[Form 4] Hyperscale Data, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Milton C. Ault III and Ault & Company, Inc. reported open-market purchases of Hyperscale Data, Inc. (GPUS) common stock on September 15 and September 17, 2025. Mr. Ault purchased 6,000 shares on 09/15/2025 at a volume-weighted average price of $0.5165 and 3,000 shares on 09/17/2025 at a VWAP of $0.4036, with the filing disclosing the intra-day price ranges for each transaction. After these transactions, Mr. Ault beneficially owned 15,050 shares directly, and Ault & Company, Inc. is shown as indirectly owning 19,249 shares; the reporting persons also hold 116 shares of Series D preferred stock. The form identifies Mr. Ault as Executive Chairman, a director and a >10% owner and is signed on 09/17/2025.

Positive

• Insider purchases disclosed: Mr. Ault acquired 6,000 shares on 09/15/2025 and 3,000 shares on 09/17/2025, increasing direct holdings.
• Transparent pricing: Form 4 reports volume-weighted average prices ($0.5165 and $0.4036) and intra-day price ranges for the open-market purchases.
• Clear ownership attribution: Filing discloses indirect ownership via Ault & Company, Inc. (19,249 shares) and 116 Series D preferred shares.

Negative

• Modest transaction size: Purchases of 9,000 shares total are small in absolute terms and may be immaterial to market valuation.
• Concentrated insider ownership: Significant portion of holdings is through related entity Ault & Company, which concentrates voting power.
• No discussion of intent: The filing only reports transactions; it does not provide context on strategic intent or future plans.

Insights

Securities Analyst

TL;DR: Insider open-market purchases increased direct beneficial ownership, signaling management buying at sub-$1 prices.

The reported purchases are explicit open-market acquisitions with disclosed volume-weighted average prices and intra-day ranges, which provide transparency on execution. The net result is an increase in direct beneficial ownership to 15,050 shares and continued indirect holdings via Ault & Company, Inc. of 19,249 shares. From a market-impact perspective, these are relatively small share counts but are informative because insiders buying their company's stock can be interpreted as a confidence signal. The filing also discloses 116 shares of Series D preferred stock held by the reporting persons, indicating additional ownership across security classes.

Corporate Governance Specialist

TL;DR: Reporting shows concentrated insider ownership and clear disclosure of related-party attribution.

The filing confirms Mr. Ault's multiple roles: Executive Chairman, director and CEO of Ault & Company, Inc., which is deemed to beneficially own certain shares. The form includes an explicit attribution note that Mr. Ault is deemed to beneficially own shares held by Ault & Co. This clarity on indirect ownership and deputization for board representation is useful for governance analysis. The transaction sizes are modest relative to typical institutional stakes, and no disposition or derivative activity is reported beyond the stated holdings.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

AULT MILTON C III

(Last) (First) (Middle)

11411 SOUTHERN HIGHLANDS PARKWAY

SUITE 190

(Street)

LAS VEGAS NV 89141

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Hyperscale Data, Inc. [ GPUS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Executive Chairman

3. Date of Earliest Transaction (Month/Day/Year)
09/15/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/15/2025		P		6,000	A	$0.5165(1)	12,050	D
Common Stock	09/17/2025		P		3,000	A	$0.4036(2)	15,050	D
Common Stock								19,249	I	By Ault & Company, Inc.(3)
13% Series D Cumulative Redeemable Perpetual Preferred Stock								116	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

AULT MILTON C III

(Last) (First) (Middle)

11411 SOUTHERN HIGHLANDS PARKWAY

SUITE 190

(Street)

LAS VEGAS NV 89141

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Executive Chairman

1. Name and Address of Reporting Person^*

Ault & Company, Inc.

(Last) (First) (Middle)

11411 SOUTHERN HIGHLANDS PARKWAY

SUITE 190

(Street)

LAS VEGAS NV 89141

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. The common stock was purchased by the reporting person in open market transactions on the transaction date, with a volume weighted average purchase price of $0.5165. The range of purchase prices on the transaction date was $0.4464 to $0.7107 per share. The reporting person undertakes to provide, upon request by the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares purchased at each price.

2. The common stock was purchased by the reporting person in open market transactions on the transaction date, with a volume weighted average purchase price of $0.4036. The range of purchase prices on the transaction date was $0.3888 to $0.4069 per share. The reporting person undertakes to provide, upon request by the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares purchased at each price.

3. Milton C. Ault, III, is the Chief Executive Officer of Ault & Company, Inc. ("Ault & Co.") and is deemed to beneficially own the shares held by Ault & Co.

Remarks:

Mr. Ault, Chief Executive Officer of Ault & Co., is a director of the Issuer. For purposes of Section 16 of the Exchange Act, Ault & Co. may be deemed a director by deputization by virtue of its representation on the Board of Directors of the Issuer.

	/s/ Milton C. Ault, III	09/17/2025
	/s/ Milton C. Ault, III, Chief Executive Officer of Ault & Company, Inc.	09/17/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What transactions did Milton C. Ault III report on Form 4 for GPUS?

The filing reports open-market purchases of 6,000 shares on 09/15/2025 at a VWAP of $0.5165 and 3,000 shares on 09/17/2025 at a VWAP of $0.4036.

How many GPUS shares does Mr. Ault beneficially own after these transactions?

After the reported transactions, Mr. Ault beneficially owned 15,050 shares directly; Ault & Company, Inc. is shown as indirectly owning 19,249 shares.

Does the Form 4 disclose any derivative transactions or sales?

No. The filing shows only non-derivative open-market purchases and no derivative transactions or dispositions for the reporting persons.

What is Mr. Ault's relationship to Hyperscale Data, Inc. (GPUS)?

The form identifies Milton C. Ault III as Executive Chairman, a director and a >10% owner; he is also CEO of Ault & Company, Inc., which holds indirect shares.

Are preferred securities disclosed in the filing?

Yes. The filing discloses ownership of 116 shares of 13% Series D Cumulative Redeemable Perpetual Preferred Stock.

When was the Form 4 signed and filed?

The signatures on the filing are dated 09/17/2025.