---
schema_version: "secwatch.filing_event.v1"
accession: "0001214659-25-004698"
form_type: "8-K"
ticker: "GPUS"
cik: "0000896493"
company_name: "Hyperscale Data, Inc."
filed_at: "2025-03-24T23:59:59+00:00"
generated_at: "2026-05-24T07:45:40.582883+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# Hyperscale Data issues $4.9M convertible note to SJC Lending, consolidating debt

## Summary
- Exchanged four existing notes totaling $4,909,410.96 for a single convertible promissory note with 15% interest, maturing Dec 31, 2025.
- Conversion price equals the greater of $0.40 floor or 75% of 5-day VWAP, capped at $10/share; only adjustable for stock splits.
- Conversion limited to 19.99% of outstanding shares until NYSE approval and stockholder approval; Company to file proxy within 30 days.
- Note issued under Section 3(a)(9) exemption; SJC Lending, LLC (sole member Steve J. Caspi) is the investor.
- Existing notes canceled; Company avoids immediate enforcement action by Investor during pendency of closing.

## SEC filing metadata
- accession: 0001214659-25-004698
- form_type: 8-K
- ticker: GPUS
- cik: 0000896493
- company_name: Hyperscale Data, Inc.
- filed_at: 2025-03-24T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/896493/000121465925004698/0001214659-25-004698-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/896493/000121465925004698/hd3212518k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001214659-25-004698
- JSON: https://secwatch.observer/filing/0001214659-25-004698.json
- Plain text: https://secwatch.observer/filing/0001214659-25-004698.txt

## Key facts
- Debt Financings
  Hyperscale Data, Inc. incurred convertible notes of $4,909,410.96 with SJC Lending, LLC at 15% per annum maturing December 31, 2025.
  - Instrument: convertible notes
  - Principal: $4,909,410.96
  - Counterparty: SJC Lending, LLC
  - Rate: 15% per annum
  - Maturity: December 31, 2025
  - Event: incurrence
  source text: On March 21, 2025 (the “ Closing Date ”), Hyperscale Data, Inc., a Delaware corporation (the “ Company ”) entered into an Exchange Agreement (the “ Agreement ”) with SJC Lending, LLC, a Delaware limited liability company (the “ Investor ”), pursuant to which the Company issued to the Investor a convertible promissory note in the principal face amount of $4,909,410.96
  evidence_url: https://www.sec.gov/Archives/edgar/data/896493/000121465925004698/0001214659-25-004698-index.htm

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