Sphere 3D Granted Six Month Extension by NASDAQ
February 01 2017 - 7:02AM
Sphere 3D Corp. (NASDAQ:ANY) (the “Company”), a containerization,
virtualization, and data management solutions provider, today
announced that it has received a letter from the Listing
Qualifications Staff of the Nasdaq Stock Market (“Nasdaq”) granting
the Company an extension until July 31, 2017 to regain compliance
with the minimum bid price requirement under Nasdaq Listing Rule
5550(a)(2) (the “Rule”).
If at any time before July 31, 2017, the bid
price of the Company’s common stock closes at $1.00 per share or
more for a minimum of 10 consecutive business days, the Company
will regain compliance with the Rule, and the matter will be
closed. If the Company does not regain compliance with the Rule by
July 31, 2017 the Company may be subject to delisting from NASDAQ.
In connection with the grant of the extension to regain
compliance with the Rule, the listing of the Company’s common
shares will be transferred, at the Company’s request, to the NASDAQ
Capital Market under the existing ticker symbol (ANY) at the
opening of business on February 2, 2017.
About Sphere 3DSphere 3D Corp.
(NASDAQ:ANY) delivers containerization, virtualization, and data
management solutions via hybrid cloud, cloud and on-premise
implementations through its global reseller network and
professional services organization. Sphere 3D, along with its
wholly owned subsidiaries Overland Storage, and Tandberg Data, has
a strong portfolio of brands, including HVE ConneXions and UCX
ConneXions, dedicated to helping customers achieve their IT goals.
For more information, visit www.sphere3d.com. Follow us on Twitter
@Sphere3D, @overlandstorage, and @tandbergdata.
Safe Harbor Statement This
press release contains 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 our
ability to regain compliance with the NASDAQ minimum closing bid
price requirement between now and July 31, 2017; our inability to
take other actions to regain compliance with the NASDAQ minimum
closing bid price requirement; our ability to maintain compliance
with other NASDAQ Capital Market listing requirements; our
inability to comply with the covenants in our credit facilities or
to obtain additional debt or equity financing; any increase in our
future cash needs; our ability to successfully integrate the UCX
and HVE ConneXions business with Sphere 3D's other businesses;
unforeseen changes in the course of Sphere 3D’s business or the
business of its wholly-owned subsidiaries, including, without
limitation, Overland Storage and Tandberg Data; market adoption and
performance 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 Sphere
3D’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). Sphere 3D
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, except as required by law.
Investor Contact:
The Blueshirt Group
Mike Bishop
Tel: +1 415-217-4968
mike@blueshirtgroup.com
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