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Sphere 3D amends Rainmaker merger terms

  • Sphere 3D (ANY) and Rainmaker Worldwide (OTCPK:RAKR) entered into a definitive merger agreement in July; under which the former will will acquire all of the outstanding securities of the latter.
  • In developments to the merger agreement, it is now amended to change the ratio of Sphere 3D stock to be received by Rainmaker shareholders to better indicate current market values of the respective companies.
  • On closure, Rainmaker holders of common and preferred shares will receive 1/15th (vs. prior ratio of 1/3rd) of a share of Sphere 3D per common or preferred share that they hold, respectively.
  • For sustaining multiple growth initiates, Sphere 3D agreed to advance $1.85M to Rainmaker through secured convertible note; funds will be utilized to fulfill recent contracts and expand Rainmaker's equipment production capacity.
  • Sphere 3D also entered into a stock purchase agreement with an institutional investor for the issuance of $3M (3K series E convertible preferred shares at $1K/share) of convertible preferred shares.

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