Sphere 3D Closes Direct Equity Offering and Concurrent Private Placement
March 29 2017 - 4:32PM
Sphere 3D Corp. (NASDAQ:ANY), a containerization,
virtualization, and data management solutions provider, today
announced the closing of its previously announced direct equity and
concurrent private placement, resulting in gross proceeds of
approximately U.S. $4.5 million.
As the Company originally reported on March 24, 2017, it entered
into securities purchase agreements with institutional investors to
purchase 20,454,546 common shares of the Company for a purchase
price of $0.22 per share in a registered direct offering, and also
agreed to sell unregistered warrants to the investors in a
concurrent private placement to purchase up to 20,454,546 common
shares with an exercise price of U.S. $0.30 per share, a
five-year term, and are exercisable in whole or in part.
The proceeds will be used for general corporate and working
capital purposes.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such an offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of
any such state or other jurisdiction.
About Sphere 3DSphere 3D
Corp. (NASDAQ:ANY) delivers containerization, virtualization,
and data management solutions via hybrid cloud, cloud and
on-premises 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 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; 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; 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
Lauren Sloane
Tel: +1 415-217-2632
Lauren@blueshirtgroup.com
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