Sphere 3D reports receipt of letter from Cyrus Capital Partners
Sphere 3D announced that it has received a letter from Cyrus Capital Partners, which Cyrus has filed pursuant to Schedule 13D with the Securities and Exchange Commission earlier today. The company views the letter to be indicative of Cyrus's belief that the business has yet to reach its full potential, and there is an opportunity to maximize shareholder value. As stated in their filing today, any proposal from Cyrus would aim to allow "Sphere to reach its full potential substantially increasing and maximizing shareholder and stakeholder value". In conjunction with their filing, Daniel Bordessa, a partner of Cyrus Capital Partners, has resigned from the company's board of directors, effective December 20.