sphere 3d corp. shareholders approve key proposals at annual meeting

Sphere 3D Corp. (NASDAQ:ANY), currently trading at $0.79 and showing a significant 47% decline over the past six months, held its Annual and Special Meeting of Shareholders on May 29, 2025. According to InvestingPro analysis, the company appears undervalued despite recent challenges, including weak gross profit margins of 9.7%. The meeting, which had a quorum with 42% of the company’s common shares represented, resulted in the approval of several significant proposals.

The shareholders voted to elect Timothy Hanley, Susan Harnett, and Duncan J. McEwan as directors for the upcoming year. The election results showed 4,270,895 votes for Hanley, 4,267,901 for Harnett, and 4,269,362 for McEwan, with withheld votes and broker non-votes also recorded. InvestingPro subscribers have access to 15+ additional insights about Sphere 3D’s financial health and market performance, helping investors make more informed decisions.

In addition, the shareholders ratified the selection of MaloneBailey LLP as the company’s auditors. The resolution received 10,525,847 votes in favor, while 576,799 votes were withheld.

A significant proposal approved during the meeting was the 2025 Performance Incentive Plan, which received 3,927,252 votes in favor and 663,958 votes withheld. The plan is designed to incentivize performance through stock-based rewards.

Furthermore, a special resolution to potentially consolidate the company’s common shares was passed, with 9,561,078 votes in favor and 1,541,568 votes withheld.

These decisions were based on the information provided in the company’s definitive proxy statement filed with the Securities and Exchange Commission on April 17, 2025. The details of the meeting and voting outcomes were disclosed in an 8-K filing with the SEC.

In other recent news, Sphere 3D Corp. reported its financial results for the fiscal year ending December 31, 2024, revealing a reduced net loss of $9.5 million compared to $23.4 million the previous year. Revenue for the year was $16.6 million, down from $21.9 million in 2023, partly due to phasing out older mining equipment and selling its Service and Product segment. The company also launched a new Bitcoin mining facility in Iowa, transitioning to a fully owned and controlled infrastructure model to improve operational efficiency. Sphere 3D reached a confidential settlement with Gryphon Digital Mining, ending all claims between the parties and allowing the company to focus on strategic growth. H.C. Wainwright maintained a Buy rating on Sphere 3D, with a price target of $3.00, citing confidence in acting CEO Kurt Kalbfleisch’s leadership and cost containment strategies. The company amended its CFO’s employment agreement, providing Kurt Kalbfleisch with a discretionary bonus and restricted stock units based on performance. Sphere 3D’s operational costs decreased significantly, reflecting efforts to streamline operations after the Bitcoin halving event. The company’s focus remains on enhancing shareholder value and adhering to environmental, social, and governance standards.

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