Sphere 3D shareholders approve Cathedra merger; combined firm to run 50+ MW power sites

Sphere 3D Corp.

Shareholders approved share issuance, board size (5 directors), director slate (Hanley, Dent, Kalbfleisch, Block, Gates), incentive plan increase (1.5M shares), and share consolidation up to 1:5.
Merger with Cathedra to close June 1, 2026; combined firm to operate over 50 MW of energized power infrastructure across TVA region (TN/KY) and Iowa.
Combined company will have no debt and fully unencumbered asset base; evaluating containerized sites for potential AI/HPC retrofit (preliminary).
Kurt Kalbfleisch (current CEO) to become CFO of combined company; Joel Block, known for complex transactions, joins board.
Incentive Plan shares increased from 639,252 to 2,139,252 to issue replacement options and RSUs to Cathedra security holders.

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