---
schema_version: "secwatch.filing_event.v1"
accession: "0001214659-23-012709"
form_type: "8-K"
ticker: "GPUS"
cik: "0000896493"
company_name: "Hyperscale Data, Inc."
filed_at: "2023-09-28T23:59:59+00:00"
generated_at: "2026-06-10T07:58:50.203964+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Ault Alliance exchanges $2.2M term note for convertible note; potential $3.3M add-on

## Summary
- Exchanged $2.2M term note (issued Sept 8 for $2M) for new convertible note with no interest, maturing Sept 28, 2024.
- Conversion price is 90% of lowest VWAP over prior 5 trading days; conversion requires NYSE American approval.
- Company can redeem at 115% of principal; conversion limited to 19.99% of outstanding unless stockholder approval obtained.
- Walleye Opportunities Master Fund Ltd. may demand up to $3.3M additional notes at 10% OID within 3 months after note is retired.
- Closing occurred September 28, 2023; proceeds used to replace outstanding term note.

## SEC filing metadata
- accession: 0001214659-23-012709
- form_type: 8-K
- ticker: GPUS
- cik: 0000896493
- company_name: Hyperscale Data, Inc.
- filed_at: 2023-09-28T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/896493/000121465923012709/0001214659-23-012709-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/896493/000121465923012709/o9272368k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001214659-23-012709
- JSON: https://secwatch.observer/filing/0001214659-23-012709.json
- Plain text: https://secwatch.observer/filing/0001214659-23-012709.txt

## Key facts
- Debt Financings
  Hyperscale Data, Inc. incurred convertible notes of $2,200,000 with institutional investor at bears no interest (unless an event of default occurs) maturing September 28, 2024 or one month after the Exchange Cap Acceleration Date.
  - Instrument: convertible notes
  - Principal: $2,200,000
  - Counterparty: institutional investor
  - Rate: bears no interest (unless an event of default occurs)
  - Maturity: September 28, 2024 or one month after the Exchange Cap Acceleration Date
  - Event: incurrence
  source text: On September 27, 2023 (the “ Effective Date ”), Ault Alliance, Inc. (the “ Company ”) entered into a securities exchange agreement (the “ Exchange Agreement ”) with an institutional investor (the “ Investor ”) pursuant to which the Investor agreed to acquire, and the Company agreed to issue and sell in a registered direct offering to the Investor (the “ Offering ”), a $2.2 million principal face amount convertible promissory note (the “ Note ”), subject to customary closing conditions.
  evidence_url: https://www.sec.gov/Archives/edgar/data/896493/000121465923012709/0001214659-23-012709-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.