Ault Alliance issues 100,000 preferred shares to convert $8.4M notes; conversion at 85% discount with $0.10 floor

Hyperscale Data, Inc.

Issued 83,000 Series E, 1,000 Series F, and 16,000 Series G preferred shares at $100 stated value each.
Series E and F purchase price paid by canceling $8.4M secured promissory notes; Series G for accrued interest.
Each preferred share convertible into common at 85% of prior day's closing price, floor $0.10, after stockholder approval of reverse split.
Investors get option to purchase $4.95M convertible note for $4.2M within 90 days after first conversion.
Company to call special meeting for reverse split amendment; Series F shares get 100,000 votes per share on the proposal.

item 1.01 item 3.02 item 3.03 item 5.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Hyperscale Data, Inc. entered into Securities Purchase Agreement with certain institutional investors (effective 2023-03-28).

Action: entry
Agreement: equity purchase
Counterparty: certain institutional investors
Effective: 2023-03-28

Exact text from the filing

On March 28, 2023, Ault Alliance, Inc., a Delaware corporation (the “ Company ”), entered into a Securities Purchase Agreement (the “ Purchase Agreement ”) with certain institutional investors (the “ Investors ”), pursuant to which the Company agreed to issue and sell, in a private placement (the “ Offering ”), an aggregate of 100,000 shares of its preferred stock, with each such share having a stated value of $100.00 and consisting of (i) 83,000 shares of Series E Convertible Preferred Stock (the “ Series E Preferred Stock ”), (ii) 1,000 shares of Series F Convertible Preferred Stock (the “ Series F Preferred Stock ”) and (iii) 16,000 shares of Series G Convertible Preferred Stock (the “ Series G Preferred Stock ” and collectively, the “ Preferred Shares ”).

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Hyperscale Data, Inc. filing history →

Source: SEC EDGAR

accession 0001214659-23-004507

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