Company: ANY
Filing Date: 2025-12-10
Form Type: 424B3
Source: 0001062993-25-017271
Chunk: 15

Company: Sphere 3D Corp.
Filing Date: 2025-12-10
Form: 424B3
Chunk 15
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 any applicable prospectus supplement and in the other documents incorporated by reference into this prospectus, before investing in any of the securities that may be offered or sold pursuant to this prospectus. These risks and uncertainties and other risks and uncertainties not presently known to us or that we currently believe are immaterial, could materially affect our business, results of operations or financial condition and cause the value of our securities to decline.

Risks Related to our Common Shares and this Offering

If the trading price of our common shares fails to comply with the continued listing requirements of the Nasdaq Capital Market, we would face possible delisting, which would result in a limited public market for our common shares and make obtaining future debt or equity financing more difficult for us.

On March 6, 2025, we received a notice from the Nasdaq Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") stating that the bid price of our common shares for the last 30 consecutive trading days had closed below the minimum $1.00 per share required for continued listing under Listing Rule 5550(a)(2) (the "Listing Rule"). We had a period of 180 calendar days, or until September 2, 2025, to regain compliance with the Listing Rule. The notice from Nasdaq had no immediate effect on the listing or trading of our common shares on The Nasdaq Capital Market.

We did not regain compliance with the Listing Rule by September 2, 2025 and we submitted written notice to Nasdaq of our intention to cure the Listing Rule deficiency during a second 180 calendar day compliance period. On September 3, 2025, we received a notice from the Staff of Nasdaq stating that, pursuant to Nasdaq Listing Rule 5810(c)(3)(A), we are eligible for an additional 180 calendar day compliance period, or until March 2, 2026, to regain compliance with the Listing Rule. The notice from Nasdaq has no immediate effect on the listing or trading of our common shares on The Nasdaq Capital Market.

If we do not regain compliance with the Listing Rule by March 2, 2026, the Staff will provide written notification that our securities will be delisted and, at that time, we may appeal the Staff's determination to a Hearings Panel (the "Panel"), at which we will be asked to provide a plan to regain compliance to the Panel. We intend to continue monitoring the closing bid price of our common shares and may, if appropriate, consider implementing