STOCK TITAN

Ault & Co. and Milton Ault report 177.9M GPUS shares in 13D/A

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
SCHEDULE 13D/A

Rhea-AI Filing Summary

Hyperscale Data, Inc. (GPUS) received an amended Schedule 13D (Amendment No. 13) from Ault & Company, Inc. and related insiders updating their ownership of the company’s Class A common stock.

Ault & Company reports beneficial ownership of 177,945,156 Class A shares (including common stock, Class B shares on an as-converted basis, Series C, G and H convertible preferred stock, and warrants), representing 35.545% of the Class A shares outstanding based on 322,992,217 Class A shares as of November 19, 2025. Milton C. Ault, III may be deemed to beneficially own 177,970,427 Class A shares, or 35.55% of the Class A shares, largely through Ault & Company.

Taking all voting securities into account, Ault & Company and Mr. Ault hold 26.49% and 26.50% of total voting power, respectively, reflecting that Class B shares carry ten votes per share. Ault & Company has agreed to temporarily allow the company to unreserve, and prohibit conversion of, the Series C, G and H preferred shares until sufficient authorized but unissued Class A shares are available, while retaining voting rights on those preferred shares. Other named officers hold 3 or fewer Class A shares each on an as-converted basis.

Positive

  • None.

Negative

  • None.





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




Comment for Type of Reporting Person:
(1) Represents (i) 274,905 shares of class A common stock ("Class A Shares"), (ii) 14,679,698 shares of Class A Shares issuable upon conversion of 14,679,698 shares of class B common stock ("Class B Shares"), (iii) 154,320,991 Class A Shares issuable upon conversion of 50,000 shares of Series C Convertible Preferred Stock, (iv) 2,962,963 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 7,277,458 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 $0.324. (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 322,992,217 Class A Shares outstanding as of November 19, 2025, as reported by the Issuer to the Reporting Persons, and (ii) the 177,670,925 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. Notwithstanding anything to the foregoing, Ault & Company, Inc. ("Ault & Company") has provided the Company with a waiver, pursuant to which Ault & Company has permitted the Company to temporarily (1) unreserve all shares of Class A Common Stock issuable upon conversion of the Series C Preferred Stock, Series G Preferred Stock and Series H Preferred Stock and (2) prohibit the conversion by Ault & Company of the Series C Preferred Stock, Series G Preferred Stock and Series H Preferred Stock, until such time as the Company has a sufficient number of authorized but unissued shares of Class A Common Stock to permit the conversion of the Series C Preferred Stock, Series G Preferred Stock and Series H Preferred Stock in full. The waiver does not prohibit Ault & Company from voting the shares of Series C Preferred Stock, Series G Preferred Stock and Series H Preferred Stock in accordance with their terms.


SCHEDULE 13D




Comment for Type of Reporting Person:
(1) Represents (i) 23,550 Class A Shares and (ii) 1,721 Class A Shares issuable upon conversion of 1,721 Class B Shares. (2) Represents (i) 274,905 Class A Shares held by Ault & Company, (ii) 14,679,698 Class A Shares issuable upon conversion of 14,679,698 Class B Shares held by Ault & Company, (iii) 154,320,991 Class A Shares issuable upon conversion of 50,000 shares of Series C Convertible Preferred Stock held by Ault & Company, (iv) 2,962,963 Class A Shares issuable upon conversion of 960 shares of Series G Convertible Preferred Stock held by Ault & Company, (v) 5,068,221 Class A Shares issuable upon conversion of 4,000 shares of Series H Convertible Preferred Stock held by Ault & Company and (vi) 639,052 Class A Shares issuable upon exercise of outstanding warrants held by Ault & Company. Excludes 7,277,458 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 $0.324. (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 322,992,217 Class A Shares outstanding as of November 19, 2025, as reported by the Issuer to the Reporting Persons, and (ii) the 177,672,646 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. Notwithstanding anything to the foregoing, Ault & Company has provided the Company with a waiver, pursuant to which Ault & Company has permitted the Company to temporarily (1) unreserve all shares of Class A Common Stock issuable upon conversion of the Series C Preferred Stock, Series G Preferred Stock and Series H Preferred Stock and (2) prohibit the conversion by Ault & Company of the Series C Preferred Stock, Series G Preferred Stock and Series H Preferred Stock, until such time as the Company has a sufficient number of authorized but unissued shares of Class A Common Stock to permit the conversion of the Series C Preferred Stock, Series G Preferred Stock and Series H Preferred Stock in full. The waiver does not prohibit Ault & Company from voting the shares of Series C Preferred Stock, Series G Preferred Stock and Series H Preferred Stock in accordance with their terms.


SCHEDULE 13D




Comment for Type of Reporting Person:
(1) Represents one (1) Class A Share issuable upon conversion of one (1) Class B Share.


SCHEDULE 13D




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






SCHEDULE 13D


Ault & Company, Inc.
Signature:/s/ Milton C. Ault, III
Name/Title:Chief Executive Officer
Date:11/20/2025
AULT MILTON C III
Signature:/s/ Milton C. Ault, III
Name/Title:MILTON C. AULT, III
Date:11/20/2025
Horne William B
Signature:/s/ William B. Horne
Name/Title:WILLIAM B. HORNE
Date:11/20/2025
Nisser Henry Carl
Signature:/s/ Henry C.W. Nisser
Name/Title:HENRY C.W. NISSER
Date:11/20/2025
CRAGUN KENNETH S
Signature:/s/ Kenneth S. Cragun
Name/Title:KENNETH S. CRAGUN
Date:11/20/2025

FAQ

What does the GPUS Schedule 13D/A (Amendment No. 13) report for Hyperscale Data?

The filing updates beneficial ownership of Hyperscale Data, Inc. Class A common stock by Ault & Company, Inc., Milton C. Ault, III, and other insiders, including common, preferred, and warrant-based holdings and their related voting power.

How many Hyperscale Data (GPUS) shares does Ault & Company report owning?

Ault & Company reports beneficial ownership of 177,945,156 Class A shares, including 274,905 Class A shares, 14,679,024 Class A shares from Class B, 154,320,991 from Series C preferred, 2,962,963 from Series G preferred, 5,068,221 from Series H preferred, and 639,052 from warrants.

What percentage of Hyperscale Data’s Class A stock and voting power is held by Ault & Company and Milton C. Ault, III?

Based on 322,992,217 Class A shares outstanding as of November 19, 2025, Ault & Company holds 35.545% of the Class A shares and 26.49% of total voting power. Milton C. Ault, III may be deemed to hold 35.55% of the Class A shares and 26.50% of total voting power.

How do Hyperscale Data’s Class B and preferred shares affect the reported GPUS ownership?

Class B shares are convertible into Class A shares and carry 10 votes per share, increasing voting power relative to Class A. Series C, G and H preferred stock are convertible into Class A shares at formula-based prices, and a conversion price of $0.324 per share is used for the share calculations in this amendment.

What waiver did Ault & Company grant regarding Hyperscale Data’s preferred stock conversions?

Ault & Company agreed to temporarily allow the company to unreserve all Class A shares underlying the Series C, G and H preferred stock and to prohibit conversion of those preferred shares by Ault & Company until there are enough authorized but unissued Class A shares to permit full conversion. Ault & Company retains the right to vote the preferred shares in accordance with their terms.

How many Hyperscale Data shares do other reporting insiders hold in the GPUS 13D/A?

William B. Horne may be deemed to beneficially own 1 Class A share on an as-converted basis. Henry C.W. Nisser may be deemed to own 3 Class A shares, including 1 from a Class B share. Kenneth S. Cragun is reported as not beneficially owning any Class A shares.

What is the total number of Hyperscale Data (GPUS) Class A shares used in the ownership calculations?

The ownership percentages are calculated using 322,992,217 Class A shares outstanding as of November 19, 2025, as reported by the issuer to the reporting persons.
Hyperscale Data Inc.

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