Ault Alliance exchanges preferred shares and demand notes for $10.5M new secured notes, assigns to affiliate Ault & Co

Hyperscale Data, Inc.

Investors exchanged all Series E/F/G preferred shares and $1.78M demand notes for two 10% Secured OID Notes totaling $10,544,832.
Company assigned the Exchange Notes to related party Ault & Company, Inc. effective August 3, 2023.
Company and Executive Chairman Milton C. Ault III guaranteed full payment of A&C's obligations under the Exchange Notes.
Exchange eliminates preferred equity and demand notes, creating $10.5M direct debt obligation with related party guarantee.

item 1.01 item 1.03 item 3.02 item 3.03 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 0.95

Hyperscale Data, Inc. entered into Exchange Agreement with Institutional Investors valued at Exchanged all Preferred Shares and Demand Notes for two new 10% Secured OID Promissory Notes with ag (effective 2023-08-03).

Action: entry
Counterparty: Institutional Investors
Value: Exchanged all Preferred Shares and Demand Notes for two new 10% Secured OID Promissory Notes with ag
Effective: 2023-08-03

Exact text from the filing

The Company and the Investors entered into an Exchange Agreement (the “ Exchange Agreement ”) dated July 28, 2023 but effective as of August 3, 2023.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Hyperscale Data, Inc. entered into Assignment Agreement with Ault & Company, Inc. valued at Company assigned the Exchange Notes to A&C (effective 2023-08-03).

Action: entry
Counterparty: Ault & Company, Inc.
Value: Company assigned the Exchange Notes to A&C
Effective: 2023-08-03

Exact text from the filing

The Company and Ault & Company, Inc., a Delaware corporation and a related party to the Company (“ A&C ”), entered into an Assignment Agreement (the “ Assignment ”) dated July 28, 2023 but effective as of August 3, 2023, whereby the Company assigned the Exchange Notes to A&C.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Hyperscale Data, Inc. entered into Guaranty with Ault & Company, Inc. and Institutional Investors valued at Company guaranteed full payment of A&C's obligations under the Exchange Notes (effective 2023-08-03).

Action: entry
Counterparty: Ault & Company, Inc. and Institutional Investors
Value: Company guaranteed full payment of A&C's obligations under the Exchange Notes
Effective: 2023-08-03

Exact text from the filing

the Company signed a guaranty dated July 28, 2023 but effective as of August 3, 2023, guaranteeing the full payment of A&C’s obligations under the Exchange Notes (the “ Guaranty ”).

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Hyperscale Data, Inc. filing history →

Source: SEC EDGAR

accession 0001214659-23-010730

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