Company: ANY
Filing Date: 2025-12-10
Form Type: 424B3
Source: 0001062993-25-017271
Chunk: 14

Company: Sphere 3D Corp.
Filing Date: 2025-12-10
Form: 424B3
Chunk 14
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 $1.45 million fee for certain transactions, payable in cash and equity. In July 2025, we issued two RSU grants for an aggregate of 740,740 common shares with a fair value of approximately $0.45 million for the equity portion of the fee. In July 2025, 50% of the RSU grants vested and 370,370 common shares were issued.

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The Offering</div>

| Securities offered by the Selling Stockholder:                                        |     | 8,736,422 common shares issuable upon the exercise of outstanding common share purchase warrant (the "Warrants").                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| Common shares outstanding:                                                            |     | 33,729,165 common shares                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Common shares to be outstanding after the offering assuming exercise of the Warrants: |     | 42,465,587 shares                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| Use of Proceeds:                                                                      |     | We are not selling any securities under this prospectus and we will not receive proceeds from the sale of the shares of our common shares by the Selling Stockholder. However, we may receive proceeds from the cash exercise of the Warrants, which, if exercised in cash at the current applicable exercise price with respect to all of the 8,736,422 common shares, would result in gross proceeds to us of approximately $8.212 million. The proceeds from such Warrant exercise, if any, will be used for working capital and general corporate purposes. |
| Risk Factors:                                                                         |     | Investing in our securities is highly speculative and involves a high degree of risk. You should carefully consider the information set forth in the "Risk Factors" section on page 13 before deciding to invest in our securities.                                                                                                                                                                                                                                                                                                                             |
| Trading Symbol:                                                                       |     | Our common shares are currently quoted on The Nasdaq Capital Market under the trading symbol "ANY".                                                                                                                                                                                                                                                                                                                                                                                                                                                             |

The common shares outstanding and the common shares to be outstanding after this offering is based on 33,729,165 shares outstanding as of November 18, 2025 and excludes:

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RISK FACTORS</div>

Investing in our securities involves risk. You should carefully consider the risk factors and uncertainties described under the heading "Item 1A. Risk Factors" in the 2023 Annual Report, which is incorporated into this prospectus by reference, as updated by our subsequent filings under the Exchange Act, and in