Company: ANY
Filing Date: 2025-01-03
Form Type: 424B5
Source: 0001062993-25-000228
Chunk: 5

Company: Sphere 3D Corp.
Filing Date: 2025-01-03
Form: 424B5
Chunk 5
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. On March 24, 2015, we completed a short-form amalgamation with a wholly-owned subsidiary. In connection with the short-form amalgamation, we changed our name to "Sphere 3D Corp." In January 2022, we commenced operations of our Bitcoin mining business and are dedicated to becoming a leader in the blockchain and cryptocurrency industry. We have established and plan to continue to grow an enterprise-scale mining operation through the procurement of mining equipment and partnering with experienced service providers. On December 28, 2023, we sold our service and product segment which included HVE ConneXions and Unified ConneXions.

Recent Developments

On November 19, 2024, we entered into a Securities Purchase Agreement (the "Purchase Agreement") with an accredited investor (the "Purchaser") pursuant to which we offered and sold to the Purchaser 2,350,000 of our common shares at a purchase price of $1.42 per share in a registered direct offering. In addition, pursuant to the Purchase Agreement, we offered and sold 1,875,353 pre-funded warrants to purchase common shares (the "Pre-Funded Warrants") to the Purchaser in lieu of common shares, which the purchase of common shares in such offering would otherwise have resulted in the Purchaser, together with its affiliates, beneficially owning more than 4.99% (or, at the election of the investor, 9.99%) of our common shares. Each Pre-Funded Warrant is exercisable for one common share. The purchase price of each Pre-Funded Warrant is equal to $1.4199, and the exercise price of each Pre-Funded Warrant is $0.0001 per share. The transaction closed on November 21, 2024, and we received net proceeds in the registered direct offering of approximately $5.4 million after deducting the placement agent fees and estimated offering expenses payable by us.

Concurrently with the registered direct offering, we conducted a private placement of warrants with the same Purchaser whereby we sold common share purchase warrants (the "Warrants") to purchase up to 4,225,353 of our common shares in a concurrent private placement, for gross proceeds of approximately $6 million, before deducting placement agent fees. The Warrants are exercisable at an initial exercise price of $1.50 per share (subject to standard adjustments for stock splits, stock dividends, rights offerings, pro rata distributions and certain anti-dilution