• $429 million in down payments, including approximately $400 million in common and preferred stock, subject to regulatory approval, and $29 million in cash;
• $1.1 billion in vendor financing from NuMiner at the option of Sphere 3D and subject to execution of additional definitive documentation; and
• Additional milestone payments of approximately $185 million based on a sliding scale contingent on the reduction of J/T delivered NM440s below the current 20.2 J/T.

"Sphere 3D is proud to be NuMiner's launch partner. We continue to focus on the growth of our mining operations, and the agreement to purchase the NM440 provides us the ability to increase our EH/s capacity on order by 440% over the next 13 months. The NM440 should also increase our overall efficiency, further improving margins and profitability as we scale our mining operations," said Peter Tassiopoulos, Chief Executive Officer of Sphere 3D. "The reduction in energy consumption per TH/s further exemplifies our shared commitment to ESG leadership in the industry."