<SEC-DOCUMENT>0001214659-26-002251.txt : 20260223
<SEC-HEADER>0001214659-26-002251.hdr.sgml : 20260223
<ACCEPTANCE-DATETIME>20260220202211
ACCESSION NUMBER:		0001214659-26-002251
CONFORMED SUBMISSION TYPE:	PRER14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20260223
DATE AS OF CHANGE:		20260220

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Hyperscale Data, Inc.
		CENTRAL INDEX KEY:			0000896493
		STANDARD INDUSTRIAL CLASSIFICATION:	OIL & GAS FILED MACHINERY & EQUIPMENT [3533]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				941721931
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PRER14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12711
		FILM NUMBER:		26661876

	BUSINESS ADDRESS:	
		STREET 1:		11411 SOUTHERN HIGHLANDS PARKWAY
		STREET 2:		SUITE 190
		CITY:			LAS VEGAS
		STATE:			NV
		ZIP:			89141
		BUSINESS PHONE:		(949) 444-5464 3679

	MAIL ADDRESS:	
		STREET 1:		11411 SOUTHERN HIGHLANDS PARKWAY
		STREET 2:		SUITE 190
		CITY:			LAS VEGAS
		STATE:			NV
		ZIP:			89141

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Ault Alliance, Inc.
		DATE OF NAME CHANGE:	20230103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BitNile Holdings, Inc.
		DATE OF NAME CHANGE:	20211213

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Ault Global Holdings, Inc.
		DATE OF NAME CHANGE:	20210119
</SEC-HEADER>
<DOCUMENT>
<TYPE>PRER14A
<SEQUENCE>1
<FILENAME>g220262prer14a.htm
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Filed by the Registrant</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Wingdings"><B>x</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Filed by a Party other than the Registrant</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify">Check the appropriate box:</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Wingdings">x</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify">Preliminary Proxy Statement</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><B>Confidential, For Use of the Commission Only (as Permitted by Rule 14a-6(e)(2))</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify">Definitive Proxy Statement</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify">Definitive Additional Materials</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify">Soliciting Material Pursuant to &sect; 240.14a-12</TD></TR>
  <TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>HYPERSCALE DATA, INC.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Registrant as Specified in its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Person(s) Filing Proxy Statement, if other
than the Registrant)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">Payment of Filing Fee (Check the appropriate box):</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Wingdings"><B>x</B></FONT></TD>
    <TD STYLE="width: 99%">No fee required</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD>Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">(1)</TD>
    <TD STYLE="width: 98%; border-bottom: black 1pt solid; text-align: justify">Title of each class of securities to which transaction applies: </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(2)</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify">Aggregate number of securities to which transaction applies: </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(3)</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(4)</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify">Proposed maximum aggregate value of transaction: </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(5)</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify">Total fee paid: </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="width: 99%">Fee paid previously with preliminary materials:</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="text-align: justify">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">(1)</TD>
    <TD STYLE="width: 98%; text-align: justify">Amount Previously Paid: </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(2)</TD>
    <TD STYLE="text-align: justify">Form, Schedule or Registration Statement No.: </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(3)</TD>
    <TD STYLE="text-align: justify">Filing Party: </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(4)</TD>
    <TD STYLE="text-align: justify">Date Filed: </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center; color: red"><B>PRELIMINARY PROXY STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center; color: red"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center; color: red"><B>(SUBJECT TO COMPLETION)</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>HYPERSCALE DATA, INC.</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>11411 Southern Highlands Pkwy, Suite 190</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>Las Vegas, NV 89141</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>Telephone:&nbsp;(949) 444-5464</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>NOTICE OF SPECIAL MEETING OF STOCKHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>Virtual Meeting Only &ndash; No Physical Meeting Location</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>To Be Held on March __, 2026</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We cordially invite you to attend a Special
Meeting (the &ldquo;<B>Meeting</B>&rdquo;) of stockholders of Hyperscale Data, Inc. (the &ldquo;<B>Company</B>&rdquo;). In the interest
of providing our stockholders with greater access and flexibility to attend the Meeting, notice is hereby given that the location, date
and time of the Meeting will be held in a virtual meeting format only on <FONT STYLE="background-color: yellow">March __, 2026</FONT>
at 12:00 P.M. Eastern Time. You will not be able to attend the Meeting in person.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To access the virtual meeting please click
the Virtual Stockholder Meeting link: <U>meetnow.global/M6H69JL</U>. To log in to the virtual meeting you have two options: Join as a
&ldquo;Guest&rdquo; or Join as a &ldquo;Stockholder.&rdquo; If you join as a &ldquo;Stockholder&rdquo; you will be required to have a
control number.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Details regarding logging onto and attending
the meeting over the website and the business to be conducted are described in the Proxy Card included with the proxy statement (the &ldquo;<B>Proxy
Statement</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a result of certain actions approved
by the board of directors of the Company (the &ldquo;<B>Board</B>&rdquo;), the Meeting will be held for the following purposes:</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD STYLE="text-align: justify">To approve an amendment to the Company&rsquo;s Certificate of Incorporation (the &ldquo;<B>Certificate
of Incorporation</B>&rdquo;) to effect a reverse stock split of the Class A common stock, par value $0.001 per share (the &ldquo;<B>Class
A Common Stock</B>&rdquo;) by a ratio of not less than one-for-two and not more than one-for-five at any time prior to March __, 2027,
with the exact ratio to be set at a whole number within this range as determined by the Board in its sole discretion (the &ldquo;<B>Reverse
Stock Split Proposal</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD STYLE="text-align: justify">To approve the amendment to the Company&rsquo;s Certificate of Incorporation to increase the authorized
shares of Class A Common Stock from 500,000,000 to 2,500,000,000 (the &ldquo;<B>Authorized Share Increase Proposal</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD STYLE="text-align: justify">To approve, pursuant to Rules 713(a) and (b) of the NYSE American, the conversion of up to 100,000 shares
of Series H Convertible Preferred Stock (the &ldquo;<B>Series H Preferred Stock</B>&rdquo;) into Class A Common Stock, for a total purchase
price of up to $100,000,000, pursuant to the Securities Purchase Agreement dated July 31, 2025 (the &ldquo;<B>Series H Proposal</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD STYLE="text-align: justify">To approve, pursuant to Rule 711 of the NYSE American, equity issuances to directors and executive officers
of the Company, (the &ldquo;<B>Equity Issuance Proposal</B>&rdquo;); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD STYLE="text-align: justify">To approve the adjournment of the Meeting to a later date or time, if necessary, to permit further solicitation
and vote of proxies if, based upon the tabulated vote at the time of the Meeting, there are not sufficient votes to approve any of the
other proposals before the Meeting (the &ldquo;<B>Adjournment Proposal</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The accompanying Proxy Statement sets forth
additional information regarding the Meeting and provides you with detailed information regarding the business to be considered at the
Meeting. We encourage you to read the Proxy Statement carefully and in its entirety.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Only stockholders of record at the close
of business on January 22, 2026, the Record Date for the Meeting, will be entitled to vote at the Meeting or any adjournments or postponements
thereof. The proxy materials will be mailed to stockholders on or about <FONT STYLE="background-color: yellow">February 26, 2026</FONT>.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify"><B>Important Notice Regarding the Availability of Proxy Materials
for the Meeting of Stockholders to be held on March __, 2026:</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Notice of Meeting of Stockholders and
the accompanying Proxy Statement are available on the Internet at www.envisionreports.com/GPUS for registered holders and http://www.edocumentview.com/GPUS
for street holders.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">BY ORDER OF THE BOARD OF DIRECTORS</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">/s/ Milton C. Ault III</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Executive Chairman</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><FONT STYLE="background-color: yellow">February 23, 2026</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><U>HOW TO VOTE</U>: Your vote is important.
Whether or not you plan to virtually attend the Meeting, we hope you will vote as soon as possible by either (1) mailing your completed
and signed proxy card(s) to Hyperscale Data, Inc., 11411 Southern Highlands Pkwy, Suite 190, Las Vegas, NV 89141, Attention: Corporate
Secretary, (2) calling the toll-free number printed on your proxy card(s) and following the recorded instructions or (3) visiting the
website indicated on your proxy card(s) and following the on-line instructions. You may revoke a previously submitted proxy at any time
prior to the Meeting. If you decide to attend the Meeting and wish to change your proxy vote, you may do so automatically by voting at
the Meeting.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <TD STYLE="vertical-align: top; width: 95%; border-bottom: #4BACC6 1pt solid; text-align: center"><B>TABLE OF CONTENTS</B></TD>
    <TD STYLE="vertical-align: bottom; width: 5%; border-bottom: #4BACC6 1pt solid; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #4BACC6 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #4BACC6 1pt solid; text-align: center"><B>Page</B></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: justify"><B><A HREF="#prer01">INFORMATION CONCERNING THE MEETING</A></B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: justify"><B><A HREF="#prer02">QUESTIONS AND ANSWERS ABOUT THESE PROXY MATERIALS AND VOTING</A></B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">4</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: justify"><B><A HREF="#prer03">PROPOSAL NO. 1: AMENDMENT TO THE CERTIFICATE OF INCORPORATION TO EFFECT A REVERSE STOCK SPLIT OF CLASS A COMMON STOCK</A></B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">9</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-left: 9pt; vertical-align: top; text-align: justify"><A HREF="#prer04">Background and Reasons for the Reverse Stock Split; Potential Consequences of the Reverse Stock Split</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">9</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-left: 9pt; vertical-align: top; text-align: justify"><A HREF="#prer05">Procedure for Implementing the Reverse Stock Split</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">10</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-left: 9pt; vertical-align: top; text-align: justify"><A HREF="#prer06">Effect of the Reverse Stock Split on Holders of Outstanding Class A Common Stock</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">10</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-left: 9pt; vertical-align: top; text-align: justify"><A HREF="#p1bh">Beneficial Holders of Class A Common Stock (i.e. stockholders who hold in street name)</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">11</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-left: 9pt; vertical-align: top; text-align: justify"><A HREF="#p1rbe">Registered &ldquo;Book-Entry&rdquo; Holders of Class A Common Stock (i.e. stockholders that are registered on the transfer agent&rsquo;s books and records but do not hold stock certificates)</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">11</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-left: 9pt; vertical-align: top; text-align: justify"><A HREF="#p1hcs">Holders of Certificated Shares of Class A Common Stock</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">11</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-left: 9pt; vertical-align: top; text-align: justify"><A HREF="#p1fs">Fractional Shares</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">11</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-left: 9pt; vertical-align: top; text-align: justify"><A HREF="#p1effect">Effect of the Reverse Stock Split on Employee Plans, Options, Restricted Stock Awards, Warrants and Convertible or Exchangeable Securities</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">12</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-left: 9pt; vertical-align: top; text-align: justify"><A HREF="#p1am">Accounting Matters</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">12</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-left: 9pt; vertical-align: top; text-align: justify"><A HREF="#p1cfi">Certain Federal Income Tax Consequences of the Reverse Stock Split</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">12</TD></TR>
  <TR>
    <TD STYLE="padding-left: 9pt; vertical-align: top; text-align: justify"><A HREF="#p1ush">U.S. Holders</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">13</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-left: 9pt; vertical-align: top; text-align: justify"><A HREF="#p1nar">No Appraisal Rights</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">13</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-left: 9pt; vertical-align: top; text-align: justify"><A HREF="#p1vra">Required Vote and Board Recommendation</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">13</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: justify"><B><A HREF="#p2">PROPOSAL NO. 2: APPROVAL OF THE AMENDMENT TO THE CERTIFICATE OF INCORPORATION TO INCREASE THE AUTHORIZED SHARES OF CLASS A COMMON STOCK FROM 500,000,000 TO 2,500,000,000</A></B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">14</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-left: 9pt; vertical-align: top; text-align: justify"><A HREF="#p2overview">Overview</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">14</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-left: 9pt; vertical-align: top; text-align: justify"><A HREF="#p2outstanding">Outstanding Shares and Purpose of the Amendment</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">14</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-left: 9pt; vertical-align: top; text-align: justify"><A HREF="#p2epc">Effect of Proposal on Current Stockholders</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">16</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-left: 9pt; vertical-align: top; text-align: justify"><A HREF="#p2rvbr">Required Vote and Board Recommendation</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">17</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: justify"><B><A HREF="#p3">PROPOSAL NO. 3: APPROVAL, PURSUANT TO NYSE AMERICAN LISTING RULE 713(a) &amp; (b), OF THE CONVERSION OF SHARES OF OUR SERIES H PREFERRED STOCK PURSUANT TO THE SECURITIES PURCHASE AGREEMENT WITH AULT &amp; COMPANY</A></B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">18</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-left: 9pt; vertical-align: top; text-align: justify"><A HREF="#p3dspa">Description of the Securities Purchase Agreement and the Series H Preferred Stock</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">18</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-left: 9pt; vertical-align: top; text-align: justify"><A HREF="#p3sar">Stockholder Approval Requirement</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">21</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-left: 9pt; vertical-align: top; text-align: justify"><A HREF="#p3rft">Reasons for Transaction</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">21</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-left: 9pt; vertical-align: top; text-align: justify"><A HREF="#p3ecsd">Effect on Current Stockholders; Dilution</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">22</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-left: 9pt; vertical-align: top; text-align: justify"><A HREF="#p3rvbr">Required Vote and Board Recommendation</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">22</TD></TR>
  <TR>
    <TD STYLE="text-align: justify"><B><A HREF="#p4">PROPOSAL NO. 4:&nbsp;APPROVAL OF EQUITY ISSUANCES TO DIRECTORS AND EXECUTIVE OFFICERS</A></B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">23</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-left: 9pt; vertical-align: top; text-align: justify"><A HREF="#p4ti">Terms of the Issuances</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">23</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-left: 9pt; vertical-align: top; text-align: justify"><A HREF="#p4rpei">Reasons for the Proposed Equity Issuance</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">23</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-left: 9pt; vertical-align: top; text-align: justify"><A HREF="#p4dpei">Determination to Pursue the Equity Issuance</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">24</TD></TR>
  <TR>
    <TD STYLE="padding-left: 9pt; vertical-align: top; text-align: justify"><A HREF="#p4wcnsa">Why the Company Needs Stockholder Approval</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">24</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-left: 9pt; vertical-align: top; text-align: justify"><A HREF="#p4epcs">Effect of Proposal on Current Stockholders</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">24</TD></TR>
  <TR>
    <TD STYLE="padding-left: 9pt; vertical-align: top; text-align: justify"><A HREF="#p4rvbr">Required Vote and Board Recommendation</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">24</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><B><A HREF="#p5">PROPOSAL NO. 5: PROPOSAL TO ADJOURN THE MEETING</A></B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">25</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-left: 9pt; vertical-align: top; text-align: justify"><A HREF="#p5rvbr">Required Vote and Board Recommendation</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">25</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: justify"><B><A HREF="#p5socbom">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</A></B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">26</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: justify"><B><A HREF="#p5ob">OTHER BUSINESS</A></B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">27</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: justify"><B>ANNEX A &ndash; PROXY CARDS</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">A-1</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>HYPERSCALE DATA, INC.</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>11411 Southern Highlands Pkwy, Suite 190</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>Las Vegas, NV 89141</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>Telephone:&nbsp;(949) 444-5464</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center; color: red"><B>PRELIMINARY PROXY STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>FOR THE MEETING OF STOCKHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>TO BE HELD ON MARCH __, 2026</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B><A NAME="prer01"></A>INFORMATION CONCERNING THE SPECIAL MEETING</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The enclosed proxy is solicited by the Board
of Directors (the &ldquo;<B>Board</B>&rdquo;) of Hyperscale Data, Inc. (the &ldquo;<B>Company</B>&rdquo;), for use at the Special Meeting
of the Company&rsquo;s stockholders (the &ldquo;<B>Meeting</B>&rdquo;) to be held in virtual format on March __, 2026 at 12:00 P.M. Eastern
Time and at any adjournments thereof. Whether or not you expect to attend the Meeting, please vote your shares as promptly as possible
to ensure that your vote is counted. The proxy materials will be furnished to stockholders on or about February 26, 2026.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Meeting will be held in a virtual meeting
format only. You will not be able to attend the Meeting in person. To access the virtual meeting please click the Virtual Stockholder
Meeting link: <U>meetnow.global/M6H69JL</U>. To login to the virtual meeting you have two option: Join as a &ldquo;Guest&rdquo; or Join
as a &ldquo;Stockholder.&rdquo; If you join as a &ldquo;Stockholder&rdquo; you will be required to have a control number.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>Action to be taken under Proxy</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise directed by the giver of
the proxy, the persons named in the form of proxy, namely, Milton C. &ldquo;Todd&rdquo; Ault, III, the Company&rsquo;s Executive Chairman,
William B. Horne, its Chief Executive Officer, Henry Nisser, its President and General Counsel, or any one of them who acts, will vote:</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD STYLE="text-align: justify">To approve an amendment to the Company&rsquo;s Certificate of Incorporation (the &ldquo;<B>Certificate
of Incorporation</B>&rdquo;) to effect a reverse stock split of the Class A common stock, par value $0.001 per share (the &ldquo;<B>Class
A Common Stock</B>&rdquo;) by a ratio of not less than one-for-two and not more than one-for-five at any time prior to March ___, 2027,
with the exact ratio to be set at a whole number within this range as determined by the Board in its sole discretion (the &ldquo;<B>Reverse
Stock Split Proposal</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD STYLE="text-align: justify">To approve the amendment to the Company&rsquo;s Certificate of Incorporation to increase the authorized
shares of Class A Common Stock from 500,000,000 to 2,500,000,000 (the &ldquo;<B>Authorized Share Increase Proposal</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD STYLE="text-align: justify">To approve, pursuant to Rules 713(a) and (b) of the NYSE American, the conversion of up to 100,000 shares
of Series H Convertible Preferred Stock (the &ldquo;<B>Series H Preferred Stock</B>&rdquo;) into Class A Common Stock, for a total purchase
price of up to $100,000,000, pursuant to the Securities Purchase Agreement dated July 31, 2025 (the &ldquo;<B>Series H Proposal</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD STYLE="text-align: justify">To approve, pursuant to Rule 711 of the NYSE American, equity issuances to directors and executive officers
of the Company, (the &ldquo;<B>Equity Issuance Proposal</B>&rdquo;); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD STYLE="text-align: justify">To approve the adjournment of the Meeting to a later date or time, if necessary, to permit further solicitation
and vote of proxies if, based upon the tabulated vote at the time of the Meeting, there are not sufficient votes to approve any of the
other proposals before the Meeting (the &ldquo;<B>Adjournment Proposal</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify; text-indent: 0.5in">By submitting your proxy (via the Internet,
telephone or mail), you authorize Messrs. Ault, Horne and Nisser to represent you and vote your shares at the Meeting in accordance with
your instructions. They also may vote your shares to adjourn the Meeting and will be authorized to vote your shares at any postponements
or adjournments of the Meeting.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>YOUR VOTE IS IMPORTANT. WHETHER OR NOT
YOU PLAN TO ATTEND THE MEETING, PLEASE PROMPTLY VOTE YOUR SHARES OVER THE INTERNET, BY TELEPHONE OR BY MAIL.</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify"><B>Who is Entitled to Vote; Vote Required; Quorum</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of the record date of January 22, 2026
(the &ldquo;<B>Record Date</B>&rdquo;), there were (i) 343,453,412 shares of Class A Common Stock, (ii) 24,339,228 shares of the Company&rsquo;s
Class B Common Stock, par value $0.001 per share (the &ldquo;<B>Class B Common Stock</B>&rdquo; and with the Class A Common Stock, the
&ldquo;<B>Common Stock</B>&rdquo;), (iii) 3,000 shares of the Company&rsquo;s Series B Convertible Preferred Stock (the &ldquo;<B>Series
B Preferred Stock</B>&rdquo;), (iv) 50,000 shares of the Company&rsquo;s Series C Convertible Preferred Stock (the &ldquo;<B>Series C
Preferred Stock</B>&rdquo;), (v) 960 shares of the Company&rsquo;s Series G Convertible Preferred Stock (the &ldquo;<B>Series G Preferred
Stock</B>&rdquo;) and (vi) 4,000 shares of the Company&rsquo;s Series H Convertible Preferred Stock (the &ldquo;<B>Series H Preferred
Stock</B>&rdquo; and with the Series B Preferred Stock, the Series C Preferred Stock and the Series G Preferred Stock, the &ldquo;<B>Preferred
Stock</B>&rdquo;) issued and outstanding.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Common Stock and the Preferred Stock
are collectively referred to in this proxy statement (the &ldquo;<B>Proxy Statement</B>&rdquo;) as the &ldquo;<B>Voting Capital Stock</B>,&rdquo;
which together constitute all of the outstanding voting capital stock of the Company. As of the Record Date, the shares of Preferred Stock
were convertible into 228,400,320 shares of Class A Common Stock, excluding any additional shares that are currently issuable as a result
of beneficial ownership blockers on conversion of such shares of Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Stockholders are entitled to one vote for
each share of Class A Common Stock and to ten votes for each share of Class B Common Stock held by them.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Ault &amp; Company, Inc. (&ldquo;<B>A&amp;C</B>&rdquo;),
the owner of all shares of Preferred Stock except for the Series B Preferred Stock, is entitled to vote with the Common Stock as a single
class on an as-converted basis, subject to applicable law provisions of the Delaware General Corporation Law (&ldquo;<B>DGCL</B>&rdquo;)
and the NYSE American, LLC (at times referred to as the &ldquo;<B>Exchange</B>&rdquo;), provided, however, that for purposes of complying
with Exchange regulations, the conversion price, for purposes of determining the number of votes the holder of Series C Preferred Stock
is entitled to cast, shall not be lower than $107.625, which represents the closing sale price of the Class A Common Stock on the trading
day immediately prior to the execution date of the securities purchase agreement which provides for A&amp;C&rsquo;s ability to acquire
Series C Preferred Stock. Further, for purposes of complying with Exchange regulations, the conversion price, for purposes of determining
the number of votes the holder of Series G Preferred Stock is entitled to cast, shall not be lower than $6.244, which represents the closing
sale price of the Class A Common Stock on the trading day immediately prior to the execution date of the securities purchase agreement
which provides for A&amp;C&rsquo;s ability to acquire Series G Preferred Stock. Finally, for purposes of complying with Exchange regulations,
the conversion price, for purposes of determining the number of votes the holder of Series H Preferred Stock is entitled to cast, shall
not be lower than $0.72, which represents the closing sale price of the Class A Common Stock on the trading day immediately prior to the
execution date of the securities purchase agreement which provides for A&amp;C&rsquo;s ability to acquire Series H Preferred Stock. In
addition, since the Company has yet to obtain the approval of the Exchange and its stockholders for the conversion and voting rights of
the Series H Preferred Stock, A&amp;C may not vote more than 19.99% shares of Class A Common Stock of the total number of shares of Class
A Common Stock outstanding as of the date of the securities purchase agreement providing for A&amp;C&rsquo;s ability to acquire Series
H Preferred Stock, regardless of how many such shares A&amp;C actually owns.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Series B Preferred Stock is owned by
SJC Lending LLC, a Delaware limited liability company (&ldquo;<B>SJC</B>&rdquo;). For purposes of complying with Exchange regulations,
the conversion price, for purposes of determining the number of votes the holder of Series B Preferred Stock is entitled to cast, shall
not be lower than $2.44, which represents the closing sale price of the Class A Common Stock on the trading day immediately prior to the
execution date of the securities purchase agreement which provides for SJC&rsquo;s ability to acquire Series B Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of the Record Date, A&amp;C held 2,500,005
shares of Class A Common Stock, 14,679,698 shares of Class B Common Stock that are entitled to cast 146,796,980 votes, 50,000 shares of
Series C Preferred Stock that are entitled to cast 464,576 votes, 960 shares of Series G Preferred Stock that are entitled to cast 153,748
votes and 4,000 shares of Series H Preferred Stock that are entitled to cast 5,068,221 votes, entitling it to cast the combined voting
power of 154,983,530 shares of Class A Common Stock. As of the Record Date, SJC held 3,000 shares of Series B Preferred Stock that are
entitled to cast 1,229,508 votes.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Thirty-five percent (35%) of the 593,761,745
aggregate number of votes entitled to be cast at the Meeting (the &ldquo;<B>Eligible Voting Capital Stock</B>&rdquo;), or 207,816,611
such votes, will constitute a quorum at the Meeting.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Brokers holding shares of record for customers
generally are not entitled to vote on &ldquo;non-routine&rdquo; matters, unless they receive voting instructions from their customers.
As used herein, &ldquo;uninstructed shares&rdquo; means shares held by a broker who has not received such instructions from its customers
on a proposal. A &ldquo;broker non-vote&rdquo; occurs when a nominee holding uninstructed shares for a beneficial owner does not vote
on a particular proposal because the nominee does not have discretionary voting power with respect to that non-routine matter. In connection
with the treatment of abstentions and broker non-votes, all proposals except for the Authorized Share Increase Proposal at this Meeting
are considered &ldquo;non-routine&rdquo; matters, and brokers are not entitled to vote uninstructed shares with respect to these proposals.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Determination of whether a matter specified
in the Notice of Special Meeting of Stockholders has been approved will be determined by whether the affirmative vote of a majority of
the shares of Eligible Voting Capital Stock present at the Meeting in person or by proxy and entitled to vote on such matter is required
for approval. Abstentions will be considered shares present by proxy and entitled to vote and, therefore, will have the effect of a vote
against the proposal. Broker non-votes will be considered shares not present for this purpose and will have no effect on the outcome of
the vote.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify; text-indent: 0.5in">However, abstentions and broker non-votes
will be counted for purposes of determining whether a quorum is present for the Meeting.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B><A NAME="prer02"></A>QUESTIONS AND ANSWERS ABOUT THESE PROXY MATERIALS AND VOTING</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>What is the purpose of the Meeting?</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">At the Meeting, the stockholders will be asked:</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD STYLE="text-align: justify">To approve an amendment to the Certificate of Incorporation to effect a reverse stock split of the Class
A Common Stock by a ratio of not less than one-for-two and not more than one-for-five at any time prior to March ___, 2027, with the exact
ratio to be set at a whole number within this range as determined by the Board in its sole discretion (the &ldquo;<B>Reverse Stock Split
Proposal</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD STYLE="text-align: justify">To approve the amendment to the Certificate of Incorporation to increase the authorized shares of Class
A Common Stock from 500,000,000 to 2,500,000,000 (the &ldquo;<B>Authorized Share Increase Proposal</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD STYLE="text-align: justify">To approve, pursuant to Rules 713(a) and (b) of the NYSE American, the conversion of up to 100,000 shares
of Series H Convertible Preferred Stock (the &ldquo;<B>Series H Preferred Stock</B>&rdquo;) into Class A Common Stock, for a total purchase
price of up to $100,000,000, pursuant to the Securities Purchase Agreement dated July 31, 2025 (the &ldquo;<B>Series H Proposal</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD STYLE="text-align: justify">To approve, pursuant to Rule 711 of the NYSE American, equity issuances to directors and executive officers
of the Company, (the &ldquo;<B>Equity Issuance Proposal</B>&rdquo;); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD STYLE="text-align: justify">To approve the adjournment of the Meeting to a later date or time, if necessary, to permit further solicitation
and vote of proxies if, based upon the tabulated vote at the time of the Meeting, there are not sufficient votes to approve any of the
other proposals before the Meeting (the &ldquo;<B>Adjournment Proposal</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>Who is entitled to vote?</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">The Record Date for the Meeting is January 22, 2026. Only stockholders
of record at the close of business on that date are entitled to vote at the Meeting. Stockholders are entitled to one vote for each share
of Class A Common Stock and ten votes for each share of Class B Common Stock held by them.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">Thirty-five percent (35%) of the 593,761,745 outstanding shares
of Eligible Capital Stock, or 207,816,611 such votes, will constitute a quorum at the Meeting.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify"><B>Why am I receiving these materials?</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">We have sent you these proxy materials because the Board of
the Company is soliciting your proxy to vote at the Meeting. According to our records, you were a stockholder of the Company as of the
end of business on the Record Date for the Meeting.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">You are invited to vote on the proposals described in this Proxy
Statement.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">The Company intends to mail these proxy materials on or about
February 26, 2026, to all stockholders of record on the Record Date.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify"><B>What is included in these materials?</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">These materials include:</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD STYLE="text-align: justify">this Proxy Statement for the Meeting; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>the Proxy Card.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify"><B>What is the proxy card?</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">The proxy card enables you to appoint Milton C. &ldquo;Todd&rdquo;
Ault, III, the Company&rsquo;s Executive Chairman, William B. Horne, the Company&rsquo;s Chief Executive Officer and Henry Nisser, the
Company&rsquo;s President &amp; General Counsel, as your representatives at the Meeting. By completing and returning a proxy card, you
are authorizing these individuals to vote your shares at the Meeting in accordance with your instructions on the proxy card. This way,
your shares will be voted whether or not you log in to the Meeting.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify"><B>Can I view these proxy materials over the Internet?</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">Yes. The Notice of Meeting, this Proxy Statement and accompanying
proxy card are available at www.envisionreports.com/GPUS.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>How can I attend the Meeting?</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">The Meeting will be a completely virtual meeting of stockholders,
which will be conducted exclusively by webcast. You are entitled to participate in the Meeting only if you were a stockholder of the Company
as of the close of business on the Record Date, or if you hold a valid proxy for the Meeting. No physical meeting will be held.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">You will be able to attend the Meeting online by visiting <U>meetnow.global/M6H69JL</U>
to the virtual meeting you have two options: Join as a &ldquo;Guest&rdquo; or Join as a &ldquo;Stockholder.&rdquo; If you join as a &ldquo;Stockholder&rdquo;
you will be required to have a control number. You also will be able to vote your shares online by attending the Meeting by webcast.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">To participate in the Meeting, you will need to review the information
included on your Notice, on your proxy card or on the instructions that accompanied your proxy materials.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">If you hold your shares through an intermediary, such as a bank
or broker, you must register in advance using the instructions below. The online meeting will begin promptly at 12:00 P.M. Eastern Time.
We encourage you to access the meeting prior to the start time leaving ample time for the check in. Please follow the registration instructions
as outlined in this Proxy Statement.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify"><B>How do I register to attend the Meeting virtually on the
Internet?</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">If you are a registered stockholder (i.e., you hold your shares
through our transfer agent, Computershare), you do not need to register to attend the Meeting virtually on the Internet. Please follow
the instructions on the notice or proxy card that you received.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">If you hold your shares through an intermediary, such as a bank
or broker, you must register in advance to attend the Meeting virtually on the Internet.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">To register to attend the Meeting online by webcast you must
submit proof of your proxy power (legal proxy) reflecting your ownership of Common Stock along with your name and email address to Computershare.
Requests for registration must be labeled as &ldquo;Legal Proxy&rdquo; and be received no later than 5:00 P.M., Eastern Time, on March
___, 2026.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">You will receive a confirmation of your registration by email
after we receive your registration materials.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">Requests for registration should be directed to us at the following:</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">By email:</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">Forward the email from your broker, or attach an image of your
legal proxy, to legalproxy@computershare.com</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">By mail:</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">Computershare<BR>
Legal Proxy<BR>
P.O. Box 43001<BR>
Providence, RI 02940-3001</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify"><B>Why are you holding a virtual meeting instead of a physical
meeting?</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">We are embracing the latest technology in order to provide expanded
access, improved communication and cost savings for our stockholders and the Company. We believe that hosting a virtual meeting will enable
more of our stockholders to attend and participate in the meeting since our stockholders can participate from any location around the
world with Internet access.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify"><B>How do I vote?</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">Either (1) mail your completed and signed proxy card(s) to Hyperscale
Data, Inc., 11411 Southern Highlands Pkwy, Suite 190, Las Vegas, NV 89141, Attention: Corporate Secretary, (2) call the toll-free number
printed on your proxy card(s) and follow the recorded instructions or (3) visit the website indicated on your proxy card(s) and follow
the on-line instructions. If you are a registered stockholder and attend the Meeting, then you may deliver your completed proxy card(s)
or vote pursuant to the instructions on the proxy card. If your shares are held by your broker or bank, in &ldquo;street name,&rdquo;
then you will receive a form from your broker or bank seeking instructions as to how your shares should be voted. If you do not give instructions
to your record holder, it will nevertheless be entitled to vote your shares in its discretion on the Authorized Share Increase Proposal
and the Adjournment Proposal, but not on any other proposal.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>Am I entitled to vote if my shares are held in &ldquo;street name&rdquo;?</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">If your shares are held by a bank, brokerage firm or other nominee,
you are considered the &ldquo;beneficial owner&rdquo; of shares held in &ldquo;street name.&rdquo; If your shares are held in street name,
the proxy materials are being made available to you by your bank, brokerage firm or other nominee (the &ldquo;record holder&rdquo;), along
with voting instructions. As the beneficial owner, you have the right to direct your record holder how to vote your shares, and the record
holder is required to vote your shares in accordance with your instructions. If you do not give instructions to your record holder, it
will not be entitled to vote your shares on any proposal.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">As the beneficial owner of shares, you are invited to attend
the Meeting. If you are a beneficial owner, however, you may not vote your shares at the Meeting unless you obtain a legal proxy, executed
in your favor, from the record holder of your shares.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>How many shares must be present to hold the Meeting?</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">A quorum must be present at the meeting for any business to
be conducted. The presence at the meeting, (i) by logging in to <U>meetnow.global/M6H69JL;</U> there is no password required, or (ii)
by proxy, of the holders of thirty-five percent (35%) of the shares of Eligible Capital Stock outstanding on the Record Date will constitute
a quorum. Proxies received but marked as abstentions will be counted towards the quorum.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify"><B>What if a quorum is not present at the Meeting?</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">If a quorum is not present or represented at the Meeting, the
holders of a majority of Eligible Capital Stock entitled to vote at the Meeting who are present in person or represented by proxy, or
the chairman of the Meeting, may adjourn the Meeting until a quorum is present or represented. The time and place of the adjourned meeting
will be announced at the time the adjournment is taken, and no other notice will be given.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify"><B>Is there a deadline for submitting proxies electronically
or by telephone or mail?</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">Proxies submitted electronically or by telephone as described
above must be received by 11:59 A.M. Eastern Time on March __, 2026. Proxies submitted by mail should be received before 12:00 P.M. Eastern
Time on March ___, 2026.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify"><B>Can I revoke my proxy and change my vote?</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">You may change your vote at any time prior to the taking of
the vote at the Meeting. If you are the stockholder of record, you may change your vote by (1) granting a new proxy bearing a later date
(which automatically revokes the earlier proxy) using any of the methods described above (and until the applicable deadline for each method),
(2) providing a written notice of revocation to the Company&rsquo;s Executive Chairman at Hyperscale Data, Inc., 11411 Southern Highlands
Pkwy, Suite 190, Las Vegas, NV 89141, prior to your shares being voted, or (3) virtually attending the Meeting and voting in accordance
with the instructions on the proxy card. Attendance at the Meeting will not cause your previously granted proxy to be revoked unless you
specifically so request. For shares you hold beneficially in street name, you may change your vote by submitting new voting instructions
to your broker, bank, trustee or nominee following the instructions they provided, or, if you have obtained a legal proxy from your broker,
bank, trustee or nominee giving you the right to vote your shares, by attending the Meeting and voting.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify"><B>Who can participate in the Meeting?</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">Only stockholders eligible to vote or their authorized representatives
in possession of a valid control number will be admitted as participants to the Meeting.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>Will my vote be kept confidential?</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">Yes, your vote will be kept confidential and not disclosed to
the Company unless:</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>required by law;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>you expressly request disclosure on your proxy; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>there is a proxy contest.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>How does the Board of Directors recommend I vote on the proposals?</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">Our Board unanimously recommends that you vote your shares &ldquo;<B>FOR</B>&rdquo;
each of the proposals presented in this Proxy Statement, consisting of:</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">The Reverse Stock Split Proposal;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">The Authorized Share Increase Proposal;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">The Series H Proposal;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">The Equity Issuance Proposal; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">The Adjournment Proposal.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">Unless you provide other instructions on your proxy card, the
persons named as proxy holders on the proxy card will vote in accordance with the recommendations of the Board as set forth in this Proxy
Statement.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>What if I do not specify how my shares are to be voted?</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">If you are a stockholder of record and do not vote by completing
your proxy card, by telephone, through the Internet or online at the Meeting, your shares will not be voted.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">If you return a signed and dated proxy card or otherwise vote
without marking voting selections, your shares will be voted, as applicable, &ldquo;FOR&rdquo; the Reverse Stock Split Proposal, the Authorized
Share Increase Proposal,&nbsp;the Series H Proposal, the Equity Issuance Proposal and the Adjournment Proposal. If any other matter is
properly presented at the Meeting, your proxyholder (one of the individuals named on your proxy card) will vote your shares using his
or her best judgment.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>Will any other business be conducted at the Meeting?</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">The Company&rsquo;s bylaws require stockholders to give advance
notice of any proposal intended to be presented at the Meeting. We have not received any such notices. Accordingly, the Company does not
anticipate any additional business will be conducted at the Meeting.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify"><B>What vote is required to approve each item and how are votes
counted?</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">The following table summarizes the minimum vote needed to approve
each proposal and the effect of abstentions and broker non-votes.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; width: 10%; text-align: center"><B>Proposal<BR>
Number</B></TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; width: 20%; text-align: center"><B>Proposal Description</B></TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; width: 32%; text-align: center"><B>Vote Required for Approval</B></TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; width: 11%; text-align: center"><B>Effect of<BR>
Abstentions</B></TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; width: 11%; text-align: center"><B>Effect of <BR>
Broker<BR>
Non-Votes</B></TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; width: 11%; text-align: center"><B>Matter</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">1&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Reverse Stock Split</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&ldquo;FOR&rdquo; votes actually cast by the holders of a majority of the shares Voting Capital Stock cast at the Meeting</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">No effect</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">No effect</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Non-routine</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Authorized Share Increase</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&ldquo;FOR&rdquo; votes actually cast by the holders of a majority of the shares Voting Capital Stock cast at the Meeting</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">No effect</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Not applicable <SUP>(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Routine</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">3</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Approval of the issuance of Class A Common Stock in connection with the Series H Proposal</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&ldquo;FOR&rdquo; votes from the holders of a majority of the shares of the Eligible Voting Capital Stock present in person or by proxy and voting at the Meeting</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Against</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">No effect</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Non-routine</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">4</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Approval of equity issuances to directors and executive officers</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&ldquo;FOR&rdquo; votes from the holders of a majority of the shares of the Eligible Voting Capital Stock present in person or by proxy and voting at the Meeting</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Against</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">No effect</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Non-routine</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">5</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Adjournment</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&ldquo;FOR&rdquo; votes from the holders of a majority of the shares of the Eligible Voting Capital Stock present in person or by proxy and voting at the Meeting</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Against</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Not applicable <SUP>(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Routine</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">This proposal is considered to be a &ldquo;routine&rdquo; matter. Accordingly, if you hold your shares
in street name and do not provide voting instructions to your broker, bank or other agent that holds your shares, your broker, bank or
other agent has discretionary authority to vote your shares on this proposal.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify"><B>What are &ldquo;broker non-votes&rdquo;?</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">Broker non-votes occur when a beneficial owner of shares held
in &ldquo;street name&rdquo; does not give instructions to the broker or nominee holding the shares as to how to vote on matters deemed
&ldquo;non-routine.&rdquo; Generally, if shares are held in street name, the beneficial owner of the shares is entitled to give voting
instructions to the broker or nominee holding the shares. If the beneficial owner does not provide voting instructions, the broker or
nominee can still vote the shares with respect to matters that are considered to be &ldquo;routine,&rdquo; but not with respect to &ldquo;non-routine&rdquo;
matters. Under the rules and interpretations of the New York Stock Exchange, &ldquo;non-routine&rdquo; matters include matters that may
substantially affect the rights or privileges of stockholders.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">In connection with the treatment of abstentions and broker non-votes,
the proposals at this meeting to approve the (i) Reverse Stock Split Proposal, (ii) Series H Proposal and (iii) Equity Issuance Proposal,
are considered &ldquo;non-routine&rdquo; matters, and brokers are not entitled to vote uninstructed shares with respect to these proposals.
The proposals to approve the Authorized Share Increase and the Adjournment are routine matters that brokers are entitled to vote upon
without receiving instructions.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify"><B>Who is paying for this proxy solicitation?</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">We will pay for the entire cost of soliciting proxies. In addition
to these mailed proxy materials, our directors and employees may also solicit proxies in person, by telephone or by other means of communication.
Directors and employees will not be paid any additional compensation for soliciting proxies but may be reimbursed for out-of-pocket expenses
incurred in connection with the solicitation. We will also reimburse brokerage firms, banks and other agents for their reasonable out-of-pocket
expenses incurred in forwarding proxy materials to beneficial owners.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>What does it mean if I receive more than one set of proxy materials?</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">If you receive more than one set of proxy materials, your shares
may be registered in more than one name or in different accounts. Please complete, sign and return each proxy card to ensure that all
of your shares are voted.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify"><B>I share the same address with another stockholder of the
Company. Why has our household only received one set of proxy materials?</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">The rules of the Securities and Exchange Commission&rsquo;s
(&ldquo;<B>SEC</B>&rdquo;) permit us to deliver a single set of proxy materials to one address shared by two or more of our stockholders.
This practice, known as &ldquo;householding,&rdquo; is intended to reduce the Company&rsquo;s printing and postage costs. We have delivered
only one set of proxy materials to stockholders who hold their shares through a bank, broker or other holder of record and share a single
address, unless we received contrary instructions from any stockholder at that address.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify"><B>How can I find out the results of the voting at the Meeting?</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">Final voting results will be disclosed in a Form 8-K filed after
the Meeting.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify"><B>Who can help answer my questions?</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">You can contact our corporate headquarters, at Hyperscale Data,
Inc., 11411 Southern Highlands Pkwy, Suite 190, Las Vegas, NV 89141, by sending a letter to Milton C. &ldquo;Todd&rdquo; Ault, III, our
Executive Chairman, with any questions about the proposals described in this Proxy Statement or how to execute your vote.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B><A NAME="prer03"></A>PROPOSAL NO. 1 </B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>APPROVAL OF THE&nbsp;AMENDMENT TO THE COMPANY&rsquo;S CERTIFICATE
OF</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>INCORPORATION TO EFFECT A REVERSE STOCK SPLIT OF CLASS A COMMON
STOCK</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">Our Board has adopted resolutions (1) declaring that submitting
an amendment to the Company&rsquo;s Certificate of Incorporation to effect a reverse stock split, as described below, was advisable and
(2) directing that a proposal to approve the Reverse Stock Split be submitted to the holders of our Common Stock for their approval.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">If approved by our stockholders, the Reverse Stock Split proposal
would permit (but not require) our Board to effect a reverse stock split of the Class A Common Stock at any time prior to March ___, 2027
by a ratio of not less than one-for-two and not more than one-for-five, with the exact ratio to be set at a whole number within this range
as determined by our Board in its sole discretion.&nbsp;&nbsp;We believe that enabling our Board to set the ratio within the stated range
will provide us with the flexibility to implement the Reverse Stock Split in a manner designed to maximize the anticipated benefits for
our stockholders.&nbsp;&nbsp;In determining a ratio, if any, following the receipt of stockholder approval, our Board may consider, among
other things, factors such as:</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 9pt">&bull;</TD><TD>The continued listing requirements of the NYSE American;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 9pt">&bull;</TD><TD>the historical trading price and trading volume of our Class A Common Stock;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 9pt">&bull;</TD><TD>the number of shares of our Class A Common Stock outstanding;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 9pt">&bull;</TD><TD>the then-prevailing trading price and trading volume of our Class A Common Stock and the anticipated impact of the Reverse Stock Split
on the trading market for our Class A Common Stock;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 9pt">&bull;</TD><TD>the anticipated impact of a particular ratio on our ability to reduce administrative and transactional costs; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 9pt">&bull;</TD><TD>prevailing general market and economic conditions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">Our Board reserves the right to elect to abandon the Reverse
Stock Split, including any or all proposed reverse stock split ratios, if it determines, in its sole discretion, that the Reverse Stock
Split is no longer in the best interests of the Company and its stockholders.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">Depending on the ratio for the Reverse Stock Split determined
by our Board, no fewer than two and no more than five shares of existing Class A Common Stock, as determined by our Board, will be combined
into one share of Class A Common Stock.&nbsp;&nbsp;The amendment to our Company&rsquo;s Certificate of Incorporation to effect a reverse
stock split, if any, will include only the reverse split ratio determined by our Board to be in the best interests of our stockholders
and all of the other proposed amendments at different ratios will be abandoned.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">To avoid the existence of fractional shares of our Class A Common
Stock, the Company will pay cash in lieu of fractional shares as described below.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B><A NAME="prer04"></A>Background and Reasons for the Reverse Stock Split; Potential Consequences of
the Reverse Stock Split</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">Our Board is submitting the Reverse Stock Split to our stockholders
for approval with the primary intent of increasing the market price of our Class A Common Stock to enhance our ability to meet the continued
listing requirements of the NYSE American and to make our Class A Common Stock more attractive to a broader range of institutional and
other investors.&nbsp;&nbsp;In addition to increasing the market price of our Class A Common Stock, the Reverse Stock Split would also
reduce certain of our costs, as discussed below.&nbsp;&nbsp;Accordingly, for these and other reasons discussed below, we believe that
effecting the Reverse Stock Split is in the Company&rsquo;s and our stockholders&rsquo; best interests.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">Given that the low share price of the Class A Common Stock has
continued through the date of this Proxy Statement, the Board has determined that undertaking the Reverse Stock Split is very likely necessary
in order to retain our listing on the Exchange.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">We believe that the Reverse Stock Split will enhance our ability
to maintain our listing on the NYSE American.&nbsp;&nbsp;Reducing the number of outstanding shares of our Class A Common Stock should,
absent other&nbsp;&nbsp;factors, increase the per share market price of our Class A Common Stock, although we cannot provide any assurance
that the price of our Class A Common Stock would, whether immediately or over the longer term, reflect the ratio of any Reverse Stock
Split we may effectuate.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">Additionally, we believe that the Reverse Stock Split will make
our Class A Common Stock more attractive to a broader range of institutional and other investors, as we have been advised that the current
market price of our Class A Common Stock may affect its acceptability to certain institutional investors, professional investors and other
members of the investing public.&nbsp;&nbsp;Many brokerage houses and institutional investors have internal policies and practices that
either prohibit them from investing in low-priced stocks or tend to discourage individual brokers from recommending low-priced stocks
to their customers.&nbsp;&nbsp;In addition, some of those policies and practices may function to make the processing of trades in low-priced
stocks economically unattractive to brokers.&nbsp;&nbsp;Moreover, because brokers&rsquo; commissions on low-priced stocks generally represent
a higher percentage of the stock price than commissions on higher-priced stocks, the current average price per share of Class A Common
Stock can result in individual stockholders paying transaction costs representing a higher percentage of their total share value than
would be the case if the share price were substantially higher.&nbsp;&nbsp;We believe that the Reverse Stock Split will make our Class
A Common Stock a more attractive and cost-effective investment for many investors, which will enhance the liquidity of the holders of
our Class A Common Stock.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">Reducing the number of outstanding shares of our Class A Common
Stock through the Reverse Stock Split is intended, absent other factors, to increase the per share market price of our Class A Common
Stock.&nbsp;&nbsp;However, other factors, such as our financial results, market conditions and the market perception of our business may
adversely affect the market price of our Class A Common Stock.&nbsp;&nbsp;As a result, there can be no assurance that the Reverse Stock
Split, if completed, will result in the intended benefits described above, that the market price of our Class A Common Stock will increase
following the Reverse Stock Split or that the market price of our Class A Common Stock will not decrease in the future.&nbsp;&nbsp;Additionally,
we cannot assure you that the market price per share of our Class A Common Stock after a Reverse Stock Split will increase in proportion
to the reduction in the number of shares of our Class A Common Stock outstanding before the Reverse Stock Split.&nbsp;&nbsp;Accordingly,
the total market capitalization of our Class A Common Stock after the Reverse Stock Split may be lower than the total market capitalization
before the Reverse Stock Split.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B><A NAME="prer05"></A>Procedure for Implementing the Reverse Stock Split</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">The Reverse Stock Split, if approved by our stockholders, would
become effective upon the filing (the &ldquo;<B>Effective Time</B>&rdquo;) of a certificate of amendment to the Company&rsquo;s Certificate
of Incorporation with the Secretary of State of the State of Delaware.&nbsp;&nbsp;The exact timing of the filing of the certificate of
amendment that will effectuate the Reverse Stock Split will be determined by our Board based on its evaluation as to when such action
will be the most advantageous to the&nbsp;Company and our stockholders.&nbsp;&nbsp;In addition, our Board reserves the right, notwithstanding
stockholder approval and without further action by the stockholders, to elect not to proceed with the Reverse Stock Split if, at any time
prior to filing the amendment to the Company&rsquo;s Certificate of Incorporation, our Board, in its sole discretion, determines that
it is no longer in our best interest and the best interests of our stockholders to proceed with the Reverse Stock Split.&nbsp;&nbsp;If
a certificate of amendment effectuating the Reverse Stock Split has not been filed with the Secretary of State of the State of Delaware
by the close of business on March __, 2027, our Board will abandon the Reverse Stock Split.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify"><B><A NAME="prer06"></A>Effect of the Reverse Stock Split on Holders of Outstanding
Class A Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">Depending on the ratio for the Reverse Stock Split determined
by our Board, a minimum of two and a maximum of five shares of existing Class A Common Stock will be combined into one new share of Class
A Common Stock.&nbsp;&nbsp;The table below shows, as of&nbsp;the Record Date, the number of outstanding shares of Class A Common Stock
that would result from the listed hypothetical reverse stock split ratios (without giving effect to the treatment of fractional shares):</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 48%; text-align: center"><B>Reverse Stock Split Ratio</B></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 51%; text-align: center"><B>Approximate Number of Outstanding Shares of Class A <BR>
Common Stock Following the Reverse Stock Split</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: center">1-for-2</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">171,726,706</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: center">1-for-3</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">114,484,471</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: center">1-for-4</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">85,863,353</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: center">1-for-5</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">68,690,682</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">The actual number of shares issued after giving effect to the
Reverse Stock Split, if implemented, will depend on the reverse stock split ratio that is ultimately determined by our Board.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">The Reverse Stock Split will affect all holders of our Class
A Common Stock uniformly and will not affect any stockholder&rsquo;s percentage ownership interest in the Company, except that as described
below in &ldquo;Fractional Shares,&rdquo; record holders of Class A Common Stock otherwise entitled to a fractional share as a result
of the Reverse Stock Split will receive cash in lieu of fractional shares.&nbsp;&nbsp;In addition, the Reverse Stock Split will not affect
any stockholder&rsquo;s proportionate voting power (subject to the treatment of fractional shares).</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">The Reverse Stock Split may result in some stockholders owning
&ldquo;odd lots&rdquo; of less than 100 shares of Class A Common Stock.&nbsp;&nbsp;Odd lot shares may be more difficult to sell, and brokerage
commissions and other costs of transactions in odd lots are generally somewhat higher than the costs of transactions in &ldquo;round lots&rdquo;
of even multiples of 100 shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After the Effective Time, our Class A Common Stock
will have a new Committee on Uniform Securities Identification Procedures (CUSIP) number, which is a number used to identify our equity
securities, and stock certificates with the older CUSIP numbers will need to be exchanged for stock certificates with the new CUSIP numbers
by following the procedures described below.&nbsp;&nbsp;After the Reverse Stock Split, we will continue to be subject to the periodic
reporting and other requirements of the Securities Exchange Act of 1934, as amended.&nbsp;&nbsp;Our Class A Common Stock will continue
to be listed on the NYSE American under the symbol &ldquo;GPUS.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><A NAME="p1bh"></A>Beneficial Holders of Class A Common Stock
(i.e., stockholders who hold in street name)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon the implementation of the Reverse Stock Split,
we intend to treat shares held by stockholders through a bank, broker, custodian or other nominee in the same manner as registered stockholders
whose shares are registered in their names.&nbsp;&nbsp;Banks, brokers, custodians or other nominees will be instructed to effect the Reverse
Stock Split for their beneficial holders holding our Class A Common Stock in street name.&nbsp;&nbsp;However, these banks, brokers, custodians
or other nominees may have different procedures than registered stockholders for processing the Reverse Stock Split.&nbsp;&nbsp;Stockholders
who hold shares of our Class A Common Stock with a bank, broker, custodian or other nominee and who have any questions in this regard
are encouraged to contact their banks, brokers, custodians or other nominees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><A NAME="p1rbe"></A>Registered &ldquo;Book-Entry&rdquo; Holders
of Class A Common Stock (i.e., stockholders whose names are registered on the transfer agent&rsquo;s books and records but do not hold
stock certificates)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain of our registered holders of Class A Common
Stock may hold some or all of their shares electronically in book-entry form with the transfer agent.&nbsp;&nbsp;These stockholders do
not have stock certificates evidencing their ownership of the Class A Common Stock.&nbsp;&nbsp;They are, however, provided with a statement
reflecting the number of shares registered in their accounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Stockholders who hold shares electronically in
book-entry form with the transfer agent will not need to take action (the exchange will be automatic) to receive whole shares of post-Reverse
Stock Split Class A Common Stock, subject to adjustment for treatment of fractional shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><A NAME="p1hcs"></A>Holders of Certificated Shares of Class A Common
Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Stockholders holding shares of our Class A Common
Stock in certificated form will be sent a transmittal letter by the exchange agent after the Effective Time. The letter of transmittal
will contain instructions on how a stockholder should surrender his, her or its certificate(s) representing shares of our Class A Common
Stock (the &ldquo;<B>Old Certificates</B>&rdquo;) to the transfer agent in exchange for certificates representing the appropriate number
of whole shares of post-Reverse Stock Split Class A Common Stock (the &ldquo;<B>New Certificates</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No new post-Reverse Split Class A Common Stock
will be issued to a stockholder until such stockholder has surrendered all Old Certificates, together with a properly completed and executed
letter of transmittal, to the Exchange Agent. No stockholder will be required to pay a transfer or other fee to exchange his, her or its
Old Certificates. Stockholders will then receive a Direct Registration Statement representing the number of whole shares of Class A Common
Stock that they are entitled as a result of the Reverse Stock Split, subject to the treatment of fractional shares described below. Until
surrendered, we will deem outstanding Old Certificates held by stockholders to be cancelled and only to represent the number of whole
shares of post-Reverse Stock Split Class A Common Stock to which these stockholders are entitled, subject to the treatment of fractional
shares. Any Old Certificates submitted for exchange, whether because of a sale, transfer or other disposition of stock, will automatically
be exchanged for post-Reverse Split Class A Common Stock. If an Old Certificate has a restrictive legend on the back of the Old Certificate(s),
a New Certificate will be issued with the same restrictive legends that are on the back of the Old Certificate(s).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>STOCKHOLDERS SHOULD NOT DESTROY ANY STOCK CERTIFICATE(S)
AND SHOULD NOT SUBMIT ANY STOCK CERTIFICATE(S) UNTIL REQUESTED TO DO SO.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><A NAME="p1fs"></A>Fractional Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Prevailing market prices</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will not issue fractional shares in connection
with the Reverse Stock Split. Stockholders who would otherwise hold fractional shares because the number of shares of Class A Common Stock
they hold before the Reverse Stock Split is not evenly divisible by the split ratio ultimately determined by the Board will be entitled
to receive a cash payment (without interest and subject to applicable withholding taxes) from our Exchange Agent in lieu of such fractional
shares. The cash payment is subject to applicable U.S. federal and state income tax and state abandoned property laws. Stockholders will
not be entitled to receive interest for the period of time between the Effective Time and the date payment is received.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We currently anticipate that, in lieu of issuing
fractional shares, the aggregate of all fractional shares otherwise issuable to the holders of record of Class A Common Stock shall be
issued to the Exchange Agent for the Class A Common Stock, as agent, for the accounts of all holders of record of Class A Common Stock
otherwise entitled to have a fraction of a share issued to them. The sale of all fractional interests will be effected by the Exchange
Agent as soon as practicable after the Effective Time on the basis of prevailing market prices of the Class A Common Stock at the time
of sale. After such sale and upon the surrender of the stockholders&rsquo; stock certificates, if any, the Exchange Agent will pay to
such holders of record their pro rata share of the net proceeds (after customary brokerage commissions and other expenses) derived from
the sale of the fractional interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After the Reverse Stock Split, a stockholder will
have no further interest in the Company with respect to its fractional share interest, and persons otherwise entitled to a fractional
share will not have any voting, dividend or other rights with respect thereto except the right to receive a cash payment as described
above.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><A NAME="p1effect"></A>Effect of the Reverse Stock Split on Employee
Plans, Options, Restricted Stock Awards, Warrants and Convertible or Exchangeable Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based upon the reverse stock split ratio determined
by the board of directors, proportionate adjustments are generally required to be made to the per share exercise price and the number
of shares issuable upon the exercise or conversion of all outstanding options, warrants, convertible or exchangeable securities entitling
the holders to purchase, exchange for, or convert into, shares of Class A Common Stock.&nbsp;&nbsp;This would result in approximately
the same aggregate price being required to be paid under such options, warrants, convertible or exchangeable securities upon exercise,
and approximately the same value of shares of Class A Common Stock being delivered upon such exercise, exchange or conversion, immediately
following the Reverse Stock Split as was the case immediately preceding the Reverse Stock Split.&nbsp;&nbsp;The number of shares deliverable
upon settlement or vesting of restricted stock awards will be similarly adjusted, subject to our treatment of fractional shares.&nbsp;&nbsp;The
number of shares reserved for issuance pursuant to these securities will be proportionately based upon the reverse stock split ratio determined
by the board of directors, subject to our treatment of fractional shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><A NAME="p1am"></A>Accounting Matters</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The proposed amendment to the Company&rsquo;s
Certificate of Incorporation will not affect the par value of our Class A Common Stock per share, which will remain $0.001.&nbsp;&nbsp;As
a result, as of the Effective Time, the stated capital attributable to Class A Common Stock and the additional paid-in capital account
on our balance sheet will not change due to the Reverse Stock Split.&nbsp;&nbsp;Reported per share net income or loss will be higher because
there will be fewer shares of Class A Common Stock outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><A NAME="p1cfi"></A>Certain Federal Income Tax Consequences of
the Reverse Stock Split</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following summary describes certain material
U.S. federal income tax consequences of the Reverse Stock Split to holders of our Class A Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise specifically indicated herein,
this summary addresses the tax consequences only to a beneficial owner of our Class A Common Stock that is a citizen or individual resident
of the United States, a corporation organized in or under the laws of the United States or any state thereof or the District of Columbia
or otherwise subject to U.S. federal income taxation on a net income basis in respect of our Class A Common Stock (a &ldquo;<B>U.S. holder</B>&rdquo;).&nbsp;&nbsp;A
trust may also be a U.S. holder if (1) a U.S. court is able to exercise primary supervision over administration of such trust and one
or more U.S. persons have the authority to control all substantial decisions of the trust or (2) it has a valid election in place to be
treated as a U.S. person.&nbsp;&nbsp;An estate whose income is subject to U.S. federal income taxation regardless of its source may also
be a U.S. holder.&nbsp;&nbsp;This summary does not address all of the tax consequences that may be relevant to any particular investor,
including tax considerations that arise from rules of general application to all taxpayers or to certain classes of taxpayers or that
are generally assumed to be known by investors.&nbsp;&nbsp;This summary also does not address the tax consequences to (i) persons that
may be subject to special treatment under U.S. federal income tax law, such as banks, insurance companies, thrift institutions, regulated
investment companies, real estate investment trusts, tax-exempt organizations, U.S.&nbsp;&nbsp;expatriates, persons subject to the alternative
minimum tax, traders in securities that elect to mark to market and dealers in securities or currencies, (ii) persons that hold our Class
A Common Stock as part of a position in a &ldquo;straddle&rdquo; or as part of a &ldquo;hedging,&rdquo; &ldquo;conversion&rdquo; or other
integrated investment transaction for federal income tax purposes, or (iii) persons that do not hold our Class A Common Stock as &ldquo;capital
assets&rdquo; (generally, property held for investment).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a partnership (or other entity classified as
a partnership for U.S. federal income tax purposes) is the beneficial owner of our Class A Common Stock, the U.S. federal income tax treatment
of a partner in the partnership will generally depend on the status of the partner and the activities of the partnership.&nbsp;&nbsp;Partnerships
that hold our Class A Common Stock, and partners in such partnerships, should consult their own tax advisors regarding the U.S. federal
income tax consequences of the Reverse Stock Split.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This summary is based on the provisions of the
Internal Revenue Code of 1986, as amended, U.S. Treasury regulations, administrative rulings and judicial authority, all as in effect
as of the date of this Proxy Statement.&nbsp;&nbsp;Subsequent developments in U.S. federal income tax law, including changes in law or
differing interpretations, which may be applied retroactively, could have a material effect on the U.S. federal income tax consequences
of the Reverse Stock Split.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">PLEASE CONSULT YOUR OWN TAX ADVISOR REGARDING
THE U.S. FEDERAL, STATE, LOCAL, AND FOREIGN INCOME AND OTHER TAX CONSEQUENCES OF THE REVERSE STOCK SPLIT IN YOUR PARTICULAR CIRCUMSTANCES
UNDER THE INTERNAL REVENUE CODE AND THE LAWS OF ANY OTHER TAXING JURISDICTION.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><A NAME="p1ush"></A>U.S. Holders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Reverse Stock Split should be treated as a
recapitalization for U.S. federal income tax purposes.&nbsp;&nbsp;Therefore, a stockholder generally will not recognize gain or loss on
the reverse stock split, except to the extent of cash, if any, received in lieu of a fractional share interest in the post-reverse stock
split shares. The aggregate tax basis of the post-split shares received will be equal to the aggregate tax basis of the pre-split shares
exchanged therefore (excluding any portion of the holder&rsquo;s basis allocated to fractional shares), and the holding period of the
post-split shares received will include the holding period of the pre-split shares exchanged. A holder of the pre-split shares who receives
cash will generally recognize gain or loss equal to the difference between the portion of the tax basis of the pre-split shares allocated
to the fractional share interest and the cash received. Such gain or loss will be a capital gain or loss and will be short term if the
pre-split shares were held for one year or less and long term if held more than one year. No gain or loss will be recognized by us as
a result of the reverse stock split.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><A NAME="p1nar"></A>No Appraisal Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under Delaware law and our charter documents,
holders of our Class A Common Stock will not be entitled to dissenter&rsquo;s rights or appraisal rights with respect to the Reverse Stock
Split.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><A NAME="p1vra"></A>Vote Required to Approve the</B>&nbsp;<B>Amendment
and Recommendation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under Delaware law and our charter documents,
the Reverse Stock Split requires the receipt of the affirmative vote from the holders of a majority of the Voting Capital Stock cast at
the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Our Board recommends that stockholders&nbsp;vote
&ldquo;FOR&rdquo; the amendment to the Certificate of Incorporation to authorize the Reverse Stock Split.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="p2"></A>PROPOSAL NO. 2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>APPROVAL OF THE AMENDMENT TO THE CERTIFICATE
OF INCORPORATION TO INCREASE THE </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AUTHORIZED SHARES OF CLASS A COMMON STOCK FROM
500,000,000 TO 2,500,000,000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><A NAME="p2overview"></A>Overview</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board has approved an amendment to the Company&rsquo;s
Certificate of Incorporation to increase its authorized shares of Class A Common Stock from 500,000,000 to 2,500,000,000. The increase
in the authorized shares of Class A Common Stock will become effective upon the filing of the amendment to the Certificate of Incorporation
with the Secretary of State of the State of Delaware. We will file the amendment to the Certificate of Incorporation to effectuate the
increase in our authorized shares of Class A Common Stock (the &ldquo;<B>Amendment</B>&rdquo;) as soon as practicable after having received
approval from our stockholders for this proposal, if received.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><A NAME="p2outstanding"></A>Outstanding Shares and Purpose of the Amendment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Certificate of Incorporation currently authorizes
us to issue a maximum of (i) 500,000,000 shares of Class A Common Stock, par value $0.001 per share, (ii) 25,000,000 shares of Class B
Common Stock, $0.001 par value per share, and (iii) 25,000,000 shares of Preferred Stock, $0.001 par value per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the Record Date, there were (i) 343,453,412
shares of Class A Common Stock issued and outstanding, (ii) 24,339,228 shares of the Company&rsquo;s Class B Common Stock, par value $0.001
per share (the &ldquo;<B>Class B Common Stock</B>&rdquo; and with the Class A Common Stock, the &ldquo;<B>Common Stock</B>&rdquo;) issued
and outstanding, (iii) 3,000 shares of the Company&rsquo;s Series B Convertible Preferred Stock (the &ldquo;<B>Series B Preferred Stock</B>&rdquo;),
(iv) 50,000 shares of the Company&rsquo;s Series C Convertible Preferred Stock (the &ldquo;<B>Series C Preferred Stock</B>&rdquo;), (v)
960 shares of the Company&rsquo;s Series G Convertible Preferred Stock (the &ldquo;<B>Series G Preferred Stock</B>&rdquo;) and 4,000 shares
of the Company&rsquo;s Series H Convertible Preferred Stock (the &ldquo;<B>Series H Preferred Stock</B>&rdquo; and with the Series B Preferred
Stock, the Series C Preferred Stock and the Series G Preferred Stock, the &ldquo;<B>Preferred Stock</B>&rdquo;) issued and outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additionally, as of the Record Date, we have reserved
59,510,471 shares of Class A Common Stock for issuance upon conversion or exercise of outstanding Class B Common Stock, convertible notes,
options and warrants. Therefore, after accounting for the 343,453,412 shares of Class A Common Stock issued and outstanding and the additional
59,510,471 shares of Class A Common Stock reserved for future issuances, we had 97,036,117 authorized and unissued shares of Class A Common
Stock remaining, which are unreserved for any specific use and available for future issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Waiver Securities</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The above calculations exclude additional outstanding
convertible securities, as described in further detail below, as certain holders of Class B Common Stock, convertible notes and Preferred
Stock (the &ldquo;<B>Waiver Securities</B>&rdquo;) have signed waivers that (i) permits the Company to not reserve an aggregate of 250,998,798
shares of Class A Common Stock issuable upon conversion of such Waiver Securities and (ii) prohibits the holders from converting the Waiver
Securities into Class A Common Stock, until such time as the Company has amended its Certificate of Incorporation to provide for a sufficient
number of authorized but unissued shares of Class A Common Stock sufficient to allow for full conversion of the Waiver Securities. The
waivers further require the Company to utilize its best efforts to achieve the amendment of its Certificate of Incorporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the Record Date, the aggregate number of
shares of Class A Common Stock issuable upon conversion or exercise of outstanding convertible securities (including the Waiver Securities)
was 310,509,269. The table below provides detailed information on each type of convertible security, including the number of shares of
Class A Common Stock that are issuable, reserved for issuance and waived from reservation as Waiver Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Security</B></P></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of shares of <BR> Class A Common Stock <BR> issuable</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of shares of <BR> Class A Common <BR> reserved</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of shares of Class <BR> A Common Stock <BR> unreserved (the Waiver <BR> Securities)</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 55%; text-align: justify">Class B Common Stock</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">24,339,228</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">9,659,530</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">14,679,698</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Convertible notes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,930,616</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,011,836</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,918,780</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Stock Options<SUP>(1)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,200,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,200,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Warrants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">639,105</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">639,105</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Series B Convertible Preferred Stock<SUP>(2) (3)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Series C Convertible Preferred Stock<SUP>(3)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">200,964,629</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">200,964,629</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Series G Convertible Preferred Stock<SUP>(3)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,858,521</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,858,521</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Series H Convertible Preferred Stock<SUP>(3)</SUP></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">16,077,170</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">16,077,170</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: justify">TOTAL:</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">310,509,269</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">59,510,471</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">250,998,798</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Excludes the options included in Proposal No. 4, as they were not exercisable as of the Record Date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">Excludes shares of Class A Common Stock that would be issuable if SJC were to purchase an additional 17,586
shares of Series B Preferred Stock. On March 31, 2025, we entered into a securities purchase agreement with SJC pursuant to which we agreed
to sell up to 50,000 shares of Series B Preferred Stock for a total purchase price of up to $50.0&nbsp;million. The securities purchase
agreement provides that the transaction shall be conducted through 49 separate tranche closings, provided, however, that SJC has the ability,
exercisable in its sole discretion, to purchase any number of shares of Series B Preferred Stock prior to the dates of the tranche closings
provided for in the securities purchase agreement. SJC has purchased 32,414 shares of Series B Preferred Stock through the Record Date
and had the right to purchase an additional 17,586 shares of Series B Preferred Stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">These figures are not based on any floor prices, but the actual conversion prices as of the Record Date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board believes that the increase in our authorized
Class A Common Stock will provide us with greater flexibility with respect to our capital structure for a variety of purposes, including
stock-based acquisitions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Specific Reasons for the Amendment</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has assumed a number of contractual
obligations and made other commitments giving the Company the right, or requiring it, to issue shares of its Class A Common Stock, all
of which have been publicly disclosed and outlined below. However, the Company does not at present have any contemplated transactions
pending that would require the issuance of additional shares of Class A Common Stock. However, the Company could at any time be presented
with a proposed transaction that, if consummated, could obligate it to issue additional shares of Class A Common Stock, whether in the
short or long term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As noted above, as of the Record Date, the Company
has a number of convertible debt and equity instruments as well as options and warrants that, if converted or exercised, presuming conversion
at the floor price resulting in a maximum number of shares issued, could require it to issue an aggregate of 310,509,269 shares of Class
A Common Stock, although 250,998,798 of such shares are underlying Waiver Securities, and therefore not issuable until such time as the
Company has amended its Certificate of Incorporation to provide for a sufficient number of authorized but unissued shares of Class A Common
Stock sufficient to allow for full conversion of the Waiver Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the Record Date, the Company had 343,453,412
shares of Class A Common Stock outstanding and therefor does not have sufficient authorized shares of Class A Common Stock to allow for
the issuance of an additional 310,509,269 shares of Class A Common Stock noted above, as the aggregate amount exceeds our authorized shares
by 153,962,681 shares. The Company notes that figure represents an aggregate maximum number of shares of Class A Common Stock that could
be subject to issuance, which presumes that all of the convertible securities will be converted or exercised at the lowest possible conversion
or exercise price. It is impossible for the Company to predict if, and at what prices, these convertible securities would be converted
or exercised into shares of Class A Common Stock, although the Company believes that a very significant number of these shares will be
issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the Record Date, the Company had reserved
59,510,471 million shares of Class A Common Stock for issuance upon conversion or exercise of outstanding securities, and had 97,036,117
authorized but unissued shares of Class A Common Stock for an aggregate of 156,5466,588 shares of Class A Common Stock available for issuance,
a number in excess of what the Company believes it would immediately be required to issue pursuant to the outstanding convertible and/or
exercisable instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following specific transactions or commitments
could require the Company to issue additional shares of Class A Common Stock:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company recently entered into a Sales Agreement pursuant to which it could sell up to $50,000,000 in shares of its Class A Common Stock.
Based on recent stock prices of the Class A Common Stock, if the Company were to sell all the available shares pursuant to the Sales Agreement,
it would issue approximately 213 million shares. It is, however, important to note any decision to sell these shares is solely within
the Company&rsquo;s control, meaning that the Company would not sell any of the shares provided for in the Sales Agreement in excess of
what remains unissued and available unless and until this Proposal No. 2 had been approved and the number of authorized shares of Class
A Common Stock were increased to 2,500,000,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
noted elsewhere in this Proxy Statement, there are approximately 3,000 shares of Series B Preferred Stock issued and outstanding which
if converted as of the Record Date would require the Company to issue approximately 7.5 million shares of Class A Common Stock at $0.40
per share (the &ldquo;<B>SJC Floor Price</B>&rdquo;). Further, if the additional 17,586 shares of Series B Preferred Stock are issued,
then if converted we would be required to issue approximately 44 million shares at the SJC Floor Price, or in aggregate 51.5 million shares
of Class A Common Stock, though it should be noted that 7.5 million of these shares are included in the figure 310,509,269 shares referenced
above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also
as noted elsewhere in this Proxy Statement, A&amp;C owns shares of Series C Preferred Stock, Series G Preferred Stock and Series H Preferred
Stock (collectively, the &ldquo;<B>A&amp;C Preferred Stock</B>&rdquo;) which, if converted as of the Record Date, would require the issuance
of approximately 221 million shares of Class A Common Stock, though it should be noted that these shares are included in the figure 310,509,269
shares referenced above. However, if Proposal No. 3 is approved, A&amp;C would be entitled to purchase up to 100,000 shares of Series
H Preferred Stock, which at the floor price of $0.10 (the &ldquo;<B>A&amp;C Floor Price</B>&rdquo;) would be convertible into 1 billion
shares of Class A Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding the foregoing, A&amp;C has agreed
not to convert any of its A&amp;C Preferred Stock or to purchase and subsequently convert the 96,000 additional shares of Series H Preferred
Stock it would be entitled to acquire and convert in the event that Proposal No. 3 is approved until this Proposal No. 2 has been approved
and the Company has increased its authorized shares of Class A Common Stock to 2,500,000,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December 2, 2025, the Company issued to certain sophisticated investors (collectively, &ldquo;<B>JGB</B>&rdquo;) secured convertible promissory
notes in the aggregate principal face amount of $12,768,000 (the &ldquo;<B>Convertible Notes</B>&rdquo;) in consideration for an aggregate
of $12,000,000 paid to the Company. The Convertible Notes are convertible into shares of Class A Common Stock (the &ldquo;<B>Conversion
Shares</B>&rdquo;), at a conversion price equal to the lower of (i) $0.3235 per share and (ii) 85% of the lowest daily volume-weighted
average price during the three (3) trading days immediately preceding and including the applicable conversion date, but not less than
$0.30 per share (the &ldquo;<B>JGB Floor Price</B>&rdquo;). Consequently, the Company may be required to issue up to an aggregate of 43,011,836
Conversion Shares upon conversion of the Convertible Notes (assuming that the Convertible Notes, plus all potential accrued interest,
are converted at the JGB Floor Price, to JGB in connection with the conversion of the Convertible Notes). The Company filed a registration
statement with the SEC with respect to the Conversion Shares on December 31, 2025. Until such time that either the registration statement
is effective or an exemption from registration is available, JGB would be unable to resell the Conversion Shares. The Company is presently
unable to determine when, if ever, the registration statement will be declared effective or when, if ever, the market price of Class A
Common Stock would be sufficiently high, in JGB&rsquo;s opinion, for it to decide to convert any of the Convertible Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finally,
as discussed in Proposal No. 4, if the Equity Issuance proposal is adopted, a maximum of 7,500,000 shares of Class A Common Stock would
become issuable to the Company&rsquo;s directors and executive officers upon exercise of stock options. The exercise price of those stock
options is $0.72 a share, significantly higher than the current market price of the Class A Common Stock, meaning that it would make little
to no economic sense for a holder of these options to exercise at this time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In conclusion, the Company is currently obligated
to issue an aggregate of 310,509,269 shares of Class A Common Stock upon conversion or exercise of outstanding convertible or exercisable
instruments and a presently indeterminate number of up to approximately 1.2 billion such shares in the event that the proposals in this
Proxy Statement are approved and the entire $50 million is sold pursuant to the Sales Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><A NAME="p2epc"></A>Effect of Proposal on Current Stockholders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this Proposal No. 2 is adopted, up to an additional
2,000,000,000 authorized and unreserved shares of Class A Common Stock would be available for future issuance. The additional shares of
Class A Common Stock will have the same rights as the presently authorized shares, including the right to cast one vote per share of Class
A Common Stock. Although the authorization of additional shares will not, in itself, have any effect on the rights of any holder of our
Class A Common Stock, the future issuance of additional shares of Class A Common Stock (other than by way of a stock split or dividend)
would have the effect of diluting the voting rights and could have the effect of diluting earnings per share and book value per share
of existing stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board is required to ensure that a sufficient
number of authorized shares is available to satisfy the Company&rsquo;s obligations to issue such shares upon conversion or exercise of
outstanding convertible or exercisable instruments. As of this date, several entities have the right to be issued shares of Class A Common
Stock. The Board does not presently have any contracts or commitments to issue additional shares of Class A Common Stock, options and/or
warrants, other than issuances of equity awards to its employees, officers and directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At present, the Board has no plans to issue the
additional shares of Class A Common Stock authorized by the Amendment beyond the shares underlying the instruments, such as convertible
notes and warrants that are presently outstanding. However, it is possible that some of these additional shares could be used in the future
for various other purposes without further stockholder approval, except as such approval may be required in particular cases by our charter
documents, applicable law or the rules of any stock exchange or other quotation system on which our securities may then be listed. These
purposes may include raising additional financing, providing equity incentives to employees, officers or directors, establishing strategic
relationships with other companies and/or expanding our business or product lines through the acquisition of other businesses or products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We could also use the additional shares of Class
A Common Stock that will become available pursuant to the Amendment to oppose a hostile takeover attempt or to delay or prevent changes
in control or management of our Company. Although the Board&rsquo;s approval of the Amendment was not prompted by the threat of any hostile
takeover attempt (nor is the Board currently aware of any such attempts directed at us), nevertheless, stockholders should be aware that
the Amendment could facilitate future efforts by us to deter or prevent changes in control of our Company, including transactions in which
our stockholders might otherwise receive a premium for their shares over then current market prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board has approved an amendment to the Certificate
of Incorporation to increase the Company&rsquo;s authorized shares of Class A Common Stock to 2,500,000,000 because it has determined
that this number provides more than adequate flexibility for the Company over the foreseeable future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="p2rvbr"></A>Required Vote and Board Recommendation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under Delaware law and our charter documents,
the Amendment requires the receipt of the affirmative vote from the holders of a majority of the Voting Capital Stock cast at the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The Board unanimously recommends a vote &ldquo;FOR&rdquo;
the approval of the amendment to the Certificate of Incorporation to increase authorized shares of Class A Common Stock from 500,000,000
to 2,500,000,000.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="p3"></A>PROPOSAL NO. 3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>APPROVAL, PURSUANT TO NYSE AMERICAN LISTING
RULE 713(a) &amp; (b), OF THE CONVERSION OF SHARES OF OUR SERIES H PREFERRED STOCK PURSUANT TO THE SECURITIES PURCHASE AGREEMENT WITH
AULT &amp; COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are asking our stockholders to approve the
issuance by the Company to A&amp;C of up to one hundred thousand (100,000) shares of the Series H Preferred Stock to purchase 100,000
shares of Class A Common Stock for a total purchase price of up to $100 million dollars (the &ldquo;<B>Preferred Transaction</B>&rdquo;),
which purchase price shall consist solely of cash, pursuant to that certain Securities Purchase Agreement (the &ldquo;<B>SPA</B>&rdquo;)
by and between the Company and A&amp;C dated July 31, 2025 (the &ldquo;<B>Execution Date</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are seeking stockholder approval for the issuance
of shares in excess of 19.99% of the total number of shares of Class A Common Stock outstanding as of the Execution Date. If this Proposal
No. 3 is not approved by our stockholders, the Company could be required to raise cash financing from a different source, which could
prevent or curtail the Company&rsquo;s ability to improve its balance sheet. In the event that the Company (i) is unable to obtain funding
from A&amp;C through its acquisition of Series H Preferred Stock for cash through the consummation of the SPA, or (ii) is unable to reduce
its aggregate debt on its books, the Company anticipates it would need to seek alternative methods of raising cash for future expansion
of its business, likely under far less favorable terms than those offered by A&amp;C. While the Company and A&amp;C have entered into
agreements providing for the purchase of Series C Preferred Stock and Series G Preferred Stock, acquiring shares of either of these series
of preferred stock have become less attractive to A&amp;C as a result of the decrease in the market price of the Class A Common Stock
since these agreements were entered into with A&amp;C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Proposal No. 3 is particularly important
to the Company and its stockholders given that the Company was notified by the NYSE American on December 18, 2024 that due to the Company&rsquo;s
disclosure in its Form 10-Q filed for the fiscal period ended September 30, 2024, which reported stockholders&rsquo; equity of approximately
$2.2 million, it no longer meets the requirement that it must have no less than $6 million or more in stockholders&rsquo; equity pursuant
to the listing standard set forth under Section 1003(a)(ii) and (iii) of the NYSE American Company Guide (the &ldquo;<B>Listing Standards</B>&rdquo;)
because the Company has reported losses from continuing operations and/or net losses in five of its most recent fiscal years ended December
31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the applicable NYSE American listing rules,
the Company was required by January 17, 2025 to submit a compliance plan that demonstrates how it intends to regain compliance with the
Listing Standards within 18 months of the receipt of the notice, or June 18, 2026. The compliance plan was submitted to the NYSE American
on January 17, 2025. The Company has, at the request of the NYSE American, provided supplements to the original compliance plan. While
the NYSE has accepted the compliance plan, if the Company does not make progress consistent with the plan during the plan period, the
NYSE American will initiate delisting procedures. Given that the NYSE American accepted the plan, the Company is subject to periodic reviews
including quarterly monitoring for compliance with the plan. During this period, the Company&rsquo;s Class A Common Stock will continue
to be listed on the NYSE American and trade as usual subject to compliance with other NYSE American listing requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Being able to obtain stockholder and Exchange
approval for this Proposal No. 3 was an integral element of the ability to regain and/or maintain compliance with the Listing Standards
as of the Execution Date. Subsequent to the Execution Date, however, the Company has taken certain other measures that have improved its
stockholders&rsquo; equity, such as completing an at-the market offering of its Class A Common Stock on August 29, 2025 as further described
in a Current Report on Form 8-K filed with the Commission on August 29, 2025, which as of the date of this Proxy Statement date has raised
approximately $125 million in gross proceeds, thus alleviating the need to rely exclusively on the funds that could be raised through
the Preferred Transaction. Notwithstanding the foregoing, the Company remains convinced that approval of this Proposal No. 3 would provide
sufficient stockholders&rsquo; equity for the foreseeable future to ensure that the Company remains in compliance with the Listing Standards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date of this Proxy Statement, the Company
has been notified by the Exchange that it has regained compliance with the Listing Standards since it has filed two Quarterly Reports
on Form 10-Q on each of May 20, 2025 and August 15, 2025 for the quarterly periods ended March 31, 2025 and June 30, 2025, respectively,
each of which disclosed that the Company had $6 million or more in stockholders&rsquo; equity during the periods then ended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As noted earlier, A&amp;C is an affiliate of the
Company. Consequently, it may not vote its shares of Eligible Voting Capital Stock on this Proposal No. 3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><A NAME="p3dspa"></A>Description of the Securities Purchase Agreement
and the Series H Preferred Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Description of the SPA</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consummation of the transactions contemplated
by the SPA, specifically the conversion of the Series H Preferred Stock in an aggregate number in excess of 19.99% on the Execution Date,
are subject to various customary closing conditions as well as regulatory and stockholder approval (as described in this Proposal No.
3), which conditions must be satisfied at each and every closing of a purchase by A&amp;C under the SPA. In addition to customary closing
conditions, the closing of the Preferred Transaction is also conditioned upon A&amp;C having the financial wherewithal to consummate the
transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The SPA contains customary termination provisions
for A&amp;C under certain circumstances, and the SPA shall automatically terminate if the closing has not occurred prior to the later
to occur of (i) December 31, 2027, and (ii) the date that shall be one year following the date upon which the Company has completed taking
the requisite action(s) to enable it to issue shares of Class A Common Stock to each person holding instruments entitling such person
to convert all of such convertible instrument, including but not limited to the Series H Preferred Stock, into shares of Class A Common
Stock, though such date may be extended by A&amp;C as set forth in the SPA. As of the Record Date, A&amp;C has purchased an aggregate
of 4,000 shares of Series H Preferred Stock for a total purchase price of $4,000,000. The SPA provides that the Preferred Transaction
may be conducted through one or more closings, with each such date being referred to as a &ldquo;<B>Closing Date</B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders of the Series H Preferred Stock are entitled
to written notice of stockholder meetings or written consents, along with related materials and information, in accordance with the Company&rsquo;s
Bylaws and the DGCL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Protective Provisions and Restrictive Covenants</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders of Series H Convertible Preferred Stock
are entitled to written notice of stockholder meetings or written consents, along with related materials and information, in accordance
with the Company's Bylaws and the DGCL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additionally, until the earlier of (i) four years
from the final closing date of the SPA (the &ldquo;<B>Final Closing Date</B>&rdquo;), or (ii) the date when A&amp;C holds fewer than 5,000
shares of Series H Preferred Stock, the Company will be prohibited from (A) entering into any financing, whether debt or equity, other
than conventional loans from a commercial bank, at a price per share less than the Conversion Price (as defined below) or (B) entering
into a variable rate financing transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Further, for as long as A&amp;C holds at least
5,000 shares of Series H Preferred Stock, A&amp;C shall have a right to participate in any subsequent financing (a &ldquo;<B>Subsequent
Financing</B>&rdquo;) allowing A&amp;C to purchase such number of securities in the Subsequent Financing to allow A&amp;C to maintain
its percentage beneficial ownership of the Company that A&amp;C held immediately prior to the Subsequent Financing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the Company must establish a reserve
account to be funded with no less than 12.5% of the gross proceeds received from the sale of the Series H Preferred Stock, which shall
be maintained for a period of at least nine months from the initial Closing Date. The special committee of the Board required that this
measure be adopted and incorporated into the SPA based on the advice of its own outside counsel in order to preserve some amount of capital
to be able to address currently unknown capital requirements. While the Company must maintain this reserve account until June 2, 2026,
the Company does not believe that reserving 12.5% of any funds raised through the sale Series H Preferred Stock will materially affect
its flexibility. Further, as noted above, the Company&rsquo;s financial position has improved significantly since the SPA was executed
through a variety of other means, of which the at-the market sales offering is but one. As a result, the $500,000 of funds in the reserve
account from sales of Series H Preferred Stock to date are not as meaningful as they were as of the Execution Date. In addition, since
all sales of Series H Preferred Stock are in the sole discretion of A&amp;C, any additional funds that are required to be placed into
the reserve account will come from additional sales of the Series H Preferred Stock, in which case the Company would have immediate access
to the remaining 87.5% of gross proceeds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While A&amp;C is certainly entitled to enforce
its rights described immediately above, the Company does not believe that it has assumed significant risks by agreeing to grant A&amp;C
these rights for two principal reasons. For one, as stated above, A&amp;C is an affiliate of the Company and beneficially owns a significant
percentage interest in the Company (see the section entitled &ldquo;<I>Security Ownership of Certain Beneficial Owners and Management</I>&rdquo;
below). Consequently, A&amp;C has a strong interest in seeing the Company succeed in its various endeavors and would not impair the Company&rsquo;s
right to raise capital on reasonable terms, as doing so would materially and adversely impact its own best interests. Second, A&amp;C
has since November of 2023 purchased two other series of preferred stock, the Series C Convertible Preferred Stock and the Series G Convertible
Preferred Stock, the securities purchase agreements for each of which provided A&amp;C identical rights, except that no warrants are issuable
in connection with the Preferred Transaction; notwithstanding the foregoing, A&amp;C has permitted the Company to enter into a number
of financing transactions, such as at-the market offerings, and very recently supported the Company&rsquo;s (i) entry into a sales agreement
providing for an at-the-market offering with Wilson-Davis &amp; Co., Inc., which the Company announced in a press release dated August
29, 2025, and (ii) entry into a sales agreement providing for an at-the-market offering with Spartan Capital Securities, LLC, which the
Company announced in a press release dated December 19, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The last Closing Date shall occur no later of
(i) December 31, 2027, and (ii) the date that shall be one year following the date upon which the Company has completed taking the requisite
action(s) to enable it to issue shares of Class A Common Stock to each person holding instruments entitling such person to convert all
of such convertible instrument, including but not limited to the Series H Preferred Stock, into shares of Class A Common Stock, though
such date may be extended by A&amp;C as set forth in the SPA</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The SPA contains customary representations, warranties
and agreements by the Company, obligations of the parties, termination provisions and closing conditions. The representations, warranties
and covenants contained in the SPA were made only for purposes of such agreement and as of specific dates, were solely for the benefit
of the parties to such agreement, and may be subject to limitations agreed upon by the contracting parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Description of the Series H Preferred Stock
</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Conversion Rights</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each share of Series H Preferred Stock has a stated
value of $1,000.00 and is convertible into shares of Class A Common Stock at a conversion price equal to the greater of (i) the A&amp;C
Floor Price and (ii) the lesser of (A) $0.79645, which represents 105% of the volume weighted average price of the Class A Common Stock
during the five trading days immediately prior to the Execution Date or (B) 105% of the volume weighted average price of the Class A Common
Stock during the five trading days immediately prior to the date of conversion (the &ldquo;<B>Conversion Price</B>&rdquo;). The Conversion
Price is subject to adjustment in the event of an issuance of Class A Common Stock at a price per share lower than the Conversion Price
then in effect, as well as upon customary stock splits, stock dividends, combinations or similar events. The A&amp;C Floor Price will
under no circumstances be adjusted for stock dividends, stock splits, stock combinations or similar transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Voting Rights</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The holders of the Series H Preferred Stock are
entitled to vote with the Class A Common Stock as a single class on an as-converted basis, subject to applicable law provisions of the
DGCL and the Exchange, provided however, that for purposes of complying with Exchange regulations, the conversion price, for purposes
of determining the number of votes the holder of Series H Convertible Preferred Stock is entitled to cast, shall not be lower than $0.72
(the &ldquo;<B>Voting Floor Price</B>&rdquo;), which represents the closing sale price of the Class A Common Stock on the trading day
immediately prior to the Execution Date. The Voting Floor Price shall be adjusted for stock dividends, stock splits, stock combinations
and other similar transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, if this Proposal No. 3 is approved,
A&amp;C will be entitled to elect such number of directors to the Board as shall be equal to a percentage determined by dividing (i) the
number of shares of Class A Common Stock issuable upon conversion of the Series H Preferred Stock then owned by A&amp;C (the &ldquo;<B>Conversion
Shares</B>&rdquo;), by (ii) the sum of the number of shares of Class A Common Stock then outstanding plus the number of Conversion Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Dividend Rights</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The holders of Series H Convertible Preferred
Stock are entitled to cumulative cash dividends at an annual rate of 9.5%, or $95.00 per share, based on the stated value per share. Dividends
shall accrue from the initial Closing Date, until the 10-year anniversary of the initial Closing Date and are payable monthly in arrears.
For the first two years, the Company may elect to pay the dividend amount in Class A Common Stock rather than cash, with the number of
shares of Class A Common Stock issued at the Conversion Price at the date that the dividend payment is due. Dividends will accrue regardless
of the Company&rsquo;s earnings or funds availability and will not exceed the full cumulative dividends. If dividends are in arrears for
one or more periods where dividends are to be paid and A&amp;C is contractually required to pay any penalties or damages as a result of
the failure of the Company to pay such dividend, the dividend rate will increase to 12% per annum (equivalent to $120.00 per annum per
share) and will be paid either in cash or additional shares of Series H Preferred Stock (if the Class A Common Stock is then listed on
a national securities exchange) or if not, freely tradeable Class A Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Liquidation Rights</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event of liquidation, dissolution, or winding
up of the Company, the holders of Series H Preferred Stock have a preferential right to receive an amount equal to the stated value per
share of Series H Preferred Stock before any distribution to other classes of capital stock, provided, however, that it ranks on a pari
passu basis with the Series C Preferred Stock and the Series G Preferred Stock. If the assets are insufficient, the distribution will
be prorated among the holders of Series H Preferred Stock, Series C Preferred Stock and Series G Preferred Stock. The remaining assets
will be distributed pro rata to the holders of outstanding capital stock and all holders of Series H Preferred Stock as if they had converted
their Series H Preferred Stock into Class A Common Stock. The Series H Preferred Stock ranks senior over other classes of preferred stock,
including the Series A, B, D, E and F Preferred Stock. Additionally, any transaction that constitutes a change of control transaction
shall be deemed to be a liquidation under the Certificate of Designation of the Preferences, Rights and Limitations of Series H Convertible
Preferred Stock (the &ldquo;<B>Series H Certificate of Designation</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The foregoing descriptions
of the SPA, the Certificate of Designations of the Series H Preferred Stock and the transactions contemplated thereby do not purport to
be complete and are qualified in their entirety by reference to the SPA filed as <U>Exhibit 10.1</U>, and the form of the Certificate
of Designations of the Series H Preferred Stock, a copy of which is filed as <U>Exhibit 4.1</U>, to the Current Report on Form 8-K filed
with the SEC on August 1, 2025, each of which is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="p3sar"></A>Stockholder Approval Requirement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As noted above, the SPA provides that the number
of shares to be issued to A&amp;C is initially limited to 19.99% of the total number of shares of Class A Common Stock outstanding as
of the date of the SPA until such time as the stockholders of the Company approve the issuance of additional shares, which include the
shares underlying the Series H Preferred Stock. We have agreed to promptly seek such stockholder approval and are seeking such approval
at the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Rule 713(a) of the NYSE American requires stockholder
approval of a transaction, other than a public offering, involving the sale, issuance or potential issuance by an issuer of Class A Common
Stock (or securities convertible into or exercisable for Class A Common Stock) at a price less than the greater of book or market value
which together with sales by officers, directors or principal stockholders of the issuer equals 20% or more of presently outstanding Class
A Common Stock, or equal to 20% or more of presently outstanding stock for less than the greater of book or market value of the stock,
or when the issuance or potential issuance of additional shares will result in a change of control of the issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Further, Rule 713(b) of the NYSE American requires
stockholder approval of a transaction, other than a public offering, when the issuance or potential issuance of additional shares will
result in a change of control of the issuer. Rule 713(b) is applicable to the Preferred Transaction because, as noted above, A&amp;C would
acquire the ability to appoint a number of individuals to the Board, the number of which could constitute a majority of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Stockholder approval of this Proposal No. 3 will
constitute stockholder approval for purposes of Rules 713(a) and (b) of the NYSE American.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are seeking stockholder approval for the issuance
of a presently indeterminate number of shares of Class A Common Stock to A&amp;C in connection with the conversion of the Series H Preferred
Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our stockholders are not entitled to dissenters&rsquo;
rights with respect to this Proposal, and we will not independently provide stockholders with any such right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="p3rft"></A>Reasons for Transaction</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will need to raise significant cash
financing to operate and expand its operations, and will need to extinguish as much of its debt as possible. In addition, it must significantly
increase its stockholders&rsquo; equity, which both of the foregoing would do. In the event that the Company is unable to (i) obtain funding
from A&amp;C through its acquisition of Series H Preferred Stock for cash through the consummation of the SPA, or (ii) reduce its aggregate
debt on its books, the Company anticipates it would need to seek alternative methods of raising cash for future expansion of its business,
likely under far less favorable terms than those offered by A&amp;C. Further, if the Company is unable to raise its stockholders&rsquo;
equity to the requisite level, all its securities currently traded on the Exchange, as well as other classes of securities that may trade
on the Exchange in the future, would be delisted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Use of Proceeds</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event that Company were to sell all 100,000
shares of Series H Preferred Stock and thereby raise an aggregate of $100 million in gross proceeds, then the Company presently expects
to allocate such funds to the following uses (disregarding for present purposes that the $100 million consists of gross rather than net
proceeds and assuming that the sale of Series H Preferred Stock were the Company&rsquo;s sole means of raising capital):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD STYLE="text-align: justify">$85 million would be allocated to the Company&rsquo;s Michigan Data Center expansion, including infrastructure,
power, equipment, and related build-out costs; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD STYLE="text-align: justify">$15 million would be reserved for general working capital purposes to fund ongoing operations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event that fewer than 100,000 shares of
Series H Preferred Stock were sold, the 85/15 split would be expected to generally remain the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Consequently, if we were to raise (i) $25 million
based on the sale of 25,000 such shares, (ii) $50 million based on the sale of 50,000 such shares, (iii) $75 million based on the sale
of 75,0000 such shares, and (iv) $100 million based on the sale of 100,000 such shares, the allocation would be as follows:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: center"><B>Allocation to:</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 27%; text-align: center"><B>Number of Shares Sold</B></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 24%"><B>Dollar Amount Raised</B></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 23%; text-align: center"><B>The Michigan Data Center</B></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 23%; text-align: center"><B>Working Capital</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom">25,000</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">$25 million</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">$21.25 million</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">$3.75 million</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">50,000</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white">$50 million</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">$42.5 million</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">$7.5 million</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom">75,000</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">$75 million</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">$63.5 million</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">$11.25 million</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">100,000</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white">$100 million</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">$85 million</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">$15 million</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="p3ecsd"></A>Effect on Current Stockholders; Dilution</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The SPA does not affect the rights of the holders
of outstanding Class A Common Stock, but the issuance of shares to A&amp;C pursuant to the terms of the SPA will have a dilutive effect
on our existing stockholders, including the voting power and the economic rights of the existing stockholders. If we were to issue A&amp;C
all 100,000 shares which it may acquire with stockholder approval (presuming that all shares of Series H Preferred Stock were converted
at the A&amp;C Floor Price on the Record Date), A&amp;C would have beneficially owned approximately 76.80% of the 1,343,453,412 shares
of Class A Common Stock that would then have been outstanding as of the Record Date. Assuming no shares other than the Series H Preferred
Stock are issued, the dilutive effect of issuing the up to $100 million of such shares would result in A&amp;C beneficially owning 62.07%
of the Company, with the remaining portion being owned, beneficially or otherwise, by (i) A&amp;C through its holdings of the Class A
Common Stock, Class B Common Stock, Series C Convertible Preferred Stock and the Series G Convertible Preferred Stock, (ii) SJC through
its holding of the Series B Convertible Preferred Stock as well as (iii) all other stockholders as of the Record Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the Record Date, the number of issued and
outstanding shares of Class A Common Stock was 343,453,412. As noted above, as of the Record Date, the shares of Preferred Stock were
convertible into shares of Class A Common Stock, excluding any additional shares that are currently issuable as a result of beneficial
ownership blockers on conversion of such shares of Preferred Stock, for an aggregate of 228,400,320 shares of Class A Common Stock assuming
conversion of all of A&amp;C&rsquo;s and SJC&rsquo;s Preferred Stock. As set forth in the table disclosing Beneficial Ownership below,
as of the Record Date, A&amp;C beneficially owned 227,710,126 shares of Class A Common Stock, or 40.04% of such shares. Assuming that
all 960,000 shares of Series H Preferred Stock were purchased by A&amp;C and converted into Class A Common stock at the A&amp;C Floor
Price of $0.10, such numbers would increase to 1,187,710,126 shares of Class A Common Stock, or 76.80% of such shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The table below sets forth A&amp;C&rsquo;s beneficial
ownership of the Class A Common Stock based on various numbers of Series H Preferred Stock issued to A&amp;C and the resulting dilution
to stockholders other than A&amp;C:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 39%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 31%; text-align: center"><B>Number of shares of Class A </B></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 28%; text-align: center"><B>Percentage of Outstanding </B></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: center"><B>Number of shares of Series H </B></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><B>Common Stock to be Issued </B></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><B>Class A Common</B></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><B>Preferred Stock Sold (1)</B></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><B>upon Conversion</B></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><B>Stock Held by A&amp;C</B></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="text-align: right">10,000</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">100,000,000 </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;47.73%</TD></TR>
  <TR>
    <TD STYLE="text-align: right">25,000</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">250,000,000 </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;57.11%</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="text-align: right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">500,000,000 </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;66.98%</TD></TR>
  <TR>
    <TD STYLE="text-align: right">75,000</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">750,000,000 </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;73.15%</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="text-align: right">96,000</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">960,000,000 </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;76.80%</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><SUP>(1)</SUP>&nbsp;At the Record Date, there
were 4,000 shares of Series H Preferred Stock issued and outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The availability for sale of a large number of
shares by A&amp;C may depress the market price of our Class A Common Stock and, going forward, may impair our ability to raise additional
capital through the public sale of our Class A Common Stock. We do not have any arrangement with A&amp;C to address the possible effect
on the price of our Class A Common Stock of the sale by A&amp;C of its shares of Class A Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="p3rvbr"></A>Required Vote and Board Recommendation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The issuance of Conversion Shares underlying the
Series H Preferred Stock to A&amp;C requires the receipt of the affirmative vote of a majority of the shares of the Eligible Voting Capital
Stock present in person or by proxy and voting at the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The Board unanimously recommends a vote &ldquo;FOR&rdquo;
the approval of the issuance of Conversion Shares underlying the Series H Preferred Stock to A&amp;C in order to comply with Rules 713(a)
and (b) of the NYSE American</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="p4"></A>PROPOSAL NO. 4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>APPROVAL OF EQUITY ISSUANCES TO DIRECTORS AND
EXECUTIVE OFFICERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><A NAME="p4ti"></A>Terms of the Issuances</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 31, 2025, the Board determined to grant
to each independent director (other than Mr. Lorber, who was not a member of the Board at the time), options to purchase 250,000 shares
of Class A Common Stock at an exercise price of $0.72 per share for a term of ten (10) years from the date of the option grant to be issued
to the independent directors. Fifty percent (50%) of these options shall vest on the date that Company obtains the approval therefor by
its stockholders and 50% of which shall vest monthly beginning March __, 2026 and will be exercisable upon receipt of approval therefor
by the NYSE American and the Company&rsquo;s stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 31, 2025, the Board determined to grant
to each non-independent director options to purchase shares of Class A Common Stock, with Messrs. Ault and Horne receiving options to
purchase 2,000,000 such shares each, and Mr. Nisser receiving options to purchase 1,500,000 such shares, each at an exercise price of
$0.72 per share for a term of ten (10) years from the date of the option grant to be issued to the foregoing individuals. Fifty percent
(50%) of these options shall vest on the date that Company obtains the approval therefor by its stockholders, and 50% of which shall vest
monthly beginning March ___, 2026 and will be exercisable upon receipt of approval therefor by the NYSE American and the Company&rsquo;s
stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 31, 2025, the Board determined to grant
to Kenneth Cragun, the Company&rsquo;s Chief Financial Officer, options to purchase 1,000,000 shares of Class A Common Stock at an exercise
price of $0.72 per share for a term of ten (10) years from the date of the option grant to be issued to Mr. Cragun. Fifty percent (50%)
of these options shall vest on the date that Company obtains the approval therefor by its stockholders, and 50% of which shall vest monthly
beginning March ___, 2026 and will be exercisable upon receipt of approval therefor by the NYSE American and the Company&rsquo;s stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 18, 2026, the Board determined to grant
to Michael &ldquo;Mickey&rdquo; Lorber, a recently appointed independent director, options to purchase 250,000 shares of Class A Common
Stock at an exercise price of $0.297 per share for a term of ten (10) years from the date of the option grant to be issued to Mr. Lorber.
Fifty percent (50%) of these options shall vest on the date that Company obtains the approval therefor by its stockholders, and 50% of
which shall vest monthly beginning March ___, 2026 and will be exercisable upon receipt of approval therefor by the NYSE American and
the Company&rsquo;s stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All the foregoing issuances are at times collectively
referred to herein as the &ldquo;<B>Equity Issuance</B>&rdquo; and the recipients thereof are at times collectively referred to herein
as the &ldquo;<B>Option Recipients</B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><A NAME="p4rpei"></A>Reasons for the Proposed Equity Issuance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In general, the Company does not believe that
it is uncommon for boards of directors of issuers to grant an issuer&rsquo;s executive officers and members of its Board equity awards
of one form or another; in fact, the Company would argue that it is a widespread practice and serves to motivate these individuals to
perform at their highest ability and aligns their interests with those of the Company and therefore, by extension, the Company&rsquo;s
stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">More specifically, the Board believes that the
Equity Issuance is in the best interests of the Company and its stockholders, as it provides incentives to retain and motivate the Option
Recipients without incurring the stock dilution that would result from stock awards or additional cash expenditures that would result
from additional cash compensation. Additionally, the Board continues to believe in value creation rather than value transfer and views
the Equity Issuance as consistent with its approach of orienting long-term incentives toward stock options as the primary tool to minimize
incremental dilution for stockholders, facilitate employee and director retention as the Company pursues its business strategies, restore
the retention value of the Equity Issuance, and provide the Option Recipients with a more realistic incentive to drive stockholder value
creation, thereby supporting the Company&rsquo;s continued focus on stock price recovery and growth</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In this particular instance, however, the Board
determined to issue the above-referenced equity awards for two reasons that are not applicable to all other issuers. First, the Company
has issued options to purchase Class A Common Stock to the Option Recipients in the past, but these individuals have never obtained the
benefit of these option grants as a result of the Company&rsquo;s declining stock price. Second, and much more importantly, the Company
has in the past issued stock grants to the Option Recipients. However, again, not only have these individuals not seen a benefit from
these issuances but they have actually suffered material monetary damages since they have been forced to pay taxes with respect to these
issuances while being generally unable to sell their shares for various reasons, principal among them not to violate laws against selling
shares while in possession of material non-public information as well as during mandated blackout periods. While all recipients suffered
a degree of tax liability resulting from those issuances, these taxes have amounted to no less than $400,000 in the case of the three
principal executive officers, none of whom ever sold a single share of Class A Common Stock issued to them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While the Company has determined to never again
issue actual stock grants, it does believe it to be fair and equitable to issue options to the Option Recipients, which may permit them
to profit to a presently unforeseeable extent from their work for the Company, and perhaps in some measure to recoup losses they have
suffered from paying taxes on virtually worthless shares of Class A Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this Proposal No. 4 is not approved by our
stockholders, then we will not implement the Equity Issuance. However, we may need to consider alternative compensation structures, including
the payment of cash retention bonuses, to achieve the objectives for which the Equity Issuance was designed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><A NAME="p4dpei"></A>Determination to Pursue the Equity Issuance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our compensation program is designed to align
with the interests of our stockholders by reflecting a pay-for-performance philosophy that supports our business strategy. A core principle
of this program is our commitment to long-term equity incentive compensation, which ensures that the Option Recipients all participate
in the Company&rsquo;s long-term value creation alongside our stockholders. We have historically granted stock options under our stock
incentive plans consistent with the view that stock-based incentive compensation opportunities play a significant role in our ability
to attract, motivate and retain qualified individuals who we believe best represent the Company&rsquo;s values and can make meaningful
contributions towards achieving its business objectives. While the Company&rsquo;s compensation packages generally include a number of
different components, we believe that long-term equity compensation provides the Option Recipients with a strong link to our long-term
performance and helps create an ownership culture by encouraging them to work toward our success, aligning their interests with those
of our stockholders, and rewarding efforts that drive sustained increases in stockholder value. Given the intense competition for experienced
and talented individuals with critical and high demand skills in our industry, stock options remain an important part of our incentive
compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In considering whether to implement the Equity
Issuance, the Board determined that adverse changes in the market price of our Class A Common Stock since the dates that the prior grants
were made could materially interfere with our efforts to retain the services of the Option Recipients. In recent years, the stock market
in general, and the market for artificial intelligence high performance computing and Bitcoin mining in particular, has experienced extreme
price and volume fluctuations, often unrelated or disproportionate to changes in the operating performance of the affected companies.
Since September 2, 2020, the closing market price of the Class A Common Stock has experienced material fluctuations and declined from
a high of approximately $1,389,188 on February 17, 2021 to approximately $0.2677 on the Record Date. As a result, the Option Recipients
now hold options with exercise prices meaningfully above the recent trading range of the Class A Common Stock (often referred to as &ldquo;underwater&rdquo;
or &ldquo;out-of-the-money&rdquo;), rendering the options a less effective means of incentivizing and retaining such holders, not to mention
the materially adverse tax consequences suffered by the Option Recipients from prior issuances of shares of Class A Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="p4wcnsa"></A>Why the Company Needs Stockholder Approval</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Rule 711 of the NYSE American requires stockholder
approval with respect to the establishment of (or material amendment to) a stock option or purchase plan or other equity compensation
arrangement pursuant to which options or stock may be acquired by executive officers and directors of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><A NAME="p4epcs"></A>Effect of Proposal on Current Stockholders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this Proposal No. 4 is adopted, a maximum of
7,500,000 shares of Class A Common Stock would be issuable. Based on the number of shares of Class A Common Stock outstanding as of the
Record Date, such shares would represent 2.14% of our total outstanding shares (giving effect to such issuance). The issuance of such
shares may result in significant dilution to our stockholders, and afford them a smaller percentage interest in the voting power, liquidation
value and aggregate book value of the Company. The sale or any resale of the Class A Common Stock issued could cause the market price
of our Class A Common Stock to decline.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><A NAME="p4rvbr"></A>Required Vote and
Board Recommendation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The grant of options set forth in this Proposal
No. 4 to the directors and executive officers of the Company requires the receipt of the affirmative vote of a majority of the shares
of the Company&rsquo;s Eligible Capital Stock present in person or by proxy and voting at the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The Board unanimously recommends a vote &ldquo;FOR&rdquo;
the approval of equity issuances to directors and executive officers of the Company, in order to comply with Rule 711 of the NYSE American.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="p5"></A>PROPOSAL NO. 5</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>APPROVAL OF THE ADJOURNMENT OF THE MEETING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Proposal to adjourn the Meeting (the &ldquo;<B>Adjournment
Proposal</B>&rdquo;) allows the Board to submit a proposal to adjourn the Meeting to a later date or dates, if necessary, to permit further
solicitation of proxies in the event, based on the tabulated votes, there are not sufficient votes at the time of the Meeting to approve
any of the Proposals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If stockholders approve the Adjournment Proposal,
we could adjourn the Meeting and any subsequent, adjourned meeting of stockholders and use the additional time to solicit required proxies,
including proxies from stockholders who previously may have returned properly executed proxies voting against any of the proposals adjourned.
In no event will we solicit proxies to adjourn the Meeting beyond the date by which it may properly do so under Delaware law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Adjournment Proposal is presented at the
Meeting and such proposal is not approved by stockholders, the Board may not be able to adjourn the Meeting to a later date in the event,
based on the tabulated votes, there are not sufficient votes at the time of the Meeting to approve one or more of the Proposals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="p5rvbr"></A>Required Vote and Board Recommendation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Adjournment Proposal requires the receipt
of the affirmative vote of a majority of the shares of the Company&rsquo;s Eligible Capital Stock present in person or by proxy and voting
at the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The Board unanimously recommends a vote &ldquo;FOR&rdquo;
the Adjournment Proposal.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="p5socbom"></A>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
AND MANAGEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as otherwise indicated below, the following
table sets forth certain information regarding beneficial ownership of our Class A Common Stock as of the Record Date by (1) each of our
current directors; (2) each of the executive officers; (3) each person known to us to be the beneficial owner of more than 5% of the outstanding
shares of our Class A Common Stock based upon Schedules 13G or 13D filed with the SEC; and (4) all of our directors and executive officers
as a group. As of the Record Date, there were 343,453,412 shares of our Class A Common Stock issued and outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Beneficial ownership is determined in accordance
with the rules of the Commission and includes voting or investment power with respect to the securities. Class A Common Stock subject
to options or warrants that are currently exercisable or exercisable within 60 days of the Record Date are deemed to be outstanding and
to be beneficially owned by the person or group holding such options or warrants for the purpose of computing the percentage ownership
of such person or group, but are not treated as outstanding for the purpose of computing the percentage ownership of any other person
or group. Unless otherwise indicated by footnote, to our knowledge, the persons named in the table have sole voting and sole investment
power with respect to all Class A Common Stock shown as beneficially owned by them, subject to applicable community property laws.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid"><B>Name and address of beneficial owner<SUP>(1)</SUP></B></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><B>Number of <BR>
shares <BR>
beneficially <BR>
owned</B></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><B>Approximate <BR>
percent <BR>
of class</B></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><B><U>Greater than 5% Beneficial Owners:</U></B></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 72%">Ault &amp; Company, Inc. </TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: right">227,710,126</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;<SUP>(2)</SUP></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: right">40.04</TD>
    <TD STYLE="white-space: nowrap; width: 1%">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><B><U>Directors and Officers:</U></B></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD>Milton&nbsp;Ault, III</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">227,980,647</TD>
    <TD STYLE="white-space: nowrap">&nbsp;<SUP>(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">40.09</TD>
    <TD STYLE="white-space: nowrap">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>William Horne</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD STYLE="white-space: nowrap">&nbsp;<SUP>(4)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">*</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD>Henry Nisser</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3</TD>
    <TD STYLE="white-space: nowrap">&nbsp;<SUP>(5)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">*</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>Ken Cragun</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">0</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">0</TD>
    <TD STYLE="white-space: nowrap">&nbsp;%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD>Robert Smith</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">0</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">0</TD>
    <TD STYLE="white-space: nowrap">&nbsp;%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>Mordechai Rosenberg</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">0</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">0</TD>
    <TD STYLE="white-space: nowrap">&nbsp;%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD>Jeffrey A. Bentz</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">0</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">0</TD>
    <TD STYLE="white-space: nowrap">&nbsp;%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>All directors and executive officers as a group (seven persons)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;227,980,651</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">40.09</TD>
    <TD STYLE="white-space: nowrap">%</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less
than one percent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Unless otherwise indicated, the business address of each of the individuals is c/o Hyperscale Data, Inc.,
11411 Southern Heights Pkwy, Suite 190, Las Vegas, NV 89141.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">Represents (i) 2,500,005 shares of Class A Common Stock owned, (ii) 14,679,698 shares of Class B Common
Stock that are convertible into the same number of shares of Class A Common Stock and carry the voting power of 146,796,980 shares of
Class A Common Stock, (iii) 200,964,629 shares of Class A Common Stock issuable upon conversion of 50,000 shares of Series C Convertible
Preferred Stock that carry the voting power of 464,576 shares of Class A Common Stock, (iv) 3,858,521 shares of Class A Common Stock issuable
upon conversion of 960 shares of Series G Convertible Preferred Stock that carry the voting power of 153,748 shares of Class A Common
Stock, (v) 5,068,221 shares of Class A Common Stock issuable upon conversion of 4,000 shares of Series H Convertible Preferred Stock that
carry the voting power of 5,068,221 shares of Class A Common Stock and (vi) 639,052 shares of Class A Common Stock underlying presently
exercisable warrants.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">Represents (i) 227,710,126 shares of Class A Common Stock beneficially owned by A&amp;C, as disclosed
in footnote 2 above, (ii) 268,800 shares of Class A Common Stock owned by Mr. Ault, and (iii) 1,721 shares of Class B Common Stock that
are convertible into the same number of shares of Class A Common Stock and carry the voting power of 17,210 shares of Class A Common Stock.
Mr. Ault is the Chief Executive Officer of A&amp;C.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify">Represents (i) 1 share of Class B Common Stock that carries the voting power of 10 shares of Class A Common
Stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(5)</TD><TD STYLE="text-align: justify">Represents (i) 2 shares of Class A Common Stock and (ii) 1 share of Class B Common Stock that carries
the voting power of 10 shares of Class A Common Stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="p5ob"></A>OTHER BUSINESS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board knows of no business to be brought before
the Meeting other than as set forth above. If other matters properly come before the stockholders at the Meeting, it is the intention
of the persons named on the proxy to vote the shares represented thereby on such matters in accordance with their judgment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By Order of the Board of Directors,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; border-bottom: black 1pt solid">&nbsp;/s/ Milton C. Ault, III</TD>
    <TD STYLE="width: 80%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Milton C. Ault, III</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">Executive Chairman of the Board</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March __, 2026</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --> -</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>
<P STYLE="margin: 0">&nbsp;</P>

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