Company: ANY
Filing Date: 2025-11-21
Form Type: S-3
Source: 0001062993-25-016980
Chunk: 18

Company: Sphere 3D Corp.
Filing Date: 2025-11-21
Form: S-3
Chunk 18
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 discourage broker-dealers from effecting transactions in shares of our common shares, further limiting the liquidity of our common shares. As a result, the market price of our common shares may be depressed, and you may find it more difficult to sell our common shares. Such delisting from the Nasdaq and continued or further declines in our stock price could also greatly impair our ability to raise additional necessary capital through equity or debt financing.

There may be future sales of our securities or other dilution of our equity, which may adversely affect the market price of our common shares.

With limited exceptions, we are generally not restricted from issuing additional common shares, including any securities that are convertible into or exchangeable for, or that represent the right to receive, common shares. The market price of our common shares could decline as a result of sales of common shares or securities that are convertible into or exchangeable for, or that represent the right to receive, common shares after this offering or the perception that such sales could occur.

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A substantial number of our common shares may be sold in this offering, which could cause the price of our common shares to decline.

In this offering, the Selling Stockholder may sell up to 8,736,422 of our common shares. This sale and any future sales of a substantial number of our common shares in the public market, or the perception that such sales may occur, could adversely affect the price of our common shares on Nasdaq. We cannot predict the effect, if any, that market sales of those common shares or the availability of those common shares for sale will have on the market price of our common shares.

Our management has significant flexibility in using the net proceeds of this offering.

We are not selling any securities under this prospectus and will not receive any proceeds from the sale of the common shares offered by this prospectus by the Selling Stockholder. However, we may receive proceeds from the cash exercise of the Warrants, which, if exercised in cash at the current applicable exercise price with respect to all of the 8,736,422 common shares, would result in gross proceeds to us of approximately $8.212 million. We currently intend to use the net proceeds, if any, for working capital and general corporate purposes. Our management will have significant flexibility in applying the net proceeds of this offering. Management's failure to use these funds effectively would have an adverse effect on the value of our common shares and could make it more difficult and costly to raise funds in the future.

We