Ault Alliance, Inc. (NYSE American: AULT), a diversified holding company (“Ault Alliance,” or the “Company”), today announced its intentions to dramatically reshape its future by concentrating on its artificial intelligence (“AI”) data center space. As part of this reorganization, Ault Alliance plans to issue one or more special dividends to stockholders of stock in its subsidiaries that are not related to the AI data center business. This decision constitutes the main thrust of the Company’s strategy to streamline its operations as well as ensure that stockholders receive a direct benefit from the distribution of the Company’s present assets that will no longer be a part of the Company’s core focus.
To reflect the new focus, the Company intends to change its name to Hyperscale Data, Inc. (“Hyperscale Data”) and its ticker symbol to GPUS. This change is expected to occur in September 2024.
Executive Chairman Milton “Todd” Ault, III, commented on the evolution that the Company has initiated, stating that “We have spent years trying to maximize the value of the Company and its assets through the current holding company model; however, we now realize that specific assets, such as our data center business, will be better positioned for future growth and success by being separate entities. Our Michigan and Montana facilities will lead the Company’s transformation as we continue to expand and enhance the quality of our growing data center business.”
Hyperscale Data will focus on leveraging its high-quality data center assets in Michigan and Montana to capitalize on the rapidly growing AI and data center markets across the U.S. This strategic move aims to maximize the value of the Company and provide its stockholders greater value by properly positioning the Company for future growth.
Additional details of expected changes related to the Company’s strategic realignment will be provided after the Company’s filing of its upcoming 10-Q for the quarter ended June 30, 2024. Please note that the terms of any special dividend, including the timing of the issuance of any such dividends, are not provided within this press release. Stockholders should refer to the Company’s official announcements, as and when announced. Any such special dividends will be subject to various regulatory requirements and approvals, including but not limited to board approval, NYSE American approval, NYSE American rules and regulations, the potential requirement to file one or more registration statements with the Securities and Exchange Commission, the availability of requisite financing and market conditions, among other matters. There are no assurances that the Company will be able to obtain the necessary approvals or be able to comply with the required corporate governance requirements. The Company will provide further information as developments so warrant.
This press release is for informational purposes only and neither does nor shall constitute an offer to sell, nor the solicitation of an offer to purchase, shares of the Company’s common stock or any other securities of the Company. No distribution will be made to any person in any jurisdiction in which such offer, solicitation or sale is unlawful. Any distribution of securities will be made only in compliance with all applicable rules and regulations.
For more information on Ault Alliance and its subsidiaries, Ault Alliance recommends that stockholders, investors, and any other interested parties read Ault Alliance’s public filings and press releases available under the Investor Relations section at www.Ault.com or available at www.sec.gov.
About Ault Alliance, Inc.
Ault Alliance, Inc. is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact. Through its wholly and majority-owned subsidiaries and strategic investments, Ault Alliance owns and operates a data center at which it mines Bitcoin and offers colocation and hosting services for the emerging artificial intelligence ecosystems and other industries, and provides mission-critical products that support a diverse range of industries, including metaverse platform, oil exploration, crane services, defense/aerospace, industrial, automotive, medical/biopharma, hotel operations and textiles. In addition, Ault Alliance extends credit to select entrepreneurial businesses through a licensed lending subsidiary. Ault Alliance’s headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141; www.Ault.com.
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. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties.
Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q and 8- K. All filings are available at www.sec.gov and on the Company’s website at www.Ault.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240801742620/en/