Sphere 3D Completes 1-for-25 Reverse Stock Split
July 11 2017 - 9:15AM
Sphere 3D Corp. (NASDAQ:ANY), a containerization, virtualization
and data management solution provider, today announced that it has
effected the previously approved share consolidation (also known as
a reverse stock split) of its common shares on a 1-for-25 basis.
The Company’s common shares will begin trading on a
post-consolidation basis on the NASDAQ Capital Market, as of the
opening of trading on July 12, 2017 under a new CUSIP number
84841L209 and under the existing trading symbol “ANY”.
Following the share consolidation, every 25 issued and
outstanding common shares of the Company will be automatically
combined and converted into one issued and outstanding common
share. Where the share consolidation results in a fractional share,
the number of new common shares issued will be rounded to the
nearest whole share (with one half being rounded upward). No
fractional shares will be issued.
The share consolidation is intended to increase the per share
trading price of Sphere 3D’s common shares to satisfy the $1.00
minimum bid price requirement for continued listing on the Nasdaq
Capital Market.
About Sphere 3D Sphere 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.
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; 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.
Contact Information:
Investor Relations
Mike Bishop
The Blueshirt Group
Tel: +1 415-217-4968
mike@blueshirtgroup.com
Or
Lauren Sloane
The Blueshirt Group
Tel: +1 414-217-2632
lauren@blueshirtgroup.com
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