Sphere 3D Completes 1-for-8 Share Consolidation
05 Novembro 2018 - 1:06PM
Sphere 3D Corp. (NASDAQ: ANY), a containerization,
virtualization and data management solution provider, today
announced that it has effected the previously approved share
consolidation (also known as a reverse stock split) of its common
shares on a 1-for-8 basis.
The Company’s common shares will begin trading on a
post-consolidation basis on the NASDAQ Capital Market, as of the
opening of trading on November 6, 2018 under a new CUSIP number
84841L308 and under the existing trading symbol “ANY”.
Following the share consolidation, every eight issued and
outstanding common shares of the Company will be automatically
combined and converted into one issued and outstanding common
share. Where the share consolidation results in a fractional
share, the number of new common shares issued will be rounded to
the nearest whole share (with one half being rounded upward). No
fractional shares will be issued.
The share consolidation is intended to increase the per share
trading price of Sphere 3D’s common shares to satisfy the $1.00
minimum bid price requirement for continued listing on the Nasdaq
Capital Market.
About Sphere 3D Sphere 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 HVE
ConneXions and UCX ConneXions, dedicated to helping
customers achieve their IT goals. For more information,
visit www.sphere3d.com.
Safe Harbor Statement
This press release contains forward-looking statements that
involve risks, uncertainties, and assumptions that are difficult to
predict. Actual results and the timing of events could differ
materially from those anticipated in such forward-looking
statements as a result of risks and uncertainties including,
without limitation, our ability to regain compliance with the
NASDAQ minimum closing bid price requirement between now and
November 26, 2018; our inability to take other actions to regain
compliance with the NASDAQ minimum closing bid price
requirement; our ability to consummate the transactions
contemplated by the Share Purchase Agreement with Silicon Valley
Technology Partners, Inc. (“Purchaser”), pursuant to which
Purchaser proposes to acquire Overland and the Data Protection and
Archive business from Sphere 3D; Purchaser’s inability to
obtain sufficient financing to fund such acquisition and our
inability to meet the closing conditions and to close such
acquisition on a timely basis; our inability to obtain
additional debt or equity financing or to refinance our debt; any
increase in our cash needs; our ability to successfully integrate
the UCX and HVE ConneXions business with our other businesses;
unforeseen changes in the course of our business or the business of
our wholly-owned subsidiaries, including, without limitation,
Overland Storage and Tandberg Data; market adoption and performance
of our products; the level of success of our collaborations and
business partnerships; possible actions by customers, partners,
suppliers, competitors or regulatory authorities; and other risks
detailed from time to time in our periodic reports contained in our
Annual Information Form and other filings with Canadian securities
regulators (www.sedar.com) and in prior periodic reports filed with
the United States Securities and Exchange Commission (www.sec.gov).
Sphere 3D undertakes no obligation to update any forward-looking
statement, whether written or oral, that may be made from time to
time, whether as a result of new information, future developments
or otherwise, except as required by law.
Investor Contact:Tina
Brown+1-408-283-4731Investor.relations@sphere3d-overland.com
Sphere 3D (NASDAQ:ANY)
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