Company: ANY
Filing Date: 2025-04-17
Form Type: DEF 14A
Source: 0001628280-25-018222
Chunk: 41

Company: Sphere 3D Corp.
Filing Date: 2025-04-17
Form: DEF 14A
Chunk 41
---
8,726,094 |
| 1:4   |     |                           6,544,571 |
| 1:5   |     |                           5,235,656 |
| 1:6   |     |                           4,363,047 |
| 1:7   |     |                           3,739,755 |
| 1:8   |     |                           3,272,285 |
| 1:9   |     |                           2,908,698 |
| 1:10  |     |                           2,617,828 |

#### Reasons for the Consolidation
The Board believes that the current number of outstanding common shares is inconsistent with the size, assets and structure of the Company. Management of the Company believes that the Consolidation may provide flexibility in the capital structure of the Company in order to facilitate raising capital in the future while keeping the Company's capital structure manageable.

In addition, on March 6, 2025, the Company received a letter from the Nasdaq Listing Qualifications department of the NASDAQ Stock Market LLC stating that the bid price of the Company’s common shares for the last 30 consecutive trading days had closed below the minimum $1.00 per share required for continued listing under Nasdaq Listing Rule 5550(a)(2) (the “ Listing Rule ”). The Company has a period of 180 calendar days, or until September 2, 2025, to regain compliance with the Listing Rule. The notice from the Nasdaq Listing Qualifications has no immediate effect on the listing or trading of the Company’s common shares on The Nasdaq Capital Market (“ Nasdaq ”).

If the Company does not regain compliance with the Listing Rule by September 2, 2025, the Company may be eligible for an additional 180 calendar day compliance period. To qualify, the Company would be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for Nasdaq, with the exception of the bid price requirement, and would need to provide written notice of its intention to cure the deficiency during the second compliance period, including by effecting a reverse stock split, if necessary.

<div align='center'>25</div>

Implementation, Notice of Consolidation and Letter of Transmittal

Upon determining to proceed with the Consolidation, the Company will file articles of amendment to effect the Consolidation. Prior to the completion of a Consolidation, the Company will provide registered shareholders with a letter of