Company: ANY
Filing Date: 2025-12-05
Form Type: DEF 14A
Source: 0001591956-25-000025
Chunk: 15

Company: Sphere 3D Corp.
Filing Date: 2025-12-05
Form: DEF 14A
Chunk 15
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 strain the Company’s relationship with the Purchaser, which could impact the Company’s ability to raise capital in the future.

#### Potential Adverse Effects of this Proposal
If this Warrant Inducement Proposal is approved, issuance of the New Warrants could result in substantial dilution to the interests of existing holders of the Company’s common shares. Each common share that would be issuable to the Purchaser would have the same rights and privileges as each of the Company’s currently outstanding common shares. The issuance of common shares to the Purchaser pursuant to the terms of the New Warrants will not affect the rights of the holders of the Company’s outstanding common shares, however, as common shares are issued to the Purchaser pursuant to the New Warrants, the ownership interest of the Company’s existing shareholders (other than the Purchaser) would be correspondingly reduced, and they would therefore have less ability to influence corporate decisions requiring shareholder approval.

The New Warrants are exercisable for up to 8,736,422 common shares, which would represent 20.6% of the Company’s outstanding common shares as of the Record Date.

Additionally, the issuance of a substantial number of common shares to the Purchaser, or the anticipation of such issuances, could make it more difficult for the Company to sell equity or equity-related securities in the future at a time and at a price that we might otherwise wish to effect sales. In addition, the common shares issuable pursuant to the terms of the New Warrants may represent overhang that may also adversely affect the market price of the Company’s common shares. Overhang occurs when there is a greater supply of a company’s shares in the market than there is demand for those shares. When this happens the price of the Company’s common shares will decrease, and any additional shares which shareholders attempt to sell in the market will only further decrease the share price. If the share volume of the Company’s common shares cannot absorb shares sold by the Purchaser, then the value of the Company’s common shares will likely decrease.

Resolution to Approve the Warrants Inducement Transaction

Shareholders are being asked to approve the following resolution related to this Warrant Inducement Proposal:

“

### BE IT RESOLVED THAT
, as an ordinary resolution:

1. The Warrant Inducement Transaction is hereby ratified and approved.

2. The Company be authorized to effect all transactions contemplated by the Warrant Inducement Transaction, including, but not limited to, the filing of a Resale Registration Statement and the