Powell Max Ltd (PMAX) Form SCHEDULE 13D — Nov 10, 2026
A group controlled by Milton C. Ault III — including Hyperscale Data, Ault Capital Group, Ault Lending, and Alpha Structured Finance — filed a Schedule 13D disclosing beneficial ownership of roughly 609,597 to 610,597 Class A shares of Powell Max Ltd, or about 21.6-21.7% of the 2,820,367 shares outstanding as of October 21, 2026. The Reporting Persons state they have engaged and intend to continue discussions with Powell Max's board and management regarding opportunities to enhance stockholder value, reserving the right to pursue business combinations, capitalization changes, and board composition changes — classic activist 13D language.
Key figures
- Shares Offered
- 0
- Shares Outstanding
- 2820367
- Reverse split
- 1-for-10 effected April 17, 2026
- Blocker provision
- 4.99%
- Milton ault shares
- 610597
- Conversion price used
- 0.3648
- Conversion floor price
- 0.234
- Aggregate stake percent
- 21.7
- Alpha fund stake percent
- 9.4
- Hyperscale stake percent
- 21.6
- Ault lending stake percent
- 12.2
- Spaa aggregate purchase price
- 11707262
- Spaa class c shares purchased
- 470172
- Shares excluded from ownership
- 37199803
- Class c shares held by ault lending
- 13570511
AI analysis
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