secwatch.observer — SEC 8-K summary
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Issuer:     Hyperscale Data, Inc. (GPUS)
CIK:        0000896493
Form:       8-K
Filed at:   2025-03-24T23:59:59+00:00
Accession:  0001214659-25-004698
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/896493/000121465925004698/0001214659-25-004698-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/896493/000121465925004698/hd3212518k.htm
  HTML page:      https://secwatch.observer/filing/0001214659-25-004698

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer