Hyperscale Data sells St. Petersburg development property for $13M

Hyperscale Data (GPUS) announced that its wholly owned indirect subsidiary, Third Avenue Apartments, has completed the sale of its St. Petersburg development property for $13M. 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 services powering Artificial Intelligence solutions. Approximately $11M 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 $18.3M. 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.