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

Rhea-AI Filing Summary

Hyperscale Data, Inc. insider Milton C. Ault III, a director, executive chairman and 10% owner, reported multiple transactions in the company’s stock. On 09/11/2025, he bought 500 shares of common stock at $0.37 per share. On 11/18/2025, he purchased 3,800 shares at a volume-weighted average price of $0.2363, and an additional 205,656 shares at a volume-weighted average price of $0.2372 through Ault & Company, Inc. On 11/19/2025, Ault & Company bought a further 50,000 shares at $0.229 per share.

Following these trades, Ault directly owned 23,550 common shares and indirectly owned 274,905 common shares via Ault & Company. He also reported large derivative positions, including Class B common stock convertible into Class A common stock, and Series C, G and H convertible preferred stock, each with a stated value of $1,000 per share and a conversion framework currently based on a $0.324 conversion price, plus several series of warrants with specified exercise prices and share amounts.

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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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)
09/11/2025

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
Common Stock	09/11/2025		P		500	A	$0.37	19,750	D
Common Stock	11/18/2025		P		3,800	A	$0.2363(1)	23,550	D
Common Stock	11/18/2025		P		205,656	A	$0.2372(2)	224,905	I	By Ault & Company, Inc.(3)
Common Stock	11/19/2025		P		50,000	A	$0.229	274,905	I	By Ault & Company, Inc.(3)
13% Series D Cumulative Redeemable Perpetual Preferred Stock								116	D

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
Class B Common Stock	$0.00	10/31/2025		A		1,375		(4)	(5)	Common Stock	1,375	$0.00(6)	1,721	D
Class B Common Stock	$0.00	10/31/2025		A		10,445,137		(4)	(5)	Common Stock	10,445,137	$0.00(6)	14,679,698	I	By Ault & Company, Inc.(3)
Series C Convertible Preferred Stock	(7)							(8)	(9)	Common Stock	(7)		50,000	I	By Ault & Company, Inc.(3)
Series G Convertible Preferred Stock	(10)							(11)	(12)	Common Stock	(10)		960	I	By Ault & Company, Inc.(3)
Series H Convertible Preferred Stock	(13)							(14)	(15)	Common Stock	(13)		4,000	I	By Ault & Company, Inc.(3)
Series C Warrants	$118.3875							(16)	(16)	Common Stock	422,337		422,337	I	By Ault & Company, Inc.(3)
Series G Warrants	$5.918							(16)	(16)	Common Stock	162,217		162,217	I	By Ault & Company, Inc.(3)
October 2023 Warrants	$160.7375							(16)	(16)	Common Stock	54,498		54,498	I	By Ault & Company, Inc.(3)

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)
			See Remark

Explanation of Responses:

1. The common stock was purchased by the reporting person in open market transactions on the transaction date, with a volume weighted average purchase price of $0.2363. The range of purchase prices on the transaction date was $0.2149 to $0.2439 per share. The reporting person undertakes to provide, upon request by the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares purchased at each price.

2. The common stock was purchased by the reporting person in open market transactions on the transaction date, with a volume weighted average purchase price of $0.2372. The range of purchase prices on the transaction date was $0.2315 to $0.2432 per share. The reporting person undertakes to provide, upon request by the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares purchased at each price.

3. 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.

4. Each share of Class B Common Stock is convertible into one share of Class A Common Stock.

5. The Class B Common Stock does not expire.

6. Received as stock dividend from Issuer.

7. As of November 20, 2025, the Series C Conversion Price was $0.324 per share, so each share of Series C Convertible Preferred Stock is convertible into approximately 3,086.42 shares of Class A Common Stock.

8. Each share of Series C Convertible Preferred Stock has a stated value of $1,000.00 and is convertible into shares of Class A Common Stock at a conversion price equal to the greater of (i) $0.10 per share and (ii) the lesser of (A) $183.58 or (B) 105% of the volume weighted average price of the Class A Common Stock during the ten trading days immediately prior to the date of conversion (the "Series C Conversion Price"). The Series C Conversion Price is subject to adjustment in the event of an issuance of Class A Common Stock at a price per share lower than the Series C Conversion Price then in effect, as well as upon customary stock splits, stock dividends, combinations or similar events.

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

10. As of November 20, 2025, the Series G Conversion Price was $0.324 per share, so each share of Series G Convertible Preferred Stock is convertible into approximately 3,086.42 shares of Class A Common Stock.

11. Each share of Series G Convertible Preferred Stock has a stated value of $1,000.00 and is convertible into shares of Class A 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 Class A Common Stock during the ten trading days immediately prior to the date of conversion (the "Series G Conversion Price"). The Series G Conversion Price is subject to adjustment in the event of an issuance of Class A Common Stock at a price per share lower than the Series G Conversion Price then in effect, as well as upon customary stock splits, stock dividends, combinations or similar events.

12. The Series G Convertible Preferred Stock has no expiration date

13. As of November 20, 2025, the Series H Conversion Price was $0.324 per share, so each share of Series H Convertible Preferred Stock is convertible into approximately 3,086.42 shares of Class A Common Stock.

14. Each share of Series H Convertible Preferred Stock has a stated value of $1,000.00 and is convertible into shares of Class A Common Stock at a conversion price equal to the greater of (i) $0.10 per share and (ii) the lesser of (A) $0.79645 or (B) 105% of the volume weighted average price of the Class A Common Stock during the ten trading days immediately prior to the date of conversion (the "Series H Conversion Price"). The Series H Conversion Price is subject to adjustment in the event of an issuance of Class A Common Stock at a price per share lower than the Series H Conversion Price then in effect, as well as upon customary stock splits, stock dividends, combinations or similar events.

15. The Series H Convertible Preferred Stock has no expiration date.

16. The October 2023, the Series C Warrants and the Series G 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 & 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	11/20/2025
	/s/ Milton C. Ault, III, Chief Executive Officer of Ault & Company, Inc.	11/20/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

What insider transactions did GPUS executive Milton C. Ault III report?

Milton C. Ault III reported buying 500 shares of Hyperscale Data, Inc. common stock at $0.37 on 09/11/2025, 3,800 shares at a volume-weighted average price of $0.2363 and 205,656 shares at $0.2372 on 11/18/2025, and 50,000 shares at $0.229 on 11/19/2025 through Ault & Company, Inc.

How many GPUS shares does Milton C. Ault III own after these transactions?

After the reported trades, Milton C. Ault III directly owned 23,550 shares of Hyperscale Data, Inc. common stock and indirectly owned 274,905 shares through Ault & Company, Inc.

What is Ault & Company, Inc.’s role in these GPUS holdings?

Ault & Company, Inc. holds common and derivative securities of Hyperscale Data, Inc., and Milton C. Ault III, as its Chief Executive Officer, is deemed to beneficially own the shares held by Ault & Company under the reporting rules.

What derivative securities linked to GPUS did Milton C. Ault III report?

He reported Class B common stock convertible into Class A common stock, Series C, G and H convertible preferred stock, and several warrant series, including 422,337 shares underlying Series C Warrants, 162,217 shares underlying Series G Warrants, and 54,498 shares underlying October 2023 Warrants.

How do the GPUS Series C, G and H preferred shares convert into common stock?

As of November 20, 2025, the Series C, G and H Convertible Preferred Stock had a conversion price of $0.324 per share, so each preferred share was convertible into approximately 3,086.42 shares of Class A common stock, subject to the detailed conversion price formulas and adjustments described.

Do the GPUS preferred and warrant securities reported have expiration dates?

The Series C, G and H Convertible Preferred Stock have no expiration date. The October 2023 Warrants, Series C Warrants and Series G Warrants have five-year terms, expiring on the fifth anniversary of issuance and becoming exercisable on the first business day after the six-month anniversary of issuance.