TORONTO, May 17, 2019 (GLOBE NEWSWIRE) -- Cyrus Capital Partners, L.P. (“CCP”) announces that FBC Holdings S.à.r.l. (“FBC”), an investment fund managed by CCP, has sold 125,315 common shares (“Common Shares”) of Sphere 3D Corp. (“Sphere 3D”) through the trading facilities of NASDAQ. The 125,315 Common Shares sold on May 16, 2019 were sold at an average price of $2.80 (US$2.0830) per Common Share for a total of $351,449.53 (US$261,031.15). Amounts in Canadian dollars are approximated due to rounding after accounting for the conversion of amounts denominated in United States dollars to Canadian dollars.
Immediately before the disposition on May 16, 2019, CCP, through FBC, had indirect control over 270,616 Common Shares. CCP also had indirect control over 6,500,000 Series A preferred shares (“Preferred Shares”) held by FBC. In total, CCP indirectly beneficially owned and controlled an aggregate of 270,616 Common Shares, or approximately 11.98% of the issued and outstanding Common Shares (based on there being 2,300,071 issued and outstanding Common Shares, as disclosed in Sphere 3D’s interim financial statements filed on May 15, 2019). The Preferred Shares are convertible into Common Shares upon the occurrence of certain events but do not represent “beneficial ownership” or control of the underlying Common Shares within the meaning of National Instrument 62-104 - Take-over Bids of the Canadian Securities Administrators.
Immediately following the disposition of Common Shares on May 16, 2019, CCP, through FBC, had indirect ownership and control over 145,301 Common Shares, or approximately 6.32% of the issued and outstanding Common Shares, calculated on the basis described above.
Other Information
Sphere 3D Corp.’s head office address is located at 895 Don Mills Road, Bldg. 2, Suite 900, Toronto, Ontario M3C 1W3.
CCP, through FBC, disposed of indirect ownership and control over the Common Shares that are the subject of this report in accordance with ongoing portfolio management strategies, and currently intends to dispose of additional Common Shares in transactions on NASDAQ in an amount to be determined in the context of the market, but otherwise has no current plans or future intentions which relate to or would result in any of the events, transactions or circumstances enumerated in paragraphs (a) - (k) of the “early warning” report on Form 62-103F1 being filed in connection with the matters disclosed in this release. CCP intends to review FBC’s investment in Sphere 3D on a continuing basis. Depending on various factors including, without limitation, Sphere 3D’s financial position, the price levels of the Common Shares, conditions in the securities markets and general economic and industry conditions, CCP’s or FBC’s business or financial condition and other factors and conditions CCP deems appropriate, FBC may in the future take such actions with respect to their investment in Sphere 3D as CCP deems appropriate including, without limitation, acquiring additional Common Shares, and/or selling or otherwise disposing of some or all of their Common Shares. In addition, CCP may formulate other purposes, plans or proposals regarding Sphere 3D or any of its securities to the extent deemed advisable in light of general investment and trading policies, market conditions or other factors, or otherwise change its intention with respect to any and all matters referred to in Item 5 of the “early warning” report on Form 62-103F1 being filed in connection with the matters disclosed in this release.
FBC is a joint actor in connection with the disclosure required by this press release. Except as specifically indicated in this press release, neither the issuance of this press release in connection with the matters disclosed herein nor the anticipated filing by CCP of the corresponding “early warning” report on Form 62-103F1 required to be filed in accordance with applicable Canadian securities laws is an admission that an entity named or otherwise referred to in this press release owns or controls any described securities or is a joint actor with another entity named or otherwise referred to in this press release.
CCP’s address and other contact information is set forth below. For further information, including to obtain a copy, once filed, of the “early warning” report on Form 62-103F1 being filed connection with the matters disclosed in this release in accordance with applicable Canadian securities laws, contact CCP at the address specified below. CCP was formed under the laws of Delaware and is an SEC registered investment adviser.
Cyrus Capital Partners, L.P.
65 East 55th Street, 35th Floor
New York, NY 10022
United States of America
Attn: Thomas Stamatelos, Chief Operating Officer
Tel: (212) 380-5800