024		A		735		11/15/2024	(2)	Common Stock	(3)	$1,000	46,530	I	By Ault & Company, Inc.(5)
Series C Warrants	$118.3875	11/15/2024		A		6,208(4)		05/15/2025	11/15/2029	Common Stock	6,208(4)	$0.00	393,027(4)	I	By Ault & Company, Inc.(5)
Series C Convertible Preferred Stock	(1)	11/19/2024		A		400		11/19/2024	(2)	Common Stock	(3)	$1,000	46,930	I	By Ault & Company, Inc.(5)
Series C Warrants	$118.3875	11/19/2024		A		3,379(4)		05/19/2025	11/19/2029	Common Stock	3,379(4)	$0.00	396,406(4)	I	By Ault & Company, Inc.(5)
Series C Convertible Preferred Stock	(1)	11/21/2024		A		50		11/21/2024	(2)	Common Stock	(3)	$1,000	46,980	I	By Ault & Company, Inc.(5)
Series C Warrants	$118.3875	11/21/2024		A		422(4)		05/21/2025	11/21/2029	Common Stock	422(4)	$0.00	396,828(4)	I	By Ault & Company, Inc.(5)
Series C Convertible Preferred Stock	(1)	12/04/2024		A		570		12/04/2024	(2)	Common Stock	(3)	$1,000	47,550	I	By Ault & Company, Inc.(5)
Series C Warrants	$118.3875	12/04/2024		A		4,815		06/04/2025	12/04/2029	Common Stock	4,815	$0.00	401,643	I	By Ault & Company, Inc.(5)
Series C Convertible Preferred Stock	(1)	12/10/2024		A		50		12/10/2024	(2)	Common Stock	(3)	$1,000	47,600	I	By Ault & Company, Inc.(5)
Series C Warrants	$118.3875	12/10/2024		A		422		06/10/2025	12/10/2029	Common Stock	422	$0.00	402,065	I	By Ault & Company, Inc.(5)
Series C Convertible Preferred Stock	(1)	12/12/2024		A		500		12/12/2024	(2)	Common Stock	(3)	$1,000	48,100	I	By Ault & Company, Inc.(5)
Series C Warrants	$118.3875	12/12/2024		A		4,223		06/12/2025	12/12/2029	Common Stock	4,223	$0.00	406,288	I	By Ault & Company, Inc.(5)
Class B Common Stock	$0.00	12/16/2024		A		4,234,561		12/16/2024	(6)	Common Stock	4,234,561	$0.00(7)	4,234,561	I	By Ault & Company, Inc.(5)
Series C Convertible Preferred Stock	(1)	12/20/2024		A		1,900		12/20/2024	(2)	Common Stock	(3)	$1,000	50,000	I	By Ault & Company, Inc.(5)
Series C Warrants	$118.3875	12/20/2024		A		16,049		06/20/2025	12/20/2029	Common Stock	16,049	$0.00	422,337	I	By Ault & Company, Inc.(5)

1. Name and Address of Reporting Person^*

AULT MILTON C III

(Last) (First) (Middle)

11411 SOUTHERN HIGHLANDS PARKWAY

SUITE 190

(Street)

LAS VEGAS NV 89141

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

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)

Relationship of Reporting Person(s) to Issuer

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

Explanation of Responses:

1. 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.

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

3. 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.

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

5. Milton C. Ault, III, is the Chief Executive Officer of Ault & Company, Inc. ("Ault & Co.") and is deemed to beneficially own the shares held by Ault & Co.

6. The Class B Common Stock does not expire.

7. Received as stock dividend from Issuer.

Remarks:

Mr. Ault, Chief Executive Officer of 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. Each share of Class B Common Stock carries 10 times the voting power of a share of Class A Common Stock.

	/s/ Milton C. Ault, III	06/20/2025
	/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 Series C Convertible Preferred Stock did Milton Ault III acquire in December 2024?

In December 2024, Milton Ault III, through Ault & Company, Inc., acquired a total of 3,020 shares of Series C Convertible Preferred Stock across multiple transactions: 570 shares on Dec 4, 50 shares on Dec 10, 500 shares on Dec 12, and 1,900 shares on Dec 20.

What is the conversion price of GPUS's Series C Convertible Preferred Stock as of June 2025?

As of June 20, 2025, the conversion price of GPUS's Series C Convertible Preferred Stock was $1.0721 per share, with each preferred share being convertible into approximately 932.75 shares of common stock.

How many Class B Common Stock shares did Milton Ault III acquire in GPUS, and what are their voting rights?

On December 16, 2024, Milton Ault III, through Ault & Company, Inc., acquired 4,234,561 shares of Class B Common Stock as a stock dividend. Each share of Class B Common Stock carries 10 times the voting power of a share of Class A Common Stock.

What positions does Milton Ault III hold at GPUS?

Milton Ault III serves as Executive Chairman and Director of GPUS, and is also considered a 10% owner. Additionally, he is the Chief Executive Officer of Ault & Company, Inc., through which he holds indirect beneficial ownership of GPUS securities.

What is the exercise price and expiration date of GPUS's Series C Warrants acquired in these transactions?

The Series C Warrants have an exercise price of $118.3875 per share. The warrants expire five years from their respective issue dates, with expiration dates ranging from October 2029 to December 2029, depending on when each warrant was issued.