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Hyperscale Data Sells St. Petersburg Development Property for $13 Million
Monday, 16th December at 6:30 am
LAS VEGAS, Dec. 16, 2024 (GLOBE NEWSWIRE) -- Hyperscale Data, Inc. (NYSE: 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.
Monday, 16th December at 6:30 am
LAS VEGAS, Dec. 16, 2024 (GLOBE NEWSWIRE) -- Hyperscale Data, Inc. (NYSE: 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.
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