Axe Compute Finishes Its Turn From Cancer Diagnostics to GPU Rental by Selling Helomics for 636,328 DataMeds Shares and a $1.36 Million Note. No Cash Comes Back to the Seller, Which Also Pays the Buyer the Remaining Base Rent on Two Leases, and the Buyer Is a Micro-Cap That Renamed Itself in July

by Thandi Mbeki · September 25, 2026

AI Companies Reporter, Frontier Tech Wire

Axe Compute Inc. (Nasdaq: AGPU), the Pittsburgh company that until December 2025 was called Predictive Oncology, said on Sept. 15 that it had sold its Helomics Corporation subsidiary, a cancer-diagnostics laboratory business, to DataMeds AI, Inc. (Nasdaq: MEDS), according to a press release filed as Exhibit 99.1 to a Form 8-K on Sept. 17. The release calls it an 'All-stock sale.' The 8-K discloses what the release does not: the consideration is 636,328 shares of DataMeds common stock, which DataMeds' own 8-K describes as 'approximately 19.99% of the number of shares' outstanding immediately before the agreement, plus a convertible promissory note with a principal amount of $1,363,672.00. No cash flows to the seller; the only cash term disclosed runs the other way, in the form of rent.

Chief executive Christopher Miglino is quoted in the release as saying: 'This transaction is the final chapter of Axe Compute's transformation into a focused, pure-play neocloud GPU-as-a-Service company.' The 8-K uses the same framing, stating that 'the sale of Helomics completes the Company's strategic transition to a pure-play neocloud GPU-as-a-Service company.' The stock purchase agreement was signed and closed on the same day, Sept. 11, 2026, according to the filing.

The note's terms are set out in DataMeds' own 8-K, filed Sept. 16. It bears interest at a simple rate of '7% per annum,' is due on 'September 11, 2029' unless earlier converted, and converts at '$1.00 per share,' with the conversion price automatically reduced, 'subject to customary exceptions,' if DataMeds later issues or sells shares at an effective price below it. Conversion is subject to DataMeds stockholder approval under 'Nasdaq Listing Rule 5635(d),' which the filing says the company will seek at a meeting to be held within 75 days of closing, and the note converts automatically once that approval is received. All of the securities issued to Axe Compute are locked up, subject to customary exceptions, for '12 months following the Closing,' and Axe Compute has agreed for six months to vote its DataMeds shares in line with the DataMeds board's recommendations. Axe Compute has also accepted a covenant not to compete with the Helomics business and, according to its own 8-K, agreed to pay DataMeds at the closing the remaining base rent under two leases for Helomics' Pittsburgh premises through the end of their current terms, with operating expenses, taxes, insurance and utilities becoming DataMeds' and Helomics' responsibility. The amount of that rent payment is not disclosed.

What the paper is worth is the open question. Neither 8-K states a dollar value for the 636,328 shares. Two reference points exist in the filings. The note converts at $1.00 a share. And in a separate 8-K filed Sept. 17, DataMeds disclosed a litigation settlement, also dated Sept. 11, under which it paid $450,000 in total, 'with $350,000 attributed as aggregate consideration for the Company's repurchase and extinguishment of' 364,099 shares, which works out to about $0.96 a share by our arithmetic; that is a negotiated settlement price, not a market price. If the consideration shares are valued near either reference, the entire Helomics disposal is worth on the order of $2 million, by our arithmetic (636,328 shares at roughly $1 plus the $1,363,672 note), before the lock-up and the conversion vote are taken into account.

The 19.99 percent figure also says something about the buyer. If 636,328 shares represent approximately 19.99 percent of DataMeds' outstanding stock, the company had roughly 3.2 million shares outstanding before the deal, by our arithmetic (636,328 divided by 0.1999). DataMeds, according to its SEC filing history, was known as Wellgistics Health, Inc. until July 21, 2026. Its interim co-chief executive, Gerald Commissiong, is quoted in the Axe Compute release as saying the transaction 'thrusts DataMEDS into the field of oncology.' The DataMeds settlement 8-K says the company 'anticipates extinguishing approximately $19 million in liability' from its balance sheet as part of resolving lawsuits in Florida and Delaware.

The balance sheet shows how the GPU business is being built. The company recorded $17,100,106 of technology equipment at June 30, against none at Dec. 31, 2025, and alongside that it carries compute prepayments to third-party vendors for reserved GPU capacity: $11,148,981 classified as current and $22,946,761 as non-current at June 30, a combined $34.1 million by our arithmetic. Total assets were $100,375,956 and total stockholders' equity $34,045,195. The 10-Q states that 'the Company believes its sources of liquidity will be sufficient to allow the Company to fund its planned operations for at least the next twelve months,' and contains no going-concern language. The cover page showed 11,591,124 shares outstanding as of Aug. 13, 2026.

The balance sheet shows how the GPU business is being built. Rather than owning hardware, the company records compute prepayments to third-party vendors: $11,148,981 classified as current and $22,946,761 as non-current at June 30, a combined $34.1 million by our arithmetic. Total assets were $100,375,956 and total stockholders' equity $34,045,195. The 10-Q states that 'the Company believes its sources of liquidity will be sufficient to allow the Company to fund its planned operations for at least the next twelve months,' and contains no going-concern language. The cover page showed 11,591,124 shares outstanding as of Aug. 13, 2026.

The GPU pivot has been announced in stages. On Aug. 17 Axe Compute said it had entered into agreements with Duos Technologies Group, Inc. for '55 MW of new AI data center capacity across multiple U.S. locations, representing over $500 million in expected aggregate payments,' along with nonbinding term sheets for minority equity investments under which Axe Compute is 'expected to hold 49% of the equity interests' in the entities associated with the projects, according to an 8-K filed that day. The 8-K does not say who pays whom, over what period, or how much of the $500 million is contracted rather than expected, and the equity term sheets were described as nonbinding.

Set the two announcements side by side and the scale mismatch is the story. A company with $3.2 million of quarterly revenue and $21.9 million of cash has signed capacity agreements it describes as representing more than $500 million in expected aggregate payments, and has now exited its legacy business for roughly $2 million of locked-up paper in a micro-cap counterparty. The Helomics sale removes a distraction and a lease-carrying cost centre; it does not add capital to fund the capacity build.

The digital-asset exposure is the other item that does not fit the 'pure-play' description. A $13.1 million quarterly loss on digital assets is four times the quarter's revenue, by our arithmetic, and the $11.3 million still held at June 30 remains on the balance sheet alongside the compute prepayments. The 10-Q identifies the holding: under a treasury strategy adopted on Sept. 29, 2025, the company keeps what it calls a Strategic Compute Reserve 'comprised primarily of ATH,' the native utility token of the Aethir decentralised GPU network, and it accrues unrealised gains or losses as the token's price moves.

The digital-asset exposure is the other item that does not fit the 'pure-play' description. A $13.1 million quarterly loss on crypto holdings is four times the quarter's revenue, by our arithmetic, and the $11.3 million still held at June 30 remains on the balance sheet alongside the compute prepayments. The 10-Q does not identify which digital assets are held.

What comes next: the DataMeds stockholder vote needed for the note to convert, which the filing says will be sought within 75 days of Sept. 11; the third-quarter 10-Q, which will show the accounting for the disposal and any movement in the digital-asset line; and any definitive documentation converting the Duos term sheets into binding equity agreements. Not yet known: the carrying value of Helomics on Axe Compute's books, the value the parties ascribed to the DataMeds shares, Helomics' own revenue, and whether Axe Compute intends to hold or eventually sell its DataMeds stake once the 12-month lock-up expires.