Company: ANY
Filing Date: 2025-11-21
Form Type: S-3
Source: 0001062993-25-016980
Chunk: 17

Company: Sphere 3D Corp.
Filing Date: 2025-11-21
Form: S-3
Chunk 17
---
 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 available options, including, but not limited to, implementing a reverse stock split of our outstanding securities, to regain compliance with the minimum bid price requirement under the Nasdaq Listing Rules.

If we cannot comply with the Nasdaq Marketplace Rules either now or in the future, our common shares would be subject to delisting and would likely trade on the over-the-counter market. If our common shares were to trade on the over-the-counter market, selling our common shares could be more difficult because smaller quantities of shares would likely be bought and sold, transactions could be delayed, and security analysts' coverage of us may be reduced. In addition, broker-dealers have certain regulatory burdens imposed upon them, which may