Sphere 3D Retains Ernst & Young Capital Advisors as Financial Advisor to Evaluate Strategic Options

Sphere 3D Corp. created a subcommittee of its board of directors to review strategic alternatives that may enhance shareholder value.

The firm also hired Ernst & Young Capital Advisors, LLC (EYCA) as its exclusive financial advisor to review strategic alternatives.

“After careful consideration, our board and management have determined to undertake a review of strategic alternatives with the goal of maximizing shareholder value,” stated Vic Mahadevan, lead independent director, Sphere 3D. “While the management team has made excellent progress in the execution of our strategic roadmap to transform the company into a more focused, efficient, and innovative organization, we believe that more can be done and as such, we believe that a review of strategic options at this time is in the best interests of shareholders.”

EYCA will be assisting the company in evaluating a range of strategic options currently being considered. Sphere 3D does not have a defined timeline for the exploration of strategic alternatives and does not make any assurance that these efforts will result in any announcement or consummation of strategic alternatives. 

The company does not intend to discuss or disclose further developments during this process unless and until it has entered into a specific transaction or otherwise determined that further disclosure is required or appropriate.