Sphere 3D Receives NASDAQ Notification Regarding Minimum Bid Requirements
August 03 2016 - 4:26PM
Sphere 3D Corp. (NASDAQ:ANY) (the “Company”), a containerization,
virtualization and data management solutions provider today
announced that it received a notice from The NASDAQ Stock Market
("NASDAQ") that the Company is not in compliance with NASDAQ's
Listing Rule 5450(a)(1) because the minimum bid price of the
Company's common shares has closed below US$1.00 per share for 30
consecutive business days. The notification of noncompliance has no
immediate effect on the listing or trading of the Company's common
shares on the NASDAQ Global Market.
The Company has 180 days, or until January 30,
2017, to achieve compliance with the minimum bid price requirement.
To regain compliance, the minimum bid price of the Company's common
shares must meet or exceed US$1.00 per share for a minimum of 10
consecutive business days during this 180-day grace period.
If the Company does not regain compliance with
the rule by January 30, 2017, the Company will be eligible for an
additional compliance period until July 29, 2017; provided that the
Company apply for and meet the initial and continued NASDAQ Capital
Market listing requirements.
About Sphere 3D
Sphere 3D Corp. (NASDAQ:ANY) delivers industry
renowned data management, and desktop and application
virtualization solutions via hybrid Cloud, Cloud and on-premise
implementations through its global reseller network. Sphere
3D, along with its wholly-owned subsidiaries Overland Storage and
Tandberg Data, has a strong portfolio of brands including Glassware
2.0™, NEO®, SnapCLOUD™, SnapScale®, SnapServer®, SnapSync™, RDX®
and V3®. For more information, visit www.sphere3d.com. Follow
us on Twitter @Sphere3D, @overlandstorage, and @tandbergdata
Safe Harbor StatementThis press
release may contain forward-looking statements that involve risks,
uncertainties, and assumptions that are difficult to predict.
Actual results and the timing of events could differ materially
from those anticipated in such forward-looking statements as a
result of risks and uncertainties including, without limitation,
the Company’s ability to regain compliance with the minimum bid
price requirement, the Company’s ability to transfer the listing of
its common stock to The NASDAQ Capital Market and the Company's
ability to maintain its listing with NASDAQ, unforeseen changes in
the course of the Company’s business or the business of its
wholly-owned subsidiaries, including, without limitation, Overland
Storage and Tandberg Data; any increase in the Company’s cash needs
or our inability to obtain additional debt or equity financing;
performance and functionality of our products; the level of success
of our collaborations and business partnerships; possible actions
by customers, partners, suppliers, competitors or regulatory
authorities; and other risks detailed from time to time in the
Company’s periodic reports contained in our Annual Information Form
and other filings with Canadian securities regulators
(www.sedar.com) and in prior periodic reports filed with the United
States Securities and Exchange Commission (www.sec.gov), and risks
detailed in the Form F-4/A relating to the Company’s merger with
Overland Storage filed with the SEC. The Company undertakes no
obligation to update any forward-looking statement, whether written
or oral, that may be made from time to time, whether as a result of
new information, future developments or otherwise.
Investor Contact:
Blueshirt Group
Michael Bishop
415-217-4968
mike@blueshirtgroup.com
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