RAKR - Sphere 3D acquires Rainmaker Holland BV terminate previously merger agreement

Sphere 3D (ANY) has acquired Rainmaker Holland BV, a wholly owned subsidiary of Rainmaker Worldwide (RAKR). The consideration for the purchase of RHBV includes the issuance of 11.35M Series F preferred shares, 2-year warrants to acquire 500K Series F preferred shares at an exercise price of $2/share and cash consideration of $1.96M payable to third parties to cancel certain royalty agreements. The transaction is expected to close on January 14.The previously announced merger transaction between the company and RAKR has been mutually terminated, without any payments being made by either party. Upon closing of the transaction, Peter Tassiopoulos, the current CEO of Sphere 3D, will transition his role to Executive Chairman and will remain as a director. CEO of Rainmaker Worldwide, Michael Skinner to join the company as the interim CEO to assist with the integration of RHBV. Peter Tassiopoulos, current CEO of Sphere 3D, stated, "The acquisition of RHBV presents

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Sphere 3D acquires Rainmaker Holland BV, terminate previously merger agreement