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Cyrus Capital Partners Reveals 29.1% Stake in Sphere 3D

According to a newly-amended 13D filing, Stephen C. Freidheim’s Cyrus Capital Partners L.P. has ownership of 16.21 million shares of Sphere 3D Corp. (NASDAQ:ANY), which represent 29.1% of the company’s common stock. The stake includes 8.17 million shares issuable upon conversion of $24.50 million in principal amount of convertible debentures and 1.44 million shares issuable upon the exercise of various types of warrants. Cyrus Capital had ownership of 14.04 million shares in early January, as revealed by a 13D filing at that time, which included 6.50 million shares issuable upon conversion of $19.50 million in principal amount of convertible debentures and 935,975 shares issuable upon the exercise of warrants. Therefore, the fund’s actual ownership of common stock has not undergone any changes since early 2016.

The containerization, virtualization, and data management solutions provider has seen its market value drop by 23% since the beginning of 2016. Sphere 3D Corp. (NASDAQ:ANY)’s 2015 revenue was $76.2 million, a big increase from $13.5 million in 2014. The increase in the company’s top-line figure was mainly driven by the acquisition of Overland in December 2014, as well as the acquisition of Imation Corp. (NYSE:IMN)’s RDX product line in August 2015. George Hall’s Clinton Group had nearly 970,000 shares of Sphere 3D Corp. (NASDAQ:ANY) in its equity portfolio at the end of 2015.

Disclosure: None