[SCHEDULE 13D/A] Hyperscale Data, Inc. SEC Filing

Rhea-AI Filing Summary

Ault & Company and Milton C. Ault, III report beneficial ownership of a controlling economic interest in Hyperscale Data, Inc. The filing discloses that Ault & Company may be deemed to beneficially own 147,504,946 Class A Shares, representing 71.48% of the Class A shares on a conversion basis. Mr. Ault individually may be deemed to beneficially own 147,520,342 Class A Shares, or 71.49%. The group also holds convertible preferred stock and warrants purchased for stated aggregate amounts, including $50,000,000 for Series C preferred stock, supporting potential conversion into large numbers of Class A shares. For voting power purposes, the reporting persons state they control 42.00% of total voting power due to Class B shares carrying ten votes each and NYSE American conversion limitations on certain preferred conversions.

Positive

• Substantial economic stake: Ault & Company may beneficially own 147,504,946 Class A Shares (71.48%) on a conversion basis.
• Significant capital commitment: The Series C preferred purchase price of $50,000,000 and other preferred purchases ($960,000 for Series G and $4,000,000 for Series H) demonstrate material financing from Ault & Company.
• Transparency on conversion terms: Filing details conversion mechanics and a conversion price basis ($0.3705 used for calculations).

Negative

• Concentrated ownership risk: Over 71% convertible interest concentrates economic exposure and may limit public float and liquidity.
• Voting-power disparity: Although conversion basis shows 71.48%, reported voting power is 42.00% due to Class B 10-to-1 votes and NYSE conversion limitations, creating complexity around actual control.
• Conversion limitations: The filing excludes 5,728,000 Class A shares issuable on Series H conversion because of NYSE American requirements, which constrains immediate conversion and voting changes.

Insights

Securities Analyst

TL;DR: Ault group holds a dominant economic stake (71% on conversion basis) and significant voting influence (42%), which is material to investors.

The filing documents a concentrated ownership position through a mix of Class A shares, Class B shares, convertible preferred stock and warrants. The disclosed purchase prices—most notably $50,000,000 for Series C preferred stock—confirm substantial capital committed by Ault & Company. The distinction between the conversion-based percentage (71.48%) and voting power (42.00%) is important: Class B shares' 10-to-1 voting weight and NYSE American conversion limits affect control dynamics. This ownership profile is material for corporate governance, potential strategic actions, and minority shareholder rights.

Corporate Governance Expert

TL;DR: The filing signals concentrated control that may affect board decisions, shareholder approvals, and conversion-related corporate actions.

From a governance perspective, the combination of large convertible positions and voting-class disparity means the Ault group can exercise substantial influence without full one-to-one voting parity. The filing explicitly excludes 5,728,000 Class A shares issuable on Series H conversion due to NYSE American limitations, which is a notable constraint on immediate conversion-driven voting shifts. The disclosure of funding sources and purchase prices enhances transparency but also highlights concentration risk for public float and minority investors.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 11)

Hyperscale Data, Inc.

(Name of Issuer)

Class A Common Stock, par value $0.001 per share

(Title of Class of Securities)

09175M804

(CUSIP Number)

MILTON C. AULT, III
c/o Ault & Company, Inc., 11411 Southern Highlands PKWY, Suite 330
LAS VEGAS, NV, 89141
949-444-5464

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

09/12/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 09175M804

1

Name of reporting person

Ault & Company, Inc.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 147,504,946.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 147,504,946.00

11

Aggregate amount beneficially owned by each reporting person

147,504,946.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

71.48 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

(1) Represents (i) 19,249 shares of class A common stock ("Class A Shares"), (ii) 4,234,561 shares of Class A Shares issuable upon conversion of 4,234,561 shares of class B common stock ("Class B Shares"), (iii) 134,952,770 Class A Shares issuable upon conversion of 50,000 shares of Series C Convertible Preferred Stock, (iv) 2,591,093 Class A Shares issuable upon conversion of 960 shares of Series G Convertible Preferred Stock, (v) 5,068,221 Class A Shares issuable upon conversion of 4,000 shares of Series H Convertible Preferred Stock and (vi) 639,052 Class A Shares issuable upon exercise of outstanding warrants. Excludes 5,728,000 shares of Class A Shares issuable upon conversion of Series H Preferred Stock due to NYSE American limitations on conversion without stockholder approval. Each share of Series C Convertible Preferred Stock has a stated value of $1,000.00 and is convertible into shares of Class A Common Stock at a conversion price equal to the greater of (i) $0.10 per share and (ii) the lesser of (A) $183.58 or (B) 105% of the volume weighted average price of the Class A Common Stock during the ten trading days immediately prior to the date of conversion. Each share of Series G Convertible Preferred Stock has a stated value of $1,000.00 and is convertible into shares of Class A Common Stock at a conversion price equal to the greater of (i) $0.10 per share and (ii) the lesser of (A) $6.74 or (B) 105% of the volume weighted average price of the Class A Common Stock during the ten trading days immediately prior to the date of conversion. Each share of Series H Convertible Preferred Stock has a stated value of $1,000.00 and is convertible into shares of Class A Common Stock at a conversion price equal to the greater of (i) $0.10 per share and (ii) the lesser of (A) $0.79645 or (B) 105% of the volume weighted average price of the Class A Common Stock during the ten trading days immediately prior to the date of conversion. For purposes of this Schedule 13D filing, the calculations for the number of Class A Shares issuable upon conversion of the Series C Preferred Stock, Series G Preferred Stock and Series H Preferred Stock are based upon a conversion price of $0.3705. (2) In accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended, the Reporting Person's beneficial ownership percentage was determined by dividing (a) the sum of (i) the outstanding Class A Shares beneficially owned by the Reporting Person and (ii) the number of Class A Shares that the Reporting Person is entitled to acquire upon (x) conversion of the outstanding Class B Shares, (y) conversion of the outstanding Series C Preferred Stock, Series G Preferred Stock and Series H Preferred Stock, and (z) the outstanding warrants, beneficially owned by the Reporting Person at any time within the next 60 days (all of which are immediately convertible); by (b) the sum of (i) the 58,872,039 Class A Shares outstanding as of September 17, 2025, as reported by the Issuer to the Reporting Persons, and (ii) the 147,485,697 Class A Shares that the Reporting Person is entitled to acquire upon conversion and exercise of the Reporting Person's Class B Shares, Series C Preferred Stock, Series G Preferred Stock, Series H Preferred Stock and warrants at any time within the next 60 days.

SCHEDULE 13D

CUSIP No. 09175M804

1

Name of reporting person

AULT MILTON C III

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 15,396.00
8	Shared Voting Power 147,504,946.00
9	Sole Dispositive Power 15,396.00
10	Shared Dispositive Power 147,504,946.00

11

Aggregate amount beneficially owned by each reporting person

147,520,342.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

71.49 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

(1) Represents (i) 15,050 Class A Shares and (ii) 346 Class A Shares issuable upon conversion of 346 Class B Shares. (2) Represents (i) 19,249 Class A Shares held by Ault & Company, Inc. ("A&C"), (ii) 4,234,561 Class A Shares issuable upon conversion of 4,234,561 Class B Shares held by A&C, (iii) 134,952,770 Class A Shares issuable upon conversion of 50,000 shares of Series C Convertible Preferred Stock held by A&C, (iv) 2,591,093 Class A Shares issuable upon conversion of 960 shares of Series G Convertible Preferred Stock held by A&C, (v) 5,068,221 Class A Shares issuable upon conversion of 4,000 shares of Series H Convertible Preferred Stock held by A&C and (vi) 639,052 Class A Shares issuable upon exercise of outstanding warrants held by A&C. Excludes 5,728,000 shares of Class A Shares issuable upon conversion of Series H Preferred Stock due to NYSE American limitations on conversion without stockholder approval. Each share of Series C Convertible Preferred Stock has a stated value of $1,000.00 and is convertible into shares of Class A Common Stock at a conversion price equal to the greater of (i) $0.10 per share and (ii) the lesser of (A) $183.58 or (B) 105% of the volume weighted average price of the Class A Common Stock during the ten trading days immediately prior to the date of conversion. Each share of Series G Convertible Preferred Stock has a stated value of $1,000.00 and is convertible into shares of Class A Common Stock at a conversion price equal to the greater of (i) $0.10 per share and (ii) the lesser of (A) $6.74 or (B) 105% of the volume weighted average price of the Class A Common Stock during the ten trading days immediately prior to the date of conversion. Each share of Series H Convertible Preferred Stock has a stated value of $1,000.00 and is convertible into shares of Class A Common Stock at a conversion price equal to the greater of (i) $0.10 per share and (ii) the lesser of (A) $0.79645 or (B) 105% of the volume weighted average price of the Class A Common Stock during the ten trading days immediately prior to the date of conversion. For purposes of this Schedule 13D filing, the calculations for the number of Class A Shares issuable upon conversion of the Series C Preferred Stock, Series G Preferred Stock and Series H Preferred Stock are based upon a conversion price of $0.3705. (2) In accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended, the Reporting Person's beneficial ownership percentage was determined by dividing (a) the sum of (i) the outstanding Class A Shares beneficially owned by the Reporting Person and (ii) the number of Class A Shares that the Reporting Person is entitled to acquire upon (x) conversion of the outstanding Class B Shares, (y) conversion of the outstanding Series C Preferred Stock, Series G Preferred Stock and Series H Preferred Stock, and (z) the outstanding warrants, beneficially owned by the Reporting Person at any time within the next 60 days (all of which are immediately convertible); by (b) the sum of (i) the 58,872,039 Class A Shares outstanding as of September 17, 2025, as reported by the Issuer to the Reporting Persons, and (ii) the 147,486,043 Class A Shares that the Reporting Person is entitled to acquire upon conversion and exercise of the Reporting Person's Class B Shares, Series C Preferred Stock, Series G Preferred Stock, Series H Preferred Stock, and warrants at any time within the next 60 days.

SCHEDULE 13D

CUSIP No. 09175M804

1

Name of reporting person

Horne William B

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 1.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 1.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

1.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.0 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

(1) Represents one (1) Class A Share issuable upon conversion of one (1) Class B Share.

SCHEDULE 13D

CUSIP No. 09175M804

1

Name of reporting person

Nisser Henry Carl

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 3.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 3.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

3.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.0 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

(1) Represents (i) two (2) Class A Shares and (ii) one (1) Class A Share issuable upon conversion of one (1) Class B Share.

SCHEDULE 13D

CUSIP No. 09175M804

1

Name of reporting person

CRAGUN KENNETH S

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A Common Stock, par value $0.001 per share
(b)	Name of Issuer: Hyperscale Data, Inc.
(c)	Address of Issuer's Principal Executive Offices: 11411 SOUTHERN HIGHLANDS PARKWAY, SUITE 190, LAS VEGAS, NEVADA , 89141.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 of the Schedule 13D is hereby amended and restated in its entirety as follows: The two (2) Class A Shares owned directly by Mr. Nisser were issued upon vesting of restricted stock units awarded to him in his capacity as an officer and director of the Issuer. Two (2) Class A Shares owned directly by Mr. Ault were issued upon vesting of restricted stock units awarded to him in his capacity as an officer and director of the Issuer, and the aggregate purchase price for the other 15,048 Class A Shares owned directly by Mr. Ault is approximately $157,661. The Class B Shares owned by the Reporting Persons were issued as a stock dividend by the Issuer. The aggregate purchase price of the 19,249 Class A Shares owned directly by Ault & Company is approximately $2,668,786. The purchase price of the 50,000 shares of Series C Preferred Stock owned directly by Ault & Company, which are currently convertible into 134,952,770 Class A Shares, and warrants owned directly by Ault & Company, which are currently exercisable (or are exercisable within 60 days) into 422,337 Class A Shares (the "Series C Warrants"), is $50,000,000. The purchase price of the 960 shares of Series G Preferred Stock owned directly by Ault & Company, which are currently convertible into 2,591,093 Class A Shares, and warrants owned directly by Ault & Company, which are currently exercisable into 162,217 Class A Shares (the "Series G Warrants"), is $960,000. The purchase price of the 4,000 shares of Series H Preferred Stock owned directly by Ault & Company, which are currently convertible into 5,068,221 Class A Shares is $4,000,000.The remaining warrants owned directly by Ault & Company, which are currently exercisable into 54,498 Class A Shares (the "Warrants"), were issued in connection with a senior secured convertible promissory note in the principal face amount of $17.5 million, which was sold to Ault & Company by the Issuer, for $17.5 million (the "Senior Note"). The Senior Note was subsequently repaid.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5 of the Schedule 13D is hereby amended and restated in its entirety as follows: The aggregate percentage of Class A Shares reported owned by each Reporting Person is based upon 58,872,039 Class A Shares outstanding, which is the total number of Class A Shares outstanding as of September 17, 2025, as reported by the Issuer to the Reporting Persons. Based on the 58,872,039 Class A Shares, 4,989,676 Class B Shares, 50,000 shares of Series C Preferred Stock, 960 shares of Series G Preferred Stock and 4,000 shares of Series H Preferred Stock outstanding as of September 17, 2025, as reported by the Issuer to the Reporting Persons, which represents all voting securities of the Issuer, Ault & Company and Mr. Ault's beneficial ownership of Shares represents 42.00% of the Issuer's total voting power, which differs from the total beneficial ownership on conversion as (i) the Class B Shares are entitled to cast 10 votes for each share, compared to 1 vote for each Class A Share, and (ii) for purposes of complying with NYSE American regulations, the conversion price of the various shares of preferred stock, for purposes of determining the number of votes the holder is entitled to cast, is based on the closing sale price of the Class A Shares on the trading day immediately prior to the date of execution of the applicable securities purchase agreement. A. Ault & Company (a) As of the date hereof, Ault & Company may be deemed to beneficially own 147,504,946 Class A Shares, consisting of (i) 19,249 Class A Shares, (ii) 4,234,561 Class A Shares issuable upon conversion of 4,234,561 Class B Shares, (iii) 134,952,770 Class A Shares issuable upon conversion of 50,000 shares of Series C Convertible Preferred Stock, (iv) 2,591,093 Class A Shares issuable upon conversion of 960 shares of Series G Convertible Preferred Stock, (v) 5,068,221 Class A Shares issuable upon conversion of 4,000 shares of Series H Convertible Preferred Stock and (vi) 639,052 Class A Shares issuable upon exercise of outstanding warrants. Excludes 5,728,000 shares of Class A Shares issuable upon conversion of Series H Preferred Stock due to NYSE American limitations on conversion without stockholder approval. Each share of Series C Convertible Preferred Stock has a stated value of $1,000.00 and is convertible into shares of Class A Common Stock at a conversion price equal to the greater of (i) $0.10 per share and (ii) the lesser of (A) $183.58 or (B) 105% of the volume weighted average price of the Class A Common Stock during the ten trading days immediately prior to the date of conversion. Each share of Series G Convertible Preferred Stock has a stated value of $1,000.00 and is convertible into shares of Class A Common Stock at a conversion price equal to the greater of (i) $0.10 per share and (ii) the lesser of (A) $6.74 or (B) 105% of the volume weighted average price of the Class A Common Stock during the ten trading days immediately prior to the date of conversion. Each share of Series H Convertible Preferred Stock has a stated value of $1,000.00 and is convertible into shares of Class A Common Stock at a conversion price equal to the greater of (i) $0.10 per share and (ii) the lesser of (A) $0.79645 or (B) 105% of the volume weighted average price of the Class A Common Stock during the ten trading days immediately prior to the date of conversion. For purposes of this Amendment No. 11, the calculations for the number of Class A Shares issuable upon conversion of the Series C Preferred Stock, Series G Preferred Stock and Series H Preferred Stock are based upon a conversion price of $0.3705. Percentage: 71.48%. B. Milton C. Ault, III (a) As of the date hereof, Mr. Ault may be deemed to beneficially own 147,520,342 Class A Shares, consisting of (i) 6,050 Class A Shares, (ii) 346 Class A Shares issuable upon conversion of 346 Class B Shares, (iii) 19,249 Class A Shares held by Ault & Company, (iv) 4,234,561 Class A Shares issuable upon conversion of 4,234,561 Class B Shares held by Ault & Company, (v) 134,952,770 Class A Shares issuable upon conversion of 50,000 shares of Series C Convertible Preferred Stock held by Ault & Company, (vi) 2,591,093 Class A Shares issuable upon conversion of 960 shares of Series G Convertible Preferred Stock held by Ault & Company, (vii) 5,068,221 Class A Shares issuable upon conversion of 4,000 shares of Series H Convertible Preferred Stock held by Ault & Company and (viii) 639,052 Class A Shares issuable upon exercise of outstanding warrants held by Ault & Company. Excludes 5,728,000 shares of Class A Shares issuable upon conversion of Series H Preferred Stock due to NYSE American limitations on conversion without stockholder approval. Each share of Series C Convertible Preferred Stock has a stated value of $1,000.00 and is convertible into shares of Class A Common Stock at a conversion price equal to the greater of (i) $0.10 per share and (ii) the lesser of (A) $183.58 or (B) 105% of the volume weighted average price of the Class A Common Stock during the ten trading days immediately prior to the date of conversion. Each share of Series G Convertible Preferred Stock has a stated value of $1,000.00 and is convertible into shares of Class A Common Stock at a conversion price equal to the greater of (i) $0.10 per share and (ii) the lesser of (A) $6.74 or (B) 105% of the volume weighted average price of the Class A Common Stock during the ten trading days immediately prior to the date of conversion. Each share of Series H Convertible Preferred Stock has a stated value of $1,000.00 and is convertible into shares of Class A Common Stock at a conversion price equal to the greater of (i) $0.10 per share and (ii) the lesser of (A) $0.79645 or (B) 105% of the volume weighted average price of the Class A Common Stock during the ten trading days immediately prior to the date of conversion. For purposes of this Amendment No. 11, the calculations for the number of Class A Shares issuable upon conversion of the Series C Preferred Stock, Series G Preferred Stock and Series H Preferred Stock are based upon a conversion price of $0.3705. Mr. Ault may be deemed to beneficially own the Shares owned directly by Ault & Company by virtue of his relationship with Ault & Company described in Item 2. Percentage: 71.49% C. William B. Horne (a) As of the date hereof, Mr. Horne may be deemed to beneficially own one (1) Class A Share, representing one (1) Class A Share issuable upon conversion of one (1) Class B Share. Percentage: 0.0%. D. Henry C.W. Nisser (a) As of the date hereof, Mr. Nisser may be deemed to beneficially own three (3) Class A Shares, consisting of (i) two (2) Class A Shares and (ii) one (1) Class A Share issuable upon conversion of one (1) Class B Share. Percentage: 0.0%. E. Kenneth S. Cragun (a) As of the date hereof, Mr. Cragun is not deemed to beneficially own any Class A Shares. Percentage: 0%
(b)	A. Ault & Company (b) 1. Sole power to vote or direct vote: 0, 2. Shared power to vote or direct vote: 147,504,946, 3. Sole power to dispose or direct the disposition: 0, 4. Shared power to dispose or direct the disposition: 147,504,946. B. Milton C. Ault, III (b) 1. Sole power to vote or direct vote: 15,396, 2. Shared power to vote or direct vote: 147,504,946, 3. Sole power to dispose or direct the disposition: 15,396, 4. Shared power to dispose or direct the disposition: 147,504,946. C. William B. Horne (b) 1. Sole power to vote or direct vote: 1, 2. Shared power to vote or direct vote: 0, 3. Sole power to dispose or direct the disposition: 1, 4. Shared power to dispose or direct the disposition: 0. D. Henry C.W. Nisser (b) 1. Sole power to vote or direct vote: 3, 2. Shared power to vote or direct vote: 0, 3. Sole power to dispose or direct the disposition: 3, 4. Shared power to dispose or direct the disposition: 0. E. Kenneth S. Cragun (b) 1. Sole power to vote or direct vote: 0, 2. Shared power to vote or direct vote: 0, 3. Sole power to dispose or direct the disposition: 0, 4. Shared power to dispose or direct the disposition: 0
(c)	A. Ault & Company (c) Other than as disclosed on Exhibit 1, Ault & Company has not entered into any transactions in the Shares during the past sixty days. B. Milton C. Ault, III (c) Other than as disclosed on Exhibit 2, Mr. Ault has not entered into any transactions in the Shares during the past sixty days. C. William B. Horne (c) Mr. Horne has not entered into any transactions in the Shares during the past sixty days. D. Henry C.W. Nisser (c) Mr. Nisser has not entered into any transactions in the Shares during the past sixty days. E. Kenneth S. Cragun (c) Mr. Cragun has not entered into any transactions in the Shares during the past sixty days. The filing of this Amendment No. 11 shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any securities of the Issuer that he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own.
(d)	No person other than the Reporting Persons is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the Shares.
(e)	Not applicable.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 1 - Ault & Company Transactions in the Securities of the Issuer During the Past 60 Days. Exhibit 2 - Milton C. Ault, III Transactions in the Securities of the Issuer During the Past 60 Days.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Ault & Company, Inc.

Signature:	/s/ Milton C. Ault, III
Name/Title:	Chief Executive Officer
Date:	09/17/2025

AULT MILTON C III

Signature:	/s/ Milton C. Ault, III
Name/Title:	MILTON C. AULT, III
Date:	09/17/2025

Horne William B

Signature:	/s/ William B. Horne
Name/Title:	WILLIAM B. HORNE
Date:	09/17/2025

Nisser Henry Carl

Signature:	/s/ Henry C.W. Nisser
Name/Title:	HENRY C.W. NISSER
Date:	09/17/2025

CRAGUN KENNETH S

Signature:	/s/ Kenneth S. Cragun
Name/Title:	KENNETH S. CRAGUN
Date:	09/17/2025

FAQ

What percentage of Hyperscale Data (GPUS) Class A shares does Ault & Company report beneficially owning?

Ault & Company reports beneficial ownership of 147,504,946 Class A Shares, representing 71.48% on a conversion basis.

How much did Ault & Company pay for Series C preferred stock in GPUS?

Ault & Company paid an aggregate purchase price of $50,000,000 for 50,000 shares of Series C Convertible Preferred Stock.

What voting power do the reporting persons claim in GPUS?

The reporting persons state they control 42.00% of total voting power, reflecting Class B shares' 10 votes per share and NYSE conversion rules.

Are there restrictions on converting preferred shares into Class A shares?

Yes. The filing excludes 5,728,000 Class A shares issuable upon conversion of Series H Preferred Stock due to NYSE American limitations requiring stockholder approval for conversion beyond certain limits.

What conversion price was used for calculation in this filing?

For this Amendment No. 11, the calculations for convertible securities are based on a conversion price of $0.3705.