Milton C. Ault III, the Executive Chairman of Hyperscale Data, Inc. (NASDAQ:GPUS), recently made significant purchases of the company's common stock. The company, currently valued at $6.5 million in market capitalization, has been experiencing significant volatility, with the stock down over 90% year-to-date according to InvestingPro data. According to a recent SEC filing, Ault acquired a total of 500 shares in two separate transactions. On December 16, he purchased 300 shares at a volume-weighted average price of $7.1767, with prices ranging from $6.83 to $7.35. The following day, he acquired an additional 200 shares at $6.4316 per share. The total value of these transactions amounted to $3,439. These shares were acquired indirectly through Ault & Company, Inc., where Ault serves as CEO. Following these transactions, Ault's total indirect holdings in Hyperscale Data increased to 7,549 shares.
In other recent news, Hyperscale Data, Inc. has made significant strides in its financial strategy. The company has raised a substantial amount of $48.1 million through the sale of its Series C convertible preferred stock and associated warrants to its affiliate, Ault & Company, Inc. This transaction is part of an agreement allowing for up to $75 million in funding. Hyperscale Data also negotiated a forbearance agreement regarding a $5.39 million convertible promissory note, managing a considerable debt of $127.62 million.
In addition, the firm recently consolidated every thirty-five shares into one through a reverse stock split. Hyperscale Data has also expanded its equity, with aggregate investment from these transactions reaching $46.53 million. The company sold a real estate property in St. Petersburg, Florida for $13.2 million, further emphasizing its financial activities.
On the operational front, Hyperscale Data is focusing on enhancing its data center operations, particularly its artificial intelligence (AI) data center in Michigan. The company plans to increase the facility's capacity from approximately 30 megawatts to 300 megawatts, pending regulatory approvals and financing. These are the recent developments surrounding Hyperscale Data's financial and operational strategies.
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