Pricing of Sphere 3D $2.3 Million Public Offering of Common Stock and Warrants

Aggregate purchase price of $0.70 per common share and accompanying warrant
This is a Press Release edited by on 2018.04.16

Sphere 3D Corp. announced the pricing of an underwritten public offering of 3,300,000 shares of its common stock and warrants to purchase up to an aggregate of 990,000 shares of common stock at an aggregate purchase price of $0.70 per common share and accompanying warrant. 

The warrants will be exercisable immediately at an exercise price of $0.70 per share and will expire five years from the date of issuance, subject to certain exceptions. 

Gross proceeds, before underwriting discounts and commissions and estimated offering costs, are expected to be approximately $2.3 million.

The company intends to use the net proceeds from this offering for general corporate purposes. These purposes may include repayment of debt, working capital needs, capital expenditures, acquisitions and any other general corporate purpose. Management will retain broad discretion over the allocation of the net proceeds from this offering.

Maxim Group LLC is acting as sole book-running manager for the offering. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. The securities described above are being offered by Sphere 3D pursuant to a registration statement (file no. 333-206357) previously filed and declared effective by the SEC.

The shares are being offered by means of a prospectus supplement and accompanying prospectus, forming part of the registration statement. A preliminary prospectus supplement and accompanying prospectus relating to this offering have been filed with the SEC.

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