Sphere 3D Announces Pricing of $2.3 Million Public Offering of Common Stock and Warrants

Sphere 3D Corp (NASDAQ:ANY) announced the pricing of underwritten public offering of 3.3 million shares of its common stock and warrants to purchase up to an aggregate of 990,000 shares at an aggregate price of $0.70 per common share and accompanying warrant. Sphere 3D is a company delivery virtualization and data management solutions via hybrid cloud.

As quoted in the press release:

The warrants will be exercisable immediately at an exercise price of $0.70 per share and will expire five years from the date of issuance, subject to certain exceptions. Gross proceeds, before underwriting discounts and commissions and estimated offering costs, are expected to be approximately $2.3 million.

The Company intends to use the net proceeds from this offering for general corporate purposes. These purposes may include repayment of debt, working capital needs, capital expenditures, acquisitions and any other general corporate purpose. Our management will retain broad discretion over the allocation of the net proceeds from this offering.

Click here for the full text release.