Sphere 3D Corp. announced that it has entered into a share purchase agreement to issue 13,764 series H preferred shares and 1,966,292 common share purchase warrants for the gross proceeds of $3.5 million on August 11, 2023. The warrants are exercisable the day after the date that is six months after the date of issuance at an initial exercise price of $2.75 per share for a term ending on the 3-year anniversary of the date of issuance.

As a part of transaction, the company issued a total of 1,377 Series H Shares and 196,629 Warrants to two finders, as a finder's fee for the transaction.