Sphere 3D Announces Event of Default under Existing Credit Facilities
13 Agosto 2018 - 9:00AM
Sphere 3D Corp. (NASDAQ: ANY) (the “Company”), a company delivering
containerization, virtualization, and data management solutions via
hybrid cloud, cloud and on-premise implementations through its
global reseller network and professional services organization,
today announced that on August 1, 2018, Overland Storage, Inc., a
wholly-owned subsidiary of the Company (“Overland”), together with
Tandberg Data GmbH, as co-borrowers under that certain Credit
Agreement dated as of April 6, 2016 (as amended from time to time,
the “Credit Agreement”), with CB CA SPV, LLC (“Colbeck”), as
lender, failed to make a required payment of interest due on such
date. Such failure constituted an Event of Default (as
defined under the Credit Agreement) as of August 6, 2018 under the
Credit Agreement after expiration of a five day cure period.
On August 7, 2018, Overland received a notice from
Colbeck stating that, as a result of such failure, all amounts
under the Credit Agreement are immediately due and payable.
The foregoing also constitutes an Event of Default, as defined in
and pursuant to that certain 8% Senior Secured Convertible
Debenture in favor of FBC Holdings, S.à r.l (“FBC” and together
with Colbeck, the “Lenders”). The Company, Overland and their
subsidiaries are in continuing discussions for a potential
resolution with the Lenders. Despite these efforts, there can
be no assurance that the Lenders will ultimately agree to any
such resolution.
About Sphere 3DSphere 3D
Corp. (NASDAQ:ANY) delivers containerization, virtualization,
and data management solutions via hybrid cloud, cloud and
on-premises implementations through its global reseller network and
professional services organization. Sphere 3D, along with its
wholly owned subsidiaries Overland Storage and Tandberg
Data, has a strong portfolio of brands, including
Overland-Tandberg, HVE ConneXions and UCX
ConneXions, dedicated to helping customers achieve their IT goals.
For more information, visit www.sphere3d.com. Follow us on
Twitter @Sphere3D, @HVEconneXions, @ovltb.
Investor Contact:Tina
Brown+1-408-283-4731Investor.relations@sphere3d-overland.com
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