Hyperscale Data Sells St Petersburg Development Property for $13 Million
Hyperscale Data Sells St Petersburg Development Property for $13 Million, sourceLAS VEGAS, Dec. 16, 2024 (GLOBE NEWSWIRE) — Hyperscale Data, Inc. (NYSE American: GPUS), a diversified holding company (“Hyperscale Data,” or the “Company”), today announced that its wholly owned indirect subsidiary, Third Avenue Apartments LLC, has completed the sale of its St. Petersburg development property (the “Property”) for $13 million. This sale reflects the Company’s ongoing commitment to reorganizing its holdings and becoming a pureplay data center business to support the growing demands of high-performance computing (“HPC”) services powering Artificial Intelligence (“AI”) solutions. Approximately $11 million of the funds received from the sale of the Property will be held in a segregated account bringing the balance of the segregated account to approximately $18.3 million. The segregated account was established in December 2023 because of the Company’s guarantee obligations. The Company is currently in discussions with the principal lender to allow for a cash dividend for the amount of the proceeds held in the segregated account to our holders of common stock and Series C convertible preferred stock on an as-converted basis.
Hyperscale Data Executive Chairman, Milton “Todd” Ault III, stated,
As we previously told stockholders, this is a step in the right direction for the Company and its future as we focus our energy on our data center operations.
“We are encouraged with the progress of our discussions with the principal lender and anticipate that the proceeds from the sale will ultimately result in a cash dividend and, to a lesser extent, for working capital purposes. We remain excited for the community of St. Petersburg and are confident that new ownership will deliver a marquee development to the area.”
For more information on Hyperscale Data and its subsidiaries, Hyperscale Data recommends that stockholders, investors, and any other interested parties read Hyperscale Data’s public filings and press releases available under the Investor Relations section at hyperscaledata.com or available at www.sec.gov.
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Hyperscale Data Sells St Petersburg Development Property for $13 Million, source
