Sphere 3D Secures $11 Million Equity Line

Sphere 3D Corp. entered into an $11 million equity purchase agreement and registration rights agreement with Oasis Capital, LLC, a Puerto Rico limited liability company, to purchase from the company up to $11 million of the company’s common stock.

Under the purchase agreement, Sphere 3D has the right to sell up to $11 million of its stock to Oasis Capital over a 36-month period, upon satisfaction of the conditions in the purchase agreement, including the effectiveness of a resale registration statement being filed on Form S1.

Sphere 3D will control the timing and amount of any sales to Oasis Capital, and this later is obligated to make purchases in accordance with the purchase agreement, upon certain terms and conditions being met.

The equity purchase agreement, which contains a floor price of $1.58 per common share, allows the company to fund its needs in a more expedient and cost-effective manner. The equity line is designed to provide capital to the company as it is required.

The offer and sale of the securities by Sphere 3D in the above transaction have not been registered under the Securities Act of 1933, as amended, and have not been registered or qualified under any state securities laws, and therefore may not be offered or sold in USA absent registration under the Securities Act or an applicable exemption from such registration requirements, and registration or qualification and under applicable state securities or ‘Blue Sky’ laws or an applicable exemption from such registration or qualification requirements.