LAS VEGAS, Dec. 06, 2024 (GLOBE NEWSWIRE) -- Ault & Company, Inc. (Ault & Company or the Purchaser), today announced that it intends to initiate a cash tender offer to purchase up to 111,000 shares of Class A Common Stock, $0.001 par value per share (Common Stock), of Hyperscale Data, Inc., a Delaware corporation (the Company), at a price not greater than $10.00 nor less than $7.50 per share of Common Stock, net to the seller in cash, less any applicable withholding taxes and without interest (the Offer). The exact price will be determined through a modified Dutch auction described in the offering materials to be filed with the Securities and Exchange Commission (the SEC) upon commencement of the Offer.
The Purchaser intends to make this Offer because it believes the Company's current stock price is below the Company's long-term intrinsic value per share. The price of $10.00 and $7.50 per share of Common Stock represent approximately 100% and 50% increases, respectively, over the last reported sales price of the Common Stock of $4.98 on December 5, 2024 (the Closing Price), on the NYSE American.
The principal business of Ault & Company is investing in securities. Ault & Company, together with its affiliates (including Milton C. Ault III, the Company's Executive Chairman; William Horne, the Company's Chief Executive Officer and Vice Chairman; Henry Nisser, the Company's President; General Counsel and Director; and Ken Cragun, the Company's Chief Financial Officer), beneficially own approximately 85.7% of the Company's outstanding shares of Common Stock.
The Offer is expected to commence in late December 2024 or early January 2025 and is subject to Ault & Company board approval, regulatory approval and other customary closing conditions.
"The Offer will not be made to any person in any jurisdiction in which either the Offer or solicitation or sale thereof is unlawful."
This press release is for informational purposes only and shall not constitute an offer to buy or sell Common Stock or any other securities.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended.
"Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties."