[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 through Ault & Company in early 2025:

• January 3: Acquired 495 Series G Convertible Preferred shares ($1,000/share) and 83,643 Series G Warrants
• January 6: Added 365 Preferred shares and 61,676 Warrants
• April 10: Purchased 100 more Preferred shares and 16,898 Warrants

The Series G Preferred shares are convertible to common stock at the greater of $0.10 or 105% of 10-day VWAP, capped at $6.74. As of June 20, 2025, conversion price was $1.0721, making each preferred share convertible to ~932.75 common shares. The warrants have a $5.918 exercise price and 5-year terms. All securities are held indirectly through Ault & Company, where Ault serves as CEO.

Positive

• Executive Chairman Milton Ault III and Ault & Company acquired $960,000 worth of Series G Convertible Preferred Stock across multiple transactions, demonstrating insider confidence
• The acquisitions came with significant warrant coverage (162,217 warrants) at $5.918 exercise price, indicating potential upside expectations

Negative

• The convertible preferred stock has a floating conversion price mechanism that could lead to potential dilution if the stock price declines
• The multiple tranches of convertible securities and warrants could create selling pressure if converted

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
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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)
01/03/2025

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 G Convertible Preferred Stock	(1)	01/03/2025		A		495		01/03/2025	(2)	Common Stock	(3)	$1,000	495	I	By Ault & Company, Inc.(4)
Series G Warrants	$5.918	01/03/2025		A		83,643		07/03/2025	01/03/2030	Common Stock	83,643	$0.00	83,643	I	By Ault & Company, Inc.(4)
Series G Convertible Preferred Stock	(1)	01/06/2025		A		365		01/06/2025	(2)	Common Stock	(3)	$1,000	860	I	By Ault & Company, Inc.(4)
Series G Warrants	$5.918	01/06/2025		A		61,676		07/06/2025	01/06/2030	Common Stock	61,676	$0.00	145,319	I	By Ault & Company, Inc.(4)
Series G Convertible Preferred Stock	(1)	04/10/2025		A		100		04/10/2025	(2)	Common Stock	(3)	$1,000	960	I	By Ault & Company, Inc.(4)
Series G Warrants	$5.918	04/10/2025		A		16,898		10/10/2025	04/10/2030	Common Stock	16,898	$0.00	162,217	I	By Ault & Company, Inc.(4)

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 G 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) $6.74 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 G 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 G Convertible Preferred Stock is convertible into approximately 932.75 shares of Common Stock.

4. 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.

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.

	/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

What insider transactions did Milton Ault III report for GPUS in early 2025?

Milton Ault III, through Ault & Company, Inc., acquired several tranches of Series G Convertible Preferred Stock and Warrants: 495 shares of preferred stock and 83,643 warrants on January 3, 2025, 365 shares of preferred stock and 61,676 warrants on January 6, 2025, and 100 shares of preferred stock and 16,898 warrants on April 10, 2025.

What is Milton Ault III's role at GPUS?

Milton Ault III serves multiple roles at GPUS: he is a Director, Executive Chairman, and a 10% Owner of the company. He exercises control through Ault & Company, Inc., where he serves as Chief Executive Officer.

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

The conversion price is the greater of $0.10 per share or the lesser of $6.74 or 105% of the 10-day VWAP prior to conversion. As of June 20, 2025, the conversion price was $1.0721 per share, making each preferred share convertible into approximately 932.75 shares of common stock.

When do GPUS's Series G Warrants expire?

The Series G Warrants reported in this Form 4 have a 5-year term. The warrants issued on January 3, 2025, expire on January 3, 2030; those issued on January 6, 2025, expire on January 6, 2030; and those issued on April 10, 2025, expire on April 10, 2030. The exercise price for these warrants is $5.918.

How many total Series G Preferred shares does Ault & Company own in GPUS after these transactions?

After these transactions, Ault & Company, Inc. beneficially owns a total of 960 shares of Series G Convertible Preferred Stock of GPUS, accumulated through purchases of 495 shares, 365 shares, and 100 shares in three separate transactions.