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US short interest only increased very modestly though over the past weeks (only about 10k shares per week, so I guess more in a manipulative manner/intend than anything else). The last time a bigger, more aggressive jump in short interest (100k shares over two weeks) occured on the US side was back in July, when we were at all time highs...its good to see that no matter what some shorts may be proclaiming, at least on the US side the short doesn't have the confidence at these levels to hit it aggressively at these levels..
Good. At least some common sense...
The explanation is found in the last PRs of Overland and the revised draft proxy of Sphere. Essentially, they made sure that cost savings at Overland's side are set in stone, financing is arranged and terms for the merger were improved.
Fully agree with you great eagle, also apart from supporting the share price it would start to keep the shorts on their toes at the very least, fearing news ANY day, fearing a delisting ANY day. That would at least mean that we would trade again like a normal stock: A normal stock keeps shorts and sellers at bay precisely because they fear that positive developments could be announced ANY day...
Last note on strategic reasonings of management and news: It doesnt mean that we would like to know specific contractual partners or contract values (easy to dismiss by management based on strategic considerations), far from it for now, it can mean a variety of news in regards to positive developments...ANYthing really...
While I highly respect Scott's balancing act between management and us shareholders, and his intend for simplification to not make updates too technical in finance terms, I feel that at this juncture it is important to clearly differentiate between three seperate events and their effects - at least as I understand them:
Upon effectiveness:
- We will know the definite merger date
- Sphere will be able from a regulatory standpoint to release news
- Sphere will also be able to delist after the effectiveness
Upon merger:
- The company will have a new CEO and board and may wish to more actively announce news
- The company may feel stronger in public, to engage in IR, maybe even later conduct road shows etc, as it will be one large entity
Upon delisting:
- In the process/as a result thereof the naked shorts will not anymore have the ability to be naked shorts, they can still go short albeit on the US side that is possible only to a much lesser iextend and in a more transparent and regulated manner AND much, much more expensive.
Gentlemen, we all have a lot of money at stake here and we are all adults able to juggle in our heads three seperate events and their effects. Linked, but seperate, and in terms of timing of delisting, or of start of release of news, it is entirely in management's hands when to start with that after the effectiveness next week! See above.
To confirm, I as many here understand strategic reasonings or public relation reasonings management may have in keeping news flow light or to not delist before the merger is closed BUT lets please understand it is NOT a regulatory restriction, BOTH are/will be a purely discretionary choice in terms of timing that management can and should evaluate every day, yes, also based on the stock price!
Let's start to understand the effects of each seperate event and stop to pretend the order of events is set in stone...please...
Of course it has to be on the Canadian side, as that is where they were doing the naked shorting. Upon delisting -the tide going down - they will have to either have covered or be exposed standing there naked..
These characters are just here and there and now trying to even privately approach people as they are running out of ways to annoy or misinform, or mislead us...
Another perfect example: the question would not be if it is legal to virtualise an app without the owners/developers consent. The real question is if this is Sphere's strategy with Glassware which obviously it is not! Look at how close they are, for example, collaborating with Novarad..it is hand in hand...
Not answering Derek's or M+'s questions (as that would be wrong and a waste of time to engage), just yours as you posted it, and to show, that even by intentionally posing the wrong questions, they are trying to mislead...
Congratulations Derek, you managed to waste 5 minutes of my time today. Wow, well done, now go and have a party...
Vangorilla, with all due respect and thanks for your updates (that lately seem very similar to i-hub posts unfortunately), you are supposed to be more than an interpreter of public info or cheerleader, BUT OUR actual voice to management, pressuring them, asking them to expand the audience of the stock etc.... or to do so yourself... also your 'hedge fund friends'...it may be past due time to remind them pretty please of the buying opportunity here
I would actually STRONGLY recommend to everybody to do two things today:
1) read the PRs again from yesterday, together with the proxy they include A LOT of positive news in regards to the prospects of Overland at least. Its future and stabilised/secured financial health, and at least in regards to Sphere again the minimum price of $6.50 price per share Cyrus agreed to. Just look at it again with fresh eyes. :)
2) obviously, as also evident by Derek's 'accidental' frequent posts yesterday, the shorts were VERY active yesterday to destroy our mood, and the price on both ANY and OVRL with tiny share sales! Psychology is their name of the game! I mean just look at the closing price of both. ANY alone closed at $ 5.38 on just 100 shares! We should have closed easily 20 cents higher if it wasn't for a mere 100 shares right at close! PLEASE use the official Nasdaq site to see the actual trades (and the short's obvious manipulation) as the yahoo finance etc intraday graphs are notoriously bad to see the actual trades with (which the shorts intentionally exploit). Don't let the shorts fool you and the value of your entire holding with just a 100 share sale (link below):
Have a look at the extend of it! Anybody who after looking at the link still questions how much the shorts try to manipulate our perceiption of the 'price' ehhm. ;) ..well just check!:
http://www.nasdaq.com/symbol/any/time-sales
Well put. Couldn't agree more on all...eom
US$ 6.50 should become the new MINIMUM even before closing! This as not only has Cyrus Capital agreed to a conversion rate of $6.50 of their previous loans to Overland (little history re-cap), NOW this is a NEW loan where they agreed that at least half of the repayment of principal to them at closing will not be done in cash by Sphere to them, BUT done in the form of shares of Sphere 3D at a MINIMUM value per share of $6.50!
So, to spell it out: For the below mentioned principal (text from latest OVRL PR), if the value of Sphere 3D shares goes up then Cyrus effectively gets Sphere 3D shares at the higher trailing price as defined below, AND at MINIMUM they effectively will have paid in lieu of their principal $6.50 a share! And that’s what a large shareholder and professional institutional investor (pls check out Cyrus’ profile again) agreed to! So clearly $6.50 per share should become the new MINIMUM price per share!
Excerpt from latest Overland PR: Sphere 3D has agreed that, immediately after the closing of the merger transaction and subject to regulatory approval, it will issue common shares to Cyrus Capital in repayment of $2.5 mln of the principal amount of the Overland Financing, at an ascribed price equal to the 20-day volume weighted average price ending 3 days before such conversion but in any event at a minimum of $6.50. It is expected that no more than 384,615 common shares of Sphere 3D will be issued to Cyrus Capital in connection with such repayment
Seriously Derek, I am happy you are dedicating your attention to the board today , but the mistake you are doing is that you are focussing on posting (negatively obviously) instead of NOT ONLY not reading the docs, but NOT EVEN reading people's answers or posts. If you just read either of these there it states clearly that Overland's (alone) projected EBITDA for 2015 is $10 million, NOT of Sphere and Overland combined, like you imply, get the tiny little difference?
You obviously just try to waste our time/ confuse others etc and that without even putting in any effort at all...just focus on posting as frequently as you can today, content is obviously overrated...
Yes, half of the $5 million will be repaid to Sphere (cash back to us) and Overland will have enough not to worry until they are profitable. Read through the proxy and the docs please.
Awesome! Overland financial projections included in the proxy AND show that Overland is expected to majorly turn the corner to profitability by Q1 2015! EBITDA expected for Overland to be nearly $10 million in 2015!:
From page number 67 in the proxy:
Overland’s management prepared projections of Overland’s EBITDA for the 2014 calendar year (approximately
negative $5.0 million). Certain estimates of Overland’s EBITDA for the 2015 calendar year (approximately $9.7 million) were based on management’s projections of Overland’s EBITDA for the first two quarters of the 2015 calendar year (approximately $1.8 million and $3.0 million, respectively) and publicly available analyst estimates (not provided by Overland) for the second two quarters of the 2015 calendar year (each $2.4 million).
It was part of the last financing done at $8.50, they had also received a % of special warrants (short term) as a sweetener/incentive that were exercisable into a common share and a normal warrant with an exercise price of $11.50, hence, the $11.50 you see in the filing.
To give warrants as part of a financing is standard as giving additional upside to the people buying into the company at the above price, and also provides cash later on automatically to the company whenever they are exercised (like now the special warrants), or later the $11.50 warrants when exercised will go directly go to the cash till of Sphere as well.
Called the broker, he said it was nothing, an odd small trade due to fat finger, literally few shares out of normal trading range, computer triggers stop until reviewed/reconciled, resumes a few minutes later.
Personally, I don't think it will be quite as bad as the intraday huge spike in VIX (our little panic indicator) suggested yesterday. The recovery was led by rising asset prices, and the Fed would rather initiate QE4 than let the economy enter into stagflation.
In terms of yield, there are no plays, other than stocks, the central banks around the world made sure of that and will continue to make sure of that as stagflation is the mensplus of any economy and takes years to get rid of. Governments would also initiate spending programs, monetary policy was the frontrunner, Keynesian fiscal policy will re-emerge.
Imagine a world where everybody out of fear hides in a lot of cash for a few weeks or months, soon after you will hear the famous (very true) slogan again: 'there is nowhere to put your cash in hope for any kind of meaningful yield, but stocks!'. For the above reason central banks around the world will (need to) keep this to be true. As sure as Yellen's hair is white and Bernanke had hair loss: fear of deflation :)
I agree with you and with the fact that the MUTE strategy did not seem awful when we thought that the merger would be executed in due time, nor was I (same as many here) in any way upset when I then understood it would only be end of September (happens in business)...
BUT now the merger close will at least be only by end of October/ beginning of November...given the significantly changed timeline (most likely for good reasons), the old MUTE strategy and whatever its cost/ benefit analysis was at the time, should kindly but thoroughly be looked at again and re-evaluated...
Let me just put it as general and logical as that...
Agree completely, about the unnecessary silence, it is exactly what I agree with! I meant that the 'news blackout' to excuse the silence prior to the merger close is NOT true or to this extend necessary. It is choice, self-imposed whatever one calls it, and VERY damaging, to us loyal shareholders and the company's stock price in the future, as we all have a memory!
Regulatory matters, legal matters etc are mere false excuses this board had come up with to excuse the chosen silence of management and accepted as a fact. That's what frustrates me: false excuses are not facts, no matter how often they get repeated!
If another guy mentions 'news blackout' here, I am going to go nuts! It is the stupidest thing I ever heard and makes one question the sanity of fellow posters and investors!
Facts:
1) There is NO reason for silence until merger close from a regulatory or legal perspective. Simple basic fact! Look in your Corporate Finance book, SEC website or just a website called: Google!
2) Nowhere has management said they will be silent until merger close. Anything we heard about that was through heresay or rumours, maybe even shorts. To clarify Scott suggested: DEAL NEWS could be expected after merger, BUT there are plenty of other news like development news or revenue numbers that we MUST hear about before merger. There is NO reason not to!
3) Management HAS in the past released news directly (PRs during VMWorld on Product Development) AND on revenue guidance through Scott etc! Is our memory that short term? So where do these past occurences/ releases/ facts fit in the stupid silence until merger theory??
4) For the past weeks and UNRELATED to the merger they were silent. True and time to change that again! They now have at least the revenue numbers for Q3 (the quarter was over as of ten days ago) and SHOULD announce the same, or some other news to stop us from being completely in the dark here!
5) Nobody said, please tell us with which company you are negotiating what! There are plenty of other ways to relay or indicate progress in a non-confidential way.
Yes, it hurts, but only partly because of stock price, more because of management's recent silence and even more because of those utterly stupid and damaging no news until merger rumours. Management it is time to speak (again)!
Nice. Carefully left a little for next week(s) from here, so if the short tries a last move like today, then I can try to at least tickle him a little in the wrong way
Sorry, just saw it. Thx for the update. eom
Hi Viking,
When private companies raise capital, the valuations and some info about their financials also do get released sometimes when it is a prominent or interesting firm, like Nutanix:
http://www.bloomberg.com/news/2014-08-27/nutanix-raises-funds-at-2-billion-valuation-delays-ipo.html
From the above linked Bloomberg article (27/08/2014):
"Nutanix Inc., a maker of software and hardware for data centers, closed a $140 million funding round at a valuation of $2 billion, double its value since January."
&
"Nutanix, which sells technology for storing and analyzing data on commodity hardware, is forecasting sales of $200 million this year"
Absolutely, just look at Nutanix and their annual revenue of $ 200 million and valuation of $ 2 billion, P/S of 10, still unprofitable, their CEO stated he wants to focus on the "land grab" for now...makes sense if you ask me...the valuation proves him right...
Also in reply to some posts: Don't worry finance guys are not that stupid. ;) They know how to extrapolate revenue and they know that disruptive cloud companies do not get valued the same way as chocolate factories..after all that's their day job ;)
I am very happy that they pre-emptively immediately explained and elaborated on both:
1) The lower gross margin this quarter (Tandberg integration related - old high-cost inventory sold)
AND
2) The $4.9 million of operating expenses (Tandberg integration plus merger costs related)
This way putting our minds at ease as both of these are clearly one time transformation expenses, and, as importantly, providing us with calm and confidence as the shorts in their unbelievable superficiality will try to point towards those two.
Nice example of cleverly taking the wind out of somebody's sails. ;) Done, already answered, next please. :)
Very nice, thanks for posting. Well, makes it clear how I am going to vote on the Overland merger.
The website of Sphere 3D clearly seems to be improving a lot these days! It has been quietly populated over the past days/weeks with solutions, case studies, news, client references etc, truly a delight to see!
I have to admit, it had been a while for me (in Sphere's case a while is defined as a much shorter period than for other firms it seems) that I have logged into the website for an extensive ride, but was astonished to see how much it has improved. Awesome!
http://sphere3d.com
Here the detailed reasoning why the shorts are in panic mode right now:
With the merger and the following news flow now potentially only two weeks away (start of Q4) and the fact that the proxy specifically states that 65% of Overland shareholders (Cyrus etc) already expressed agreement, while only a simple majority (i.e. 50%) is needed anyway, the shorts now have it on black and white that their "window of opportunity" to get out of their position is closing in at a neckbreaking speed!
Further, as nuggets for those that did not take the time to read the whole proxy (highly detailed and encouraging document), let us just say here that contrary to what the shorts like(d) us to believe, as clearly documented in the proxy, prior and during the merger discussions Overland did have an offer for alternative financing and a term sheet from another lead investor in place, WHICH TRIGGERED SPHERE to make its move and to propose the merger and to convince Overland of it instead of taking such alternative financing! A very nice date by date re-cap is written in the proxy...
Here is why the board of Sphere unanimously voted to propose the merger to Overland, and why in turn the Board of Overland unanimously agreed to proceed with its recommendation it to its shareholders (importantly with Cyrus even agreeing to WAIVE some of the covenants/rights that Cyrus had already obtained before in conjunction with the convertible note they had already issued to Overland, a notable move of support):
Oh, and before I forget: It also says Peter prepared a draft presentation with a financial forecast for the combined entity...I wonder if that made everybody on the boards so excited.
Below all quoted/ directly copy pasted from the proxy:
Recommendations of the Sphere 3D Board of Directors; Sphere 3D’s Reasons for the Merger:
On May 15, 2014, at a meeting of the Sphere 3D board of directors, by unanimous vote, the Sphere 3D board of directors determined that the merger agreement and the transactions contemplated by the merger agreement, including the merger, are advisable and in the best interests of Sphere 3D and its shareholders. Sphere 3D believes that the combination of these two businesses will benefit shareholders of both Sphere 3D and Overland by creating a strong platform for growth with the following characteristics and synergies:
• The creation of a large and diverse combined company to immediately gain the scale, infrastructure and resources required to become a leading global virtualization company and strengthens Sphere’s ability to service and support partners and customers globally;
• The combination provides greater certainty in leveraging Overland’s existing global distribution network of reseller, integrators and significant Tier One OEM’s, along with Overland’s global manufacturing, delivery and support networks;
• The complementary nature of the respective products brings together next generation technologies for virtualization and cloud computing coupled with end-to-end scalable storage offerings enabling the combined company to address the larger and growing virtualization and cloud markets;
• The additional revenue growth opportunities presented by the expanded product offerings of the combined company allowing Sphere 3D to access the large and diverse customer base of Overland, including government, education and business enterprises worldwide;
• The expected market capitalization, balance sheet and capital structure of the combined company relative to Sphere 3D on a stand-alone basis, including the potential for the combined company to participate in strategic opportunities that otherwise might not be available to Sphere 3D;
• The opportunity for the combined company to retain Overland’s executive management and other key personnel, including Mr. Kelly and Mr. Kalbfleisch, which together with key management of Sphere 3D, including Mr. Tassiopoulos, potentially leading to enhanced financial performance.
Based on the foregoing analysis, Sphere 3D’s board of directors has unanimously determined that the merger agreement and the transactions contemplated thereby are advisable and in the best interests of Sphere 3D and its shareholders.
Recommendations of the Overland Board of Directors; Overland’s Reasons for the Merger:
In considering the proposed business combination with Sphere 3D and in making its determination that the merger is advisable and in the best interests of Overland and its shareholders, the Overland board of directors consulted with its management and financial, legal and other advisors, and considered a variety of factors weighing in favor of or relevant to the merger, including the factors discussed below.
Strategic Benefits of the Merger. The Overland board of directors believes that the combination of Overland and Sphere 3D should result in significant strategic benefits to the combined company, which would benefit Overland and its shareholders as shareholders of the combined company. These strategic benefits include the following:
• The creation of a larger and more diversified combined company than Overland currently is alone, including a significantly expanded presence in Canada and a more diversified business in the U.S.;
• The advantages presented by the larger scale and expanded scope of the combined company in meeting the challenges facing the storage industry in light of current and potential future changes in regulatory, financial and economic conditions affecting the industry, including possible industry consolidation;
• The complementary nature of the respective products and geographic markets of Overland and Sphere 3D, and the opportunity created by the transaction to enhance the capabilities of both companies to operate more effectively and efficiently;
• The additional revenue growth opportunities presented by the expanded product offerings of the combined company;
• The expected market capitalization, balance sheet and capital structure of the combined company relative to Overland on a stand-alone basis, including the potential for the combined company to participate in strategic opportunities that otherwise might not be available to Overland;
• The opportunity for the combined company to achieve significant synergy benefits;
• The opportunity for the combined company to retain Sphere 3D’s corporate structure, potentially leading to enhanced financial performance; and
• The opportunity for the combined company to enhance its senior management led by Mr. Kelly and Mr. Tassiopoulos, relative to that of Overland and Sphere 3D separately.
Enough said
Agreed. He would most likely just try to steal info during his "review". Obviously also, with that many tweets and that open aggressiveness he must be assured that his superiors not only allowed him to act this way, but even more likely asked him to do so in the naive hope that it may weaken ANY (boy, do they underestimate us) and/or that ANY succumbs to let him have a look, or at the least to distract our management team, neither of which should be allowed!
We are all aware that ANY company (no pun intended), same as every human being, has to constantly prove itself or herself. We dont need a guy who obviously does not care for the boundaries of professionalism to highlight that. I hope he is short... would serve him well...
Nice! Excellent re-cap on why we are unique (please sticky it) though hope more detailed comments by them would help us even much more. Since Frost and Sullivan are already familiar with us, they would be ideal candidates to be invited to comment further. Remember every sentence more by guys like that adds a LOT to credibility. Like those sentences you quoted can/should be used in bold font on every one of our presentations.
On another note, also the proxy today shows that the merger is moving ahead nicely. Personally, I think getting Overland at this price is a downright steal, since they seem to be on track for the turnaround (definitely already in terms of revenue) and just look what Overland was worth just two to three years ago! If they reverse that 'dip' they went through (with Kelly and Sphere's team's help), then Overland's part alone would justify our entire post-merger market cap as it is today....
Quite frankly another interview by Sphere on Sphere will yield very little! They already made very confident statements in the last quarterly filing and press releases, so I wonder if this would significantly move the needle in any way...It would mainly be addressed to us and we are already loaded up, so quite frankly, what's the point??
I understand that the sector may not be incentivised to highlight Sphere as a new rather small entrant in the space yet, so instead of yet another interview I would recommend to focus on something that would help shareholders and even more so customers alike: A technical review by a renowed IT group, outlining specifications tested etc. I mean unfortunately even Simon B. did not even have the equipment to correctly test Glassware for his article as he said and was just referring to his speed and capability observations in a way that can not be used by either shareholders or again, much more importantly, customers!
Taking the popular and proven idea/ analogy from the Finance area, when the potential investors you are targeting are not big financial instutions (yet) who can do their own due dilligence, then you get it done for them! Spend a few ten thousand dollars on a professional report by a renowned independent consultancy, something small business customers or individual retail investors can not afford themselves! Such reports have an immense ROI in securing new customers and investors at the same time!
Same here with the technology, as we (as in also V3) are targeting mainly small enterprises for now, why not get an independent evaluation of the technology, comparative capabilities and speed done that could be used for marketing to customers and investors alike?
Another interview, while meant very well, somehow likely won't move us a few percent even, never mind not get us ANY new business...in contrary to the above suggestion...as a kind and well meant thought from a very loyal long term shareholder...
Exactly! And without incentive to subscribe, no subscription fees, ergo no newsletters and no budget for Scott etc to do research, travel and conduct on the ground due dilligence either. We would just be left guessing like 1000s of small cap stock boards with no real backbone.
No, but I am on a more serious note, he seems to at least have recognised the potential of the space.
He is a very smart investor, does his homework and takes risks, one of his most notable interviews would resonate with most people here too:
In that he says portfolio diversification “is for idiots.” You can’t diversify enough “to know what you’re doing,” he adds. You’ve got to do your homework and play your best bets:
Dont think any recent words on that also as we did hold up well, had stabilised in our little range for right now. I guess immediate priorities might always change though...
For now and for us it just means waiting and to think about what to focus on during the weekend. its almost boring when the exchange is closed
Hi Jan, please read my points on the latest financials as they may shed some light, there are very important nuggets from management in the last Q, also notably, although streamingeagle and I expected the short to hit the stock after earnings (out of habit for the short to create the perceiption of disappointment) - and that didnt even happen... I guess the nice over 50%! margin on hardware and software sales even scared the short to dig his famous hole further!
On that note, with the Overland sales force currently being trained, and other agreements with the likes of client.nl being made I actually think your revenue estimation for next quarter of under 3 mil. is too low, I mean it reflects even less than the current 70% sales growth rate quarter-on-quarter which for the aforementioned reasons I expect them to beat comfortably. They are certainly on the right track!
Anyway, now is the time for us to enjoy the late summer along with the next good news for us that they might be working on already...who knows..they continue to surprise us!
Nice find sons! Good to see! eom
Having just gone over the latest financial report, following quick key observations:
Revenue:
- Revenue increased > 70% quarter-on-quarter, even better than indicated by the Corporate Update at the end of July.
- Revenue growth was primarily driven by the increase in hardware and software sales which more than doubled quarter-on-quarter (huge V3 acquisition positive)
- Management provided three times evidence that the company is on track to not only continue and sustain very high revenue growth, but also to influence the shape of the entire sector! :
1) Market demand: “The market for the Company’s products and services has experienced strong demand and management anticipates that such demand will continue for the foreseeable future.”
2) Uniqueness: “Management believes that the Sphere 3D’s Glassware 2.0 TM proprietary virtualization platform design and architecture is unique and innovative…While some of our competitors appear to have similar product offerings, management believes that Sphere 3D’s products represent a significant advance in terms of functionality and usability.”
3) Continued innovation: “Sphere 3D continues on its quest to redefine the boundaries of hardware through its “software defined everything” approach to computing. DLA Piper, on behalf of the Company, filed a provisional patent for the first microvisor runtime environment available on a chip. The latest IP creation is a culmination of years of miniaturization work with the intent of making Glassware 2.0 completely portable and available offline.”
Gross Margins:
- Sphere isn’t selling “gear”, it is evidently selling unique and eagerly awaited solutions with high margins! Despite a substantially higher proportion of hardware and software sales, the gross margin remained > 50%!
- The above bodes incredibly well for the company’s future growth in profitability as sales continue to increase.
- Contrary to so many other young technology companies Sphere 3D does not need to sacrifice its very impressive hardware and software margins to achieve its initial staggering ramp up in sales.
Expenses:
- Expenses increased as a result of two main factors, the ramp up in sales and marketing professionals as well as the recent and upcoming M&A activity in regards to V3 and Overland respectively.
- In regards to the former management nicely and transparently states that it “intends to focus the majority of sales efforts through an indirect sales channel in order to achieve the greatest possible impact with the least possible start-up costs. This indirect channel includes licensees, resellers, ISVs, OEMs and systems integrators…During fiscal 2013, Sphere 3D shifted its focus to deliver any consumer centric solutions through a Business-to-Business-to-Consumer (B2B2C) approach. This strategic shift is primarily in response to demand from software publishers for application virtualization, the operational and financial efficiencies gained through this approach, and the requirement to focus resources on the considerable Business and Enterprise market opportunities currently available to the Company.”
- This revised strategic B2B2C approach is immensely positive in that staff expenses can be expected to rise significantly less than revenue growth, leading to continuously improving net margins as the company continues to grow.
- The company very intelligently adapted its sales strategy to the strong demand it sees, thereby making its future growth as little as possible restricted by the size of the company’s own sales and support staff.
Needless to say, the above is just an excerpt of thoughts related to the filing. I would highly recommend to read and digest - apart from the financials - also at least the sections pertaining to the General Development Of The Business and the Description Of The Business as these contain extraordinarily valuable and encouraging information about our company.
A small article, nothing new, except of nice go see that tech websites are slowly catching up to the PRs: http://it.tmcnet.com/topics/it/articles/2014/08/27/387648-overland-storage-partners-with-sphere3d-address-growing-vdi.htm
Well, naked or not (first time I am indifferent to that ), what is very easy to see is that no 'real' seller would be consistently selling in 'blocks' of 100 shares over weeks!
Let's see that as the common basic denominator between you too as its an undeniable fact.
Further, to use an analogy the only reason to do so is to manipulate the share price looking for 'air pockets' the space between the bids to create turbulence and a sinking feeling.
Now, the key word is manipulation. Whether naked or not, stock price manipulation should be fought. I am happy to think/hope they are.
Its a complete MISCONCEPTION that Sphere can not release any news before the merger is completed. It was in fact created somewhere on this board- either due to lack of Corporate Finance knowledge or by a short. Then, as the human mind works so conveniently the past weeks' silence seemed to confirm that truely silly theory.
Sphere could not release material news as the product development sphere ;) was working actively on new products and the business development sphere of ANY company in the world can not publish news before it is sure that such release won't derail negotiations. Those are/were the ONLY valid reasons (anybody willing to disagree is invited to look in any corporate finance book/source). I mean, one would think that latest with this press release on Friday the silly 'no news until merger is completed' theory would be invalidated, yet it is not even questioned here...
Hello, anybody home????
To you too, yeah one would have to be "short" of brains to be one of the lucky ones here and not arrive at the obvious conclusion that Sphere has a great future ahead of it...and that not only in the technology sector where valuations can reach immense values BUT ALSO in a space that sees very frequent acquisitions these days as the big boys try to eagerly snatch up the innovative players...
A disruptive company in a disruptive space!! As Scott aluded to in his last note, I don't think it can get any better than this...
Happy new year!!