Ault Alliance enters $50M financing agreement with affiliate via Series C convertible preferred and warrants

Hyperscale Data, Inc.

Up to $50M from affiliate Ault & Company via Series C convertible preferred shares, stated value $1,000 each.
Conversion price: greater of $0.10 floor or lesser of $0.2098 or 105% of VWAP; full ratchet anti-dilution protection.
Warrants: ~370M shares at $0.1353/exercise price, 5-year term, exercisable after 6 months.
Preferred dividend: 9.5% annual on $1,000 stated value, payable quarterly; first 2 years may be paid in common stock.
Proceeds: repay debt, expand Bitcoin mining, working capital; closing subject to stockholder and A&C financing.

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 Ault & Company, Inc. valued at total purchase price of up to $50,000,000.00 (effective 2023-11-06).

Action: entry
Agreement: equity purchase
Counterparty: Ault & Company, Inc.
Value: total purchase price of up to $50,000,000.00
Effective: 2023-11-06

Exact text from the filing

Ault Alliance, Inc., a Delaware corporation (the “ Company ”) entered into a Securities Purchase Agreement (the “ Agreement ”) with Ault & Company, Inc., a Delaware corporation (the “ Purchaser ”), pursuant to which the Company agreed to sell to the Purchaser up to 50,000 shares of Series C convertible preferred stock (the “ Series C Convertible Preferred Stock ”), and warrants (the “ Series C Warrants ”) to purchase shares of the Company’s common stock, par value $0.001 per share (the “ Common Stock ”) for a total purchase price of up to $50,000,000.00

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Hyperscale Data, Inc. filing history →

Source: SEC EDGAR

accession 0001214659-23-014653

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