Hyperscale Data, Inc. established a $300 million at-the-market equity offering after Thursday's market close. This program allows the company to sell common stock shares into the open market periodically.
Company shares fell 27.58% in after-hours trading following the announcement. The offering size significantly exceeds the company's $165 million market capitalization.
Management plans to use the majority of proceeds to develop data centers in Michigan and Montana. Additional funds will be used to acquire Bitcoin and purchase precious metals.