Benzinga | Feb 16, 2021 08:17AM EST

Sphere 3D And Rainmaker Worldwide Terminate Agreement To Acquire Rainmaker Water Technology And Service Provider Agreements

Toronto, Ontario--(Newsfile Corp. - February 16, 2021) - Sphere 3D Corp. (NASDAQ:ANY) (the "Company" or "Sphere 3D") announced today that the previously announced definitive Share Purchase Agreement (the "Agreement") for the acquisition of Rainmaker Holland BV, a wholly owned subsidiary of Rainmaker Worldwide Inc. (OTC:RAKR) has been terminated.

"We have been working towards a transaction for quite some time now with Rainmaker. Over the last few weeks it has become increasingly apparent that the timelines to complete the transaction, including the necessary regulatory approvals, will be prolonged and uncertain," stated Peter Tassiopoulos, CEO of Sphere 3D, adding "despite the termination of the Agreement, the Company will continue to work with Rainmaker as a partner on certain opportunities for water as a service offerings."

With the Agreement now terminated, the Company shall not be making any management changes or any changes to its board of directors as previously announced at this time. Peter Tassiopoulos will remain as the CEO of the Company and the current board, which was re-elected at the Company's Annual and Special Meeting of Shareholders held on February 11, 2021 and consisting of Vivekanand Mahadevan, Duncan J. McEwan, Cheemin Bo-Linn and Peter Tassiopoulos, will also remain.