Peter T. and the mystery half penny shares

According to this press release, Tassiopoulos joined Sphere 3D as CEO on March 4, 2013.  We see no earlier mention of his name in any company filings or pr’s. Yet, at an investor conference in early 2014 he describes himself as “the CEO and one of the original founders of Sphere 3D”  (0:50):

The original founders (as mentioned in the qualifying transaction dated December 14, 2012 for T.B. Mining Ventures/Shpere 3D merger) were Mario Biasini with 2,746,429 shares and John Morelli with 1,528,571 shares. Tassiopoulos is not listed as a shareholder, which includes “proposed directors, officers, and Insiders of the Resulting Issuer and their Associates and Affiliates as of the date of this Filing Statement”. Tassiopoulos claims to have owned just 200,000 shares when he became CEO.

We find it hard to rationalize Tassiopoulos and his self-described status as a “founder” with his small share position, and are surprised that he would be satisfied in such an inequitable arrangement with the other founders. We also notice, however, on page 30 of Sphere 3D’s 155 page filing document, that on the same day that Sphere acquired IP from Biasini’s Promotion Depot for a deemed consideration of $695,000 (1M shares at $.65) the Company also sold 7,499,900 shares for $.005 for total consideration of only $37,500. This transaction caught the eye of an editor at stockwatch.com.

We’ll avoid further speculation on who holds those shares but is it not a fair and reasonable question that Sphere shareholders ask of management?

Aside from the issue of ownership of these shares, one might also ask: Why give away 7,499,000 shares if indeed Sphere had just come into possession of a ground-breaking technology?

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4 thoughts on “Peter T. and the mystery half penny shares

  1. Will you and your “friends” hurry up and short this, by the way the hit piece from StreetSweeper forgot to mention Overland, Corel, Novagard and of course “NOVAGLASS”

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