Sphere 3D Completes 1-for-8 Share Consolidation

Sphere 3D Corp. has effected the previously approved share consolidation (also known as a reverse stock split) of its common shares on a 1-for-8 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 November 6, 2018 under a new CUSIP number 84841L308 and under the existing trading symbol ANY. 

Following the share consolidation, every eight 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.