Sphere 3D Corp. (ANY)

[Hugodrax]

Opus had to waive defaults on December 30 (presumably this is why McFarlane had to pump in that cash that day).

BUT

Opus accelerated the maturity of both the term debt and revolver to March 31, 2017!!!

And they didn't disclose it until today! They also repriced the Opus warrants from $1.30 strike price to $0.01 (# from 1.5M to 862K)

However on March 12 they got a second extension but only to June 30 if they raise $3M+ in cash by March 31 and stick $2.5M of it into Overland's Opus Bank account. This explains today's offering.

If they don't meet monthly revenue and EBITDA targets AND get a term sheet from a new lender by April 28 (a month from now!) or hire an i-banker to sell a "significant portion of the Company's assets" the loans are immediately due and payable.

IMHO we are basically at end game now. Opus wants out, and Cyrus is next in line for the next $25M or whatever. Tough to see a scenario where equity survives.

IMHO.