Sphere 3D Corp. (ANY)

[Hugodrax]

Well,

1) they are unloading almost all of the company to Eric Kelly

2) the funds won’t go to shareholders, they will repay the debt.

3) shareholders will be left with scraps including “Glassware” and that reseller they bought a year ago for a couple of $million or so.

4) good chance the deal doesn’t close as It is subject to Eric Kelly raising money. Eric Kelly delivering on anything is a risky bet. If anyone does serious diligence on EK Obcant see how he is a backable CEO. And the Overland biz, IMO, is a bad low margin dinosaur.

5) good chance if it does close the price will be lower due to working capital adjustments.

6) the fact that this contingent deal is the best they could come up with speaks volumes.

7) potential further dilution to even get through closing.

Coming out the other end it seems you have a small Low value biz with Peter T flapping around.

Having said that PT could pivot the thing (eg with a blockchain pump) to restart a new thing with fresh retail investors to do it all over again.

Just amazing. The guys that rode this from $10 to $0.10 must be livid.

With a $15 million market cap quasi shell company without debt lots of things a good hypester can do. Will be fun to watch.