Ault Alliance files 8-K/A providing legal opinion for $10M convertible preferred placement

Hyperscale Data, Inc.

Issued 100,000 shares of Series E/F/G convertible preferred stock with $100 stated value per share (total $10M).
Conversion price at 85% of prior day's closing, floor $0.10; limited to 275,779 shares due to NYSE American 19.99% cap.
After 1-for-300 reverse split, each preferred share converts into approx. 3.33 common shares; aggregate up to 333,333 shares.
Prospectus supplement filed May 17, 2023 for resale of conversion shares under effective shelf registration statement.
Amendment No. 1 solely adds legal opinion of Olshan Frome Wolosky LLP regarding legality of conversion shares.

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 Purchase Agreement with two institutional investors valued at an aggregate of 100,000 shares of its preferred stock, with each such share having a stated value of (effective 2023-03-28).

Action: entry
Agreement: equity purchase
Counterparty: two institutional investors
Value: an aggregate of 100,000 shares of its preferred stock, with each such share having a stated value of
Effective: 2023-03-28

Exact text from the filing

On March 28, 2023, Ault Alliance, Inc. (the “ Company ”) entered into a securities purchase agreement (the “ Purchase Agreement ”) with two institutional investors (the “ Investors ”), pursuant to which the Company agreed to issue and sell, in a private placement, an aggregate of 100,000 shares of its preferred stock, with each such share having a stated value of $100.00

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38 material agreements filed in the last 30 days. Browse all material agreements →

Hyperscale Data, Inc. filing history →

Source: SEC EDGAR

accession 0001214659-23-007416

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