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Sphere 3D settles with Core Scientific for $10M in equity; court approves
Sphere 3D Corp.
- Sphere 3D will receive $10M in Core equity, accessible for trading upon Core's effective date.
- Additional equity pool available if Core's equity value declines within 18 months post-settlement.
- Mutual release of all claims between Sphere 3D and Core; claims against Gryphon expressly preserved.
- U.S. Bankruptcy Judge Christopher M. Lopez approved the settlement on January 16, 2024.
- CEO Patricia Trompeter says settlement provides non-dilutive capital to focus on growth initiatives.