Summary by Moomoo AI
On December 28, 2023, Sphere 3D Corp. announced the sale of its wholly-owned subsidiary, HVE Inc., to its former President, Joseph O'Daniel. This transaction is part of Sphere 3D's strategic shift towards the cryptocurrency business. The sale was made for nominal consideration, including all liabilities of HVE. Concurrently, Joseph O'Daniel resigned from his role as President of Sphere 3D. As part of his resignation, O'Daniel agreed to a revised compensation of $400,000, a combination of cash and common shares, paid in three installments, replacing a previous Retention Agreement. Additionally, O'Daniel entered into a Release Agreement with Sphere 3D, relinquishing any claims against the company and its related parties. The details of the Share Purchase Agreement were included as an exhibit in the company's Form 8-K filed with the SEC.