Sphere 3D Raises $5 Million in Private Placement at $3.00 Per Unit; Warrants Priced at $3.50
Sphere 3D raised $5.0 million via a private placement of 1,666,661 units at $3.00 per unit, each including a common share and a five-year warrant exercisable at $3.50. Affiliates, including the CEO, invested $1.0 million. Investors face a six-month lock-up, but warrants are immediately exercisable. The company plans to file a Form S-3 within 181 days to register resale of the shares and warrant shares, supporting liquidity post lock-up.
