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Tuesday, October 14, 2014 11:43:50 AM
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!
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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
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