---
schema_version: "secwatch.filing_event.v1"
accession: "0001214659-25-005956"
form_type: "8-K"
ticker: "GPUS"
cik: "0000896493"
company_name: "Hyperscale Data, Inc."
filed_at: "2025-04-16T23:59:59+00:00"
generated_at: "2026-05-23T14:08:28.279123+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Hyperscale Data issues $5M convertible notes at 20% OID; maturity Sept 2025

## Summary
- Notes have $5M face value, $4M gross proceeds ($460K in fees). 20% original issue discount.
- Maturity September 30, 2025; 0% interest unless default then 20% per annum.
- Conversion price = greater of $0.40 floor or 80% of lowest closing price over prior 5 trading days.
- Conversion limited to 19.99% of outstanding shares until stockholder approval; proxy due within 15 days.
- Milton C. Ault guarantees repayment; notes subordinate to JGB Collateral security interest.

## SEC filing metadata
- accession: 0001214659-25-005956
- form_type: 8-K
- ticker: GPUS
- cik: 0000896493
- company_name: Hyperscale Data, Inc.
- filed_at: 2025-04-16T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/896493/000121465925005956/0001214659-25-005956-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/896493/000121465925005956/p4152538k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001214659-25-005956
- JSON: https://secwatch.observer/filing/0001214659-25-005956.json
- Plain text: https://secwatch.observer/filing/0001214659-25-005956.txt

## Key facts
- Debt Financings
  Hyperscale Data, Inc. incurred convertible notes of $5 million with Target Capital 14 LLC, a Arizona limited liability company and Secure Net Capital LLC, a Nevada limited liability company at 20% per annum (upon Event of Default) maturing September 30, 2025.
  - Instrument: convertible notes
  - Principal: $5 million
  - Counterparty: Target Capital 14 LLC, a Arizona limited liability company and Secure Net Capital LLC, a Nevada limited liability company
  - Rate: 20% per annum (upon Event of Default)
  - Maturity: September 30, 2025
  - Event: incurrence
  source text: issued to the Investors convertible promissory notes in the aggregate principal face amount of $5 million
  evidence_url: https://www.sec.gov/Archives/edgar/data/896493/000121465925005956/0001214659-25-005956-index.htm

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