Sphere 3D Corp. initiates strategic review of debt financing options



TORONTO–(BUSINESS WIRE)–Sphere 3D Corp. (“Sphere 3D” or the “Company”) (Nasdaq: ANY), which is dedicated to becoming the leading carbon-neutral bitcoin mining company operating on an industrial scale, announced today that it will explore options for debt financing to raise additional capital to fund the Company’s growth and maximize shareholder value.

Sphere 3D will evaluate its potential debt financing options to fund the company’s purchase of S19j Pro bitcoin miners, expansion of its mining fleet, and growth into new areas of cryptocurrency and blockchain. The review is part of an ongoing initiative by Sphere 3D’s Board of Directors to optimize the company’s operations and financing to facilitate growth and generate shareholder value.

“Raising capital is essential to achieving our growth objectives. We plan to identify debt financing options that meet our financing needs while creating long-term shareholder value,” said Patricia Trompeter, CEO of Sphere 3D.

Jefferies LLC acts as financial advisor to Sphere 3D in this review. No timeline has been set for this process and no guarantee that the Company will enter into a loan agreement or enter into a financing transaction following this review.

About 3D Sphere

Sphere 3D Corp. (Nasdaq: ANY) is a carbon-neutral cryptocurrency miner with decades of proven expertise in enterprise data services. The company is rapidly expanding its industrial-scale mining operations through capital-efficient sourcing of next-generation mining equipment and partnerships with top data center operators. The company’s mining operation currently has 1,000 S19j Pro miners in operation, with plans to deliver another 4,000 miners in the second quarter of 2022 and an additional 55,000 S19j Pro miners by the end of 2022. Sphere 3D has approximately 6.0 PE/s of contracted capacity for deliveries this year. Sphere 3D is dedicated to growing shareholder value while honoring its commitment to strict environmental, social and governance standards. For more information about the Company, please visit Sphere3D.com.

Forward-looking statements

This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events, including the timing of the proposed transaction and other information related to the proposed transaction. In some cases, you can identify forward-looking statements because they contain words such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “could”, “intends”, “targets”, “plans”, “intends”, “believes”, “estimates”, “predicts”, “potential” or “continues” or the negative of these words or other terms or similar expressions.Expectations and beliefs regarding the matters discussed herein may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from The forward-looking statements contained in this communication are also subject to other risks and uncertainties, including those described in greater detail in SEC filings, including Sphere 3D’s reports filed on Forms 20- F and 6-K and in other filings ed by Sphere 3D with the SEC from time to time and available at www.sec.gov. These forward-looking statements are based on current expectations, which are subject to change.

No offer or solicitation

This communication does not constitute an offer to sell, the solicitation of an offer to sell or an offer to buy or the solicitation of an offer to buy any securities, and there will be no sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. No offer of securities will be made except by means of a prospectus satisfying the requirements of Section 10 of the Securities Act of 1933, as amended.

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