Milton Ault III could have bought Hyperscale Data stock at 16 cents on September 30. He paid $0.50 for 10 million shares — roughly triple the market price that same day.
You read this morning that Ault put $5.05 million into his own company. Tonight, let’s look at the five weeks that came before it.
Three questions I’ll answer
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How many times has Ault returned to this stock, and at what prices? |
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Why would a buyer pay a premium for shares he could have had at the open? |
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What does a record of repeat buying tell you that one filing cannot? |
I have read insider filings for 25 years, and this one is an unusual record. Let me lay it out for you. ↓
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Five Weeks of Buying, Then a 204% Premium
Hyperscale Data, ticker GPUS, owns a 617,000-square-foot data center campus in Michigan and rents computing power to artificial intelligence companies. The stock has fallen 94% from a 52-week high of $3.65, and the company carries a market value near $28 million against roughly $130 million of annual revenue. None of that interrupted its executive chairman. Starting August 27, Ault bought shares on close to thirty separate occasions across five weeks, as the price moved from $0.34 to $0.16.
The record
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AUG 27
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10,000 shares at $0.34, three days after a one-for-five reverse split took effect.
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SEP 4
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Ault adds 2.1 million shares at $0.19. The chief executive, the finance chief and the general counsel all buy the same day.
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SEP 24–25
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689,600 shares for about $117,000, with the filing noting no pre-arranged trading plan was in place.
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SEP 25
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Ault & Company discloses $55 million of capital committed to the company and a stake near 62%.
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SEP 30
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10 million Class A shares at $0.50, a 204% premium to that day’s close.
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Where the position stands
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Class A stake after September 30
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63.9%
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Capital committed to date
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$55M
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Price paid vs. market, September 30
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+204%
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What a premium means
Paying above the market price is rare, because a buyer on the exchange has no reason to. A purchase at a premium is arranged with the company itself, so the cash lands on the company’s balance sheet instead of going to a seller. Hyperscale puts its net book value — what it says the assets are worth once debts are subtracted — at $0.95 a share as of June 30. At $0.50, Ault paid about half of the company’s own stated figure.
Hold a second set of numbers next to the first. Class A shares outstanding rose from 323 million at the end of December to 581 million by June 30, with 264 million of those issued for cash. The reverse split in August reduced the count, not the dilution behind it. And $90.875 million of preferred stock sits ahead of common shareholders in line.
NATE’S TAKE
One purchase tells you a price looked right to somebody. Thirty of them across five weeks, ending with a check written at triple the market, tells you the buyer is not trading this stock — he is funding the company and taking shares as the receipt. I have watched that go both ways. It reads as conviction when the assets are there, and as an expensive way to hold a falling position when they are not. The Michigan campus is the argument. The share count is the counter-argument. Ault has put $55 million on one side of it.
— Nate Fowler
After the Bell · Evening Special Edition
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