[SCHEDULE 13D/A] Hyperscale Data, Inc. SEC Filing

Rhea-AI Filing Summary

Hyperscale Data, Inc. reporting persons Ault & Company, Inc. and Milton C. Ault, III disclose combined beneficial ownership representing 53.17% and 53.18% of the Class A common stock on a conversion-inclusive basis. The positions include direct Class A shares, Class A shares issuable on conversion of Class B shares, convertible preferred stock (Series C, G, H) and outstanding warrants; calculations use a $0.3705 conversion price for certain preferreds.

The filing states purchase amounts backing those positions: $50,000,000 for Series C, $960,000 for Series G and $4,000,000 for Series H, plus warrants tied to a previously repaid $17.5 million senior note. The filing excludes 5,728,000 Class A shares from conversion due to NYSE American conversion limits.

Positive

• Major ownership stake: Ault & Company and Milton C. Ault, III report conversion-inclusive beneficial ownership exceeding 53% of Class A shares, indicating material influence.
• Significant capital committed: Reported purchase prices include $50,000,000 for Series C, $960,000 for Series G and $4,000,000 for Series H preferred positions, demonstrating substantial financial backing.

Negative

• Dilution risk: Large convertible preferred positions and warrants (totaling millions of Class A shares upon conversion/exercise) present material dilution potential to existing Class A holders.
• Concentration of control: Conversion-inclusive majority ownership concentrates control, which may raise governance and minority-holder concerns.
• Conversion limits: 5,728,000 Class A shares issuable on conversion of Series H are excluded due to NYSE American limits, creating uncertainty about near-term voting outcomes.

Insights

Financial Analyst

TL;DR Ault-affiliated holders control a majority of Class A on a conversion basis, implying material influence and potential dilution risk for other shareholders.

Ault & Company and Milton C. Ault, III report combined beneficial ownership equal to a majority (>53%) of Class A shares when convertible securities are included. Key financings are disclosed: $50.0 million for Series C, $0.96 million for Series G and $4.0 million for Series H, plus warrants from a repaid senior note. The inclusion of large convertible stakes and warrants means conversion or exercise could significantly increase outstanding Class A supply and shift economic and voting outcomes if conversions occur. NYSE American conversion limits exclude 5,728,000 shares from immediate conversion, affecting near-term voting dynamics.

Corporate Governance Expert

TL;DR Reported holdings indicate concentrated control potential; dual-class voting and preferred conversions drive governance implications.

The filing highlights governance-relevant facts: Class B shares carry 10 votes each, producing ~25.9% and ~25.92% of total voting power for Ault & Company and Mr. Ault respectively under the issuer's reported capital structure. However, the conversion-inclusive majority of Class A (53%+) signals the ability to influence ordinary-share matters upon conversion/exercise. The NYSE American limitation on converting certain Series H preferred shares introduces a regulator-driven constraint on immediate voting shifts. Disclosures about purchase prices and source of funds provide transparency about the economic commitment behind these positions.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 12)

Hyperscale Data, Inc.

(Name of Issuer)

Class A Common Stock, par value $0.001 per share

(Title of Class of Securities)

09175M804

(CUSIP Number)

MILTON C. AULT, III
c/o Ault & Company, Inc., 11411 Southern Highlands PKWY, Suite 330
LAS VEGAS, NV, 89141
949-444-5464

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

09/26/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 09175M804

1

Name of reporting person

Ault & Company, Inc.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 147,504,946.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 147,504,946.00

11

Aggregate amount beneficially owned by each reporting person

147,504,946.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

53.17 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

(1) Represents (i) 19,249 shares of class A common stock ("Class A Shares"), (ii) 4,234,561 shares of Class A Shares issuable upon conversion of 4,234,561 shares of class B common stock ("Class B Shares"), (iii) 134,952,770 Class A Shares issuable upon conversion of 50,000 shares of Series C Convertible Preferred Stock, (iv) 2,591,093 Class A Shares issuable upon conversion of 960 shares of Series G Convertible Preferred Stock, (v) 5,068,221 Class A Shares issuable upon conversion of 4,000 shares of Series H Convertible Preferred Stock and (vi) 639,052 Class A Shares issuable upon exercise of outstanding warrants. Excludes 5,728,000 shares of Class A Shares issuable upon conversion of Series H Preferred Stock due to NYSE American limitations on conversion without stockholder approval. 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. 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. 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. For purposes of this Schedule 13D filing, the calculations for the number of Class A Shares issuable upon conversion of the Series C Preferred Stock, Series G Preferred Stock and Series H Preferred Stock are based upon a conversion price of $0.3705. (2) In accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended, the Reporting Person's beneficial ownership percentage was determined by dividing (a) the sum of (i) the outstanding Class A Shares beneficially owned by the Reporting Person and (ii) the number of Class A Shares that the Reporting Person is entitled to acquire upon (x) conversion of the outstanding Class B Shares, (y) conversion of the outstanding Series C Preferred Stock, Series G Preferred Stock and Series H Preferred Stock, and (z) the outstanding warrants, beneficially owned by the Reporting Person at any time within the next 60 days (all of which are immediately convertible); by (b) the sum of (i) the 129,918,554 Class A Shares outstanding as of September 29, 2025, as reported by the Issuer to the Reporting Persons, and (ii) the 147,485,697 Class A Shares that the Reporting Person is entitled to acquire upon conversion and exercise of the Reporting Person's Class B Shares, Series C Preferred Stock, Series G Preferred Stock, Series H Preferred Stock and warrants at any time within the next 60 days.

SCHEDULE 13D

CUSIP No. 09175M804

1

Name of reporting person

AULT MILTON C III

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 19,596.00
8	Shared Voting Power 147,504,946.00
9	Sole Dispositive Power 19,596.00
10	Shared Dispositive Power 147,504,946.00

11

Aggregate amount beneficially owned by each reporting person

147,524,542.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

53.18 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

(1) Represents (i) 19,250 Class A Shares and (ii) 346 Class A Shares issuable upon conversion of 346 Class B Shares. (2) Represents (i) 19,249 Class A Shares held by Ault & Company, Inc. ("A&C"), (ii) 4,234,561 Class A Shares issuable upon conversion of 4,234,561 Class B Shares held by A&C, (iii) 134,952,770 Class A Shares issuable upon conversion of 50,000 shares of Series C Convertible Preferred Stock held by A&C, (iv) 2,591,093 Class A Shares issuable upon conversion of 960 shares of Series G Convertible Preferred Stock held by A&C, (v) 5,068,221 Class A Shares issuable upon conversion of 4,000 shares of Series H Convertible Preferred Stock held by A&C and (vi) 639,052 Class A Shares issuable upon exercise of outstanding warrants held by A&C. Excludes 5,728,000 shares of Class A Shares issuable upon conversion of Series H Preferred Stock due to NYSE American limitations on conversion without stockholder approval. 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. 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. 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. For purposes of this Schedule 13D filing, the calculations for the number of Class A Shares issuable upon conversion of the Series C Preferred Stock, Series G Preferred Stock and Series H Preferred Stock are based upon a conversion price of $0.3705. (2) In accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended, the Reporting Person's beneficial ownership percentage was determined by dividing (a) the sum of (i) the outstanding Class A Shares beneficially owned by the Reporting Person and (ii) the number of Class A Shares that the Reporting Person is entitled to acquire upon (x) conversion of the outstanding Class B Shares, (y) conversion of the outstanding Series C Preferred Stock, Series G Preferred Stock and Series H Preferred Stock, and (z) the outstanding warrants, beneficially owned by the Reporting Person at any time within the next 60 days (all of which are immediately convertible); by (b) the sum of (i) the 129,918,554 Class A Shares outstanding as of September 29, 2025, as reported by the Issuer to the Reporting Persons, and (ii) the 147,486,043 Class A Shares that the Reporting Person is entitled to acquire upon conversion and exercise of the Reporting Person's Class B Shares, Series C Preferred Stock, Series G Preferred Stock, Series H Preferred Stock, and warrants at any time within the next 60 days.

SCHEDULE 13D

CUSIP No. 09175M804

1

Name of reporting person

Horne William B

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 1.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 1.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

1.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.0 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

(1) Represents one (1) Class A Share issuable upon conversion of one (1) Class B Share.

SCHEDULE 13D

CUSIP No. 09175M804

1

Name of reporting person

Nisser Henry Carl

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 3.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 3.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

3.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.0 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

(1) Represents (i) two (2) Class A Shares and (ii) one (1) Class A Share issuable upon conversion of one (1) Class B Share.

SCHEDULE 13D

CUSIP No. 09175M804

1

Name of reporting person

CRAGUN KENNETH S

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A Common Stock, par value $0.001 per share
(b)	Name of Issuer: Hyperscale Data, Inc.
(c)	Address of Issuer's Principal Executive Offices: 11411 SOUTHERN HIGHLANDS PARKWAY, SUITE 190, LAS VEGAS, NEVADA , 89141.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 of the Schedule 13D is hereby amended and restated in its entirety as follows: The two (2) Class A Shares owned directly by Mr. Nisser were issued upon vesting of restricted stock units awarded to him in his capacity as an officer and director of the Issuer. Two (2) Class A Shares owned directly by Mr. Ault were issued upon vesting of restricted stock units awarded to him in his capacity as an officer and director of the Issuer, and the aggregate purchase price for the other 19,248 Class A Shares owned directly by Mr. Ault is approximately $159,427. The Class B Shares owned by the Reporting Persons were issued as a stock dividend by the Issuer. The aggregate purchase price of the 19,249 Class A Shares owned directly by Ault & Company is approximately $2,668,786. The purchase price of the 50,000 shares of Series C Preferred Stock owned directly by Ault & Company, which are currently convertible into 134,952,770 Class A Shares, and warrants owned directly by Ault & Company, which are currently exercisable (or are exercisable within 60 days) into 422,337 Class A Shares (the "Series C Warrants"), is $50,000,000. The purchase price of the 960 shares of Series G Preferred Stock owned directly by Ault & Company, which are currently convertible into 2,591,093 Class A Shares, and warrants owned directly by Ault & Company, which are currently exercisable into 162,217 Class A Shares (the "Series G Warrants"), is $960,000. The purchase price of the 4,000 shares of Series H Preferred Stock owned directly by Ault & Company, which are currently convertible into 5,068,221 Class A Shares is $4,000,000.The remaining warrants owned directly by Ault & Company, which are currently exercisable into 54,498 Class A Shares (the "Warrants"), were issued in connection with a senior secured convertible promissory note in the principal face amount of $17.5 million, which was sold to Ault & Company by the Issuer, for $17.5 million (the "Senior Note"). The Senior Note was subsequently repaid.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5 of the Schedule 13D is hereby amended and restated in its entirety as follows: The aggregate percentage of Class A Shares reported owned by each Reporting Person is based upon 129,918,554 Class A Shares outstanding, which is the total number of Class A Shares outstanding as of September 29, 2025, as reported by the Issuer to the Reporting Persons. Based on the 129,918,554 Class A Shares, 4,989,166 Class B Shares, 50,000 shares of Series C Preferred Stock, 960 shares of Series G Preferred Stock and 4,000 shares of Series H Preferred Stock outstanding as of September 29, 2025, as reported by the Issuer to the Reporting Persons, which represents all voting securities of the Issuer, Ault & Company and Mr. Ault's beneficial ownership of Shares represents 25.90% and 25.92%, respectively, of the Issuer's total voting power, which differs from the total beneficial ownership on conversion as (i) the Class B Shares are entitled to cast 10 votes for each share, compared to 1 vote for each Class A Share, and (ii) for purposes of complying with NYSE American regulations, the conversion price of the various shares of preferred stock, for purposes of determining the number of votes the holder is entitled to cast, is based on the closing sale price of the Class A Shares on the trading day immediately prior to the date of execution of the applicable securities purchase agreement. A. Ault & Company (a) As of the date hereof, Ault & Company may be deemed to beneficially own 147,504,946 Class A Shares, consisting of (i) 19,249 Class A Shares, (ii) 4,234,561 Class A Shares issuable upon conversion of 4,234,561 Class B Shares, (iii) 134,952,770 Class A Shares issuable upon conversion of 50,000 shares of Series C Convertible Preferred Stock, (iv) 2,591,093 Class A Shares issuable upon conversion of 960 shares of Series G Convertible Preferred Stock, (v) 5,068,221 Class A Shares issuable upon conversion of 4,000 shares of Series H Convertible Preferred Stock and (vi) 639,052 Class A Shares issuable upon exercise of outstanding warrants. Excludes 5,728,000 shares of Class A Shares issuable upon conversion of Series H Preferred Stock due to NYSE American limitations on conversion without stockholder approval. 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. 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. 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. For purposes of this Amendment No. 12, the calculations for the number of Class A Shares issuable upon conversion of the Series C Preferred Stock, Series G Preferred Stock and Series H Preferred Stock are based upon a conversion price of $0.3705. Percentage: 53.17%. B. Milton C. Ault, III (a) As of the date hereof, Mr. Ault may be deemed to beneficially own 147,524,542 Class A Shares, consisting of (i) 19,250 Class A Shares, (ii) 346 Class A Shares issuable upon conversion of 346 Class B Shares, (iii) 19,249 Class A Shares held by Ault & Company, (iv) 4,234,561 Class A Shares issuable upon conversion of 4,234,561 Class B Shares held by Ault & Company, (v) 134,952,770 Class A Shares issuable upon conversion of 50,000 shares of Series C Convertible Preferred Stock held by Ault & Company, (vi) 2,591,093 Class A Shares issuable upon conversion of 960 shares of Series G Convertible Preferred Stock held by Ault & Company, (vii) 5,068,221 Class A Shares issuable upon conversion of 4,000 shares of Series H Convertible Preferred Stock held by Ault & Company and (viii) 639,052 Class A Shares issuable upon exercise of outstanding warrants held by Ault & Company. Excludes 5,728,000 shares of Class A Shares issuable upon conversion of Series H Preferred Stock due to NYSE American limitations on conversion without stockholder approval. 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. 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. 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. For purposes of this Amendment No. 12, the calculations for the number of Class A Shares issuable upon conversion of the Series C Preferred Stock, Series G Preferred Stock and Series H Preferred Stock are based upon a conversion price of $0.3705. Mr. Ault may be deemed to beneficially own the Shares owned directly by Ault & Company by virtue of his relationship with Ault & Company described in Item 2. Percentage: 53.18% C. William B. Horne (a) As of the date hereof, Mr. Horne may be deemed to beneficially own one (1) Class A Share, representing one (1) Class A Share issuable upon conversion of one (1) Class B Share. Percentage: 0.0%. D. Henry C.W. Nisser (a) As of the date hereof, Mr. Nisser may be deemed to beneficially own three (3) Class A Shares, consisting of (i) two (2) Class A Shares and (ii) one (1) Class A Share issuable upon conversion of one (1) Class B Share. Percentage: 0.0%. E. Kenneth S. Cragun (a) As of the date hereof, Mr. Cragun is not deemed to beneficially own any Class A Shares. Percentage: 0%
(b)	A. Ault & Company (b) 1. Sole power to vote or direct vote: 0, 2. Shared power to vote or direct vote: 147,504,946, 3. Sole power to dispose or direct the disposition: 0, 4. Shared power to dispose or direct the disposition: 147,504,946. B. Milton C. Ault, III (b) 1. Sole power to vote or direct vote: 19,596, 2. Shared power to vote or direct vote: 147,504,946, 3. Sole power to dispose or direct the disposition: 19,596, 4. Shared power to dispose or direct the disposition: 147,504,946. C. William B. Horne (b) 1. Sole power to vote or direct vote: 1, 2. Shared power to vote or direct vote: 0, 3. Sole power to dispose or direct the disposition: 1, 4. Shared power to dispose or direct the disposition: 0. D. Henry C.W. Nisser (b) 1. Sole power to vote or direct vote: 3, 2. Shared power to vote or direct vote: 0, 3. Sole power to dispose or direct the disposition: 3, 4. Shared power to dispose or direct the disposition: 0. E. Kenneth S. Cragun (b) 1. Sole power to vote or direct vote: 0, 2. Shared power to vote or direct vote: 0, 3. Sole power to dispose or direct the disposition: 0, 4. Shared power to dispose or direct the disposition: 0
(c)	A. Ault & Company (c) Other than as disclosed on Exhibit 1, Ault & Company has not entered into any transactions in the Shares during the past sixty days. B. Milton C. Ault, III (c) Other than as disclosed on Exhibit 2, Mr. Ault has not entered into any transactions in the Shares during the past sixty days. C. William B. Horne (c) Mr. Horne has not entered into any transactions in the Shares during the past sixty days. D. Henry C.W. Nisser (c) Mr. Nisser has not entered into any transactions in the Shares during the past sixty days. E. Kenneth S. Cragun (c) Mr. Cragun has not entered into any transactions in the Shares during the past sixty days. The filing of this Amendment No. 12 shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any securities of the Issuer that he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own.
(d)	No person other than the Reporting Persons is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the Shares.
(e)	Not applicable.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 1 - Ault & Company Transactions in the Securities of the Issuer During the Past 60 Days. Exhibit 2 - Milton C. Ault, III Transactions in the Securities of the Issuer During the Past 60 Days.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Ault & Company, Inc.

Signature:	/s/ Milton C. Ault, III
Name/Title:	Chief Executive Officer
Date:	09/30/2025

AULT MILTON C III

Signature:	/s/ Milton C. Ault, III
Name/Title:	MILTON C. AULT, III
Date:	09/30/2025

Horne William B

Signature:	/s/ William B. Horne
Name/Title:	WILLIAM B. HORNE
Date:	09/30/2025

Nisser Henry Carl

Signature:	/s/ Henry C.W. Nisser
Name/Title:	HENRY C.W. NISSER
Date:	09/30/2025

CRAGUN KENNETH S

Signature:	/s/ Kenneth S. Cragun
Name/Title:	KENNETH S. CRAGUN
Date:	09/30/2025

FAQ

How much of Hyperscale Data (GPUS) Class A stock do Ault & Company and Milton C. Ault, III beneficially own?

On a conversion-inclusive basis Ault & Company beneficially owns 147,504,946 Class A shares (53.17%) and Milton C. Ault, III beneficially owns 147,524,542 Class A shares (53.18%).

What convertible securities back Ault's reported stake in GPUS?

Their stake includes Class B shares convertible into Class A, 50,000 shares of Series C preferred, 960 shares of Series G preferred, 4,000 shares of Series H preferred, and outstanding warrants convertible into Class A.

What purchase prices were paid for the preferred series disclosed in this Schedule 13D/A?

The filing reports $50,000,000 for Series C, $960,000 for Series G and $4,000,000 for Series H; additional warrants were issued in connection with a previously repaid $17.5 million senior note.

Are there any restrictions that limit immediate conversion of preferred shares into Class A for GPUS?

Yes. The filing excludes 5,728,000 Class A shares issuable on conversion of Series H preferred stock due to NYSE American limitations requiring stockholder approval for those conversions.

How was the conversion price determined for the preferred shares in the filing?

The filing states conversion prices are defined contractually (with floors and VWAP-based caps); for this amendment the calculations used a conversion price of $0.3705 for Series C, G and H conversions.