Business News • MarketWire • Cyrus Group of Funds Acquires Common Shares of Sphere 3D Corporation |
Cyrus Group of Funds Acquires Common Shares of Sphere 3D Corporation |
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Cyrus Group of Funds Acquires Common Shares of Sphere 3D Corporation
TORONTO, ONTARIO--(Marketwired - Dec. 9, 2014) - Cyrus Capital Partners, L.P. ("CCP") today announced that it has acquired indirect control over an aggregate of 5,915,807 common shares ("Common Shares") of Sphere 3D Corporation ("Sphere 3D") (NASDAQ:ANY), which Common Shares were acquired by FBC Holdings Sàrl ("FBC"), Cyrus Opportunities Master Fund II, Ltd. ("CMF II"), CRS Master Fund LP ("CRS"), Crescent 1 LP ("CRES"), and Cyrus Select Opportunities Master Fund Ltd. ("CSOM", and together with CMF II, CRS, and CRES, the "Funds") pursuant to a series of transactions in connection with the merger of Sphere 3D with Overland Storage, Inc. (the "Sphere-Overland Merger"), as described in greater detail in the "early warning" report required to be filed in accordance with applicable Canadian securities laws. In addition, CCP has acquired indirect control over 135,975 common share purchase warrants of Sphere 3D ("Warrants") and US$19,500,000 in aggregate principal amount of convertible debentures ("New Debentures") entitling CCP, FBC, and the Funds to acquire, directly or indirectly, control over and/or beneficial ownership of, an aggregate 2,586,955 additional Common Shares upon the exercise of such Warrants and the conversion of such New Debentures. CCP is the investment manager of each of the Funds and FBC, and exercises sole discretion over all investment decisions made by each of them.
View More : http://www.marketwired.com/mw/release.do?id=1975576&sourceType=3
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