STOCKS TELEGRAPH

Author: ST Staff

  • TG Therapeutics Inc (TGTX) stock soared in the current market trading session; find out why

    TG Therapeutics Inc (TGTX) stock soared in the current market trading session; find out why

    TG Therapeutics Inc. (TGTX) stock soared by 1.71% to the price of $45.04 in the current market at the time of writing. TGTX stock previously closed at $45.83. TGTX stock traded today at a volume of 1.74 million shares. This volume was 0.28 million higher than the average daily volume of 1.42 million shares for the past 3 months. In the last 12 months, TGTX stock soared by 344.09%, however, in the past week the stock moved down by -1.86%. The stock has lost -13.67% in the three previous months, and over the previous six months, an additional 47.36%. Furthermore, TG Therapeutics Inc. is currently valued at $6.72 billion with 124.19 million outstanding shares.

    Operational background of TG Therapeutics Inc.

    TG Therapeutics is a commercial-stage biopharmaceutical company that is focused on designing, acquiring, and commercializing novel and unique treatments to meet the unmet needs of patients. These treatments are specifically for diseases related to autoimmunity as well as B-cell malignancies.  The leading treatments and therapeutics of TGTX include Ublituximab (for treating B-cell non-hodgkin lymphoma, CLL, multiple sclerosis relapsing form), Umbralisib (for treating CLL, marginal zone, and follicular lymphoma), and Cosibelimab (blocker of death-ligand), in addition to having these and many more medicines commercialized, the TGTX stock has an active research pipeline.

    Latest approvals and investigative studies performed at TGTX

    The latest approval received by the company from the FDA is for UKONIQTM which is in medical terms, an oral inhibitor containing P13K delta and CK1-epilson. The company is working on two programs that are currently in phase 3 developments which are meant for the treatment of RMS and CLL along with several phase 1 medicines in the investigational phase.

    TGTX stock announced that it has achieved positive results from Ultimate I & II which were phase 3 studies that were actively controlled and were purposed for the evaluation of ublituximab.  The study ended up with results that concluded that both tests had met their primary endpoint for ublituximab; statistically reduced ARR in 96 week period.

    At the American Academy of Neurology’s 73rd Annual meeting, TXTG will be presenting the results of this study on 17th April 2021. According to Lawrence Steinman, MD, Zimmermann who was the global chair for Ultimate I and II stated that the results of the studies reduced the relapses in the patients as well as reduced the inflammatory activity. The studies also reduced lesions in the brain and chances of disability progressions had a low rate in RMS patients when treated with ublituximab.

    Future prospects of Ublituximab

    The studies tested the efficacy of infusion activity of 450 mg Ublituximab one hour every six months. The results were conducted under special protocol assessment that was made with the FDA. The next aim is to use the results of this study and its efficacy to push for a Biological License submission for ublituximab. This will be targeted for 2021’s third quarter.

  • 111, Inc. (YI) stock rises in the Pre-market today: What’s going on?

    111, Inc. (YI) stock rises in the Pre-market today: What’s going on?

    Shares of 111, Inc. (YI) stock were continuing the rising momentum in the pre-market trading session after recording the gain of 0.91% at the previous closing. YI stock surged by 8.84% to reach $12.07 a share at the time of this writing. Let’s see the reason behind this bull.

    What’s happening?

    It seems that momentum has been built for YI in the previous market despite the lack of particular news by the YI stock today or not even in this month. Also, there are no signs of analyst upgrade or upswing per share targeted price of the YI to justify the bull. Here are some previous recent activities by the YI stock.

    YI partnership with Jianming Pharmaceutical

    On March 25, 2021, YI announced the strategic cooperation agreement with Jianming Pharmaceutical for the development of an online chronic disease management platform. The purpose of developing this platform for Jianming Pharmaceuticals was to treat hepatobiliary diseases in China by offering and distributing Jianming Pharmaceutical’sliver and gallbladder medications to the patients initially in Fujian province and then to the whole country.

    Financial Results of YI stock:

    On March 18, 2021, YI announced its unaudited fourth quarter and fiscal year results of 2020 pursuant to which YI stock generated RMB2.64 billion revenue with a 96.1% increase year over year. The gross profit of YI in the fourth quarter surged by 143.7% to reach RMB103.6 million as compared to the same period of the prior year. Operating expenses in the fourth quarter for YI were RMB248.3 million representing a 17.9% YoY increase.

    Total revenue for the fiscal year 2020 of YI was  RMB8.20 billion which is 107.6% higher than the revenue of the previous year. Gross profit of RMB365.8 million showed 121.5% yearly improvement. Operating expenses for the whole year were RMB839.1 million with a 27.4% YoY increase.

    Conclusion:

    YI stock has been hot among the investors as its stock price is continuously rising despite the absence of any news by the 111, Inc. Recent developments point to the overall growth of the stock, and a recent earning report proved that the YI stock has shown significant growth over the year. In a nutshell, YI stock can be a good bet for investors in the long run.

  • Ocean Power Technologies Inc. (OPTT) stock was plunging in premarket; find out why

    Ocean Power Technologies Inc. (OPTT) stock was plunging in premarket; find out why

    Ocean Power Technologies Inc. (OPTT) stock fell 5.68% to trade at $2.49 in premarket at last check. OPTT stock closed Thursday’s session at a loss of-5.68% to $2.49. The OPTT stock volume traded today was 2.93 million shares, which was lower than the average daily volume of 8.32 million shares for the past 3 months. In the last 12 months, OPTT stock soared by 444.26% and decreased by-15.88% in the past week. The stock has lost -16.72% in the past 3 months, while over the past six months, it has added 8.26%. Furthermore, Ocean Power Technologies Inc. is currently valued at$127.81 million along with 33.72 million outstanding shares.

    Ocean Power Technologies Inc. background

    Ocean Power Technologies is a leading energy solutions company that focuses on providing ocean energy solutions. The company focuses on harnessing the durable and renewable energy of ocean waves to source its proprietary systems. The OPTT stock offers a PB3 PowerBuoy® system that provides power to support or substitute the offshore power grids. The PowerBuoy® also comes in the hybrid system which includes a subsea battery system, payloads, marine installation services, and integration services. OPTT also targets the subsea and offshore applications in markets such as offshore oil and gas, defense and security, science and research, and communications for the provision of real-time data communications and electric power.

    Ocean Power Technologies Inc.’s Financial Year 2021

    Ocean Power Technologies Inc. announced on 9th March 2021, that it has released in financial results for the third quarter of the Fiscal year 2021 that ended on 31st January 2021.

    The company has realized the potential market for marine time exploration and engineering which requires 3Dent Technology. Thus OPTT stock has now added the acquisition of this technology to its portfolio and offshore engineering/design services for the new customer base. OPTT has also planned its first OPT PowerBuoy® remote deployment specifically for turnkey wave energy-powered subsea data collection in Chile. In the third quarter, its liquidity position also got a boost in total cash of $80.4 million. However, the revenue slumped compared to prior year same period.

    Administrative changes in OPTT

    Along with the dynamic shifts and expansion in the OPTT stock’s operational portfolio, there has also been administrative changes; 3 new directors have been hired onboard for expertise in “energy, safety, finance and governance.”

    Overlook of the rest of 2021

    The Company has also increased its financial position to boost its capital and has generated net proceeds through its ATM facilities and Equity Line Common Stock Purchase Agreements of $76.1 million including $66.7 in net proceeds for the third quarter. During this period the OPTT stock price increased as well. Company’s has an unrestricted cash balance of approximately $79.8 million as well as financial efficiency in cost management. The combination of both these facts is what the company expects that it can execute its growth strategy, market expansion, sales growth boost, development of new products and solutions.

  • Alcoa Corp (AA) Stock Beats Analyst Estimates: Here’s What Happened

    Alcoa Corp (AA) Stock Beats Analyst Estimates: Here’s What Happened

    Alcoa Corp (AA) traded at 33.9 USD in the premarket at the last check. The trading price is a 323% increase from one day before. However, things were different in the regular market. In the regular market, AA stock closed at 32.84 USD. This was a 1.65% shortfall than April 14, 2021’s closing. The price of AA stock increased in the premarket after the release of the company’s financial report. According to the report, AA surpassed the expectations of analysts in terms of revenue and earnings.

    About Alcoa Corp

    AA is an America-based Aluminium company, with its headquarters in Pittsburgh. It is the eighth largest global producer of aluminium and functions in 10 countries. AA’s products include fabricated aluminium, primary aluminium, and alumina combined. Furthermore, AA is actively participating in all the aspects of the aluminium industry including technology, recycling, fabricating, mining, smelting, and refining. AA was founded in 1888 and has Michael Morris as its current chairman, and Roy Harvey as the CEO.

    What Happened with AA’s Quarterly Revenue?

    As reported on April 16, 2021, AA announced its first-quarter earnings. The revenue beat the expectations of the financial analysts, as the economies reopened, and aluminium’s demand went up the graph. AA reported their total quarterly revenue amounting to $521 million against the expected $450.8 million. This figure is recorded as the highest since 2018 for AA.

    How did AA Earnings per Share Get Effected?

    Since the quarterly revenue of AA stock exceeded the forecasted amount, naturally earnings per share also took a similar direction. Analysts estimated that the earnings per share of AA, on average, will be $0.48. But with rising aluminium demand, the quarterly report observed AA’s earnings per share to be $0.79.

    AA’s Earning in the Quarterly Report

    As far as the earnings of AA is concerned, it declared a total of $2.87 billion. In comparison to last year’s first-quarter report, this year AA stock has increased its earnings by 7.86%. In 2020, AA had earned $2.38 billion in the first quarter.

    Further News

    President, Joe Biden, proposed that Congress should pass a 2 trillion USD bill. This infrastructure fund can be used to reconstruct America’s electric grid, roads and bridges, water supply systems, and even telecommunications systems. This proposal may be a good enough reason for AA stock to experience a positive increase in stock price. If the bill is passed, the industry can expect enhanced demand of products. Resultantly, AA’s stock can end up with a lot more growth.

  • Heritage Global Inc. (HGBL) stock fell in the premarket trading: Why did it happen?

    Heritage Global Inc. (HGBL) stock fell in the premarket trading: Why did it happen?

    Shares of the Heritage Global Inc. (HGBL) stock were continuing the downtrend in the pre-market session after dropping by 3.25% at the previous closing. HGBL stock price was down by 7.715% to drop at $2.75 in the pre-market. Let’s see the reason behind this fall.

    What’s happening?

    Investors are looking for some reason behind this fall to calm themselves, but the reality is that there is no particular news related to HGBL stock to justify this fall, no analyst downgrades or shrank targeted per share price of HGBL stock that might explain the reason behind this bearish sentiment. Let’s have a look at some previous events of Heritage stock.

    Previous Events of HGBL stock:

    On April 02, 2021, HGBL stock did an announcement of declaration of monthly distributions of $0.071 per share payable on proposed dates. According to the distribution policy, the annual distribution rate has been changed to 8.5% of the per-share net asset value of the Funds as reported for the last five trading days of the year 2020. The distributions of $0.071 per month will start from April and continue through June.

    On March 30, 2021, HGBL stock announced its engagement with an order of the U.S. Bankruptcy Court to offer for sale of the state-of-the-art air-chilled poultry processing plant along with its partner Harry Davis & Company. The processing plant is capable to process 140 birds per minute and 500 employees are working in it. As of the reported date, $30 million has been spent on its facility and equipment up-gradation.

    About HGBL stock:

    Heritage Global Inc. is operating as an asset services firm and its focused areas are financial and industrial asset transactions. It provides various range of services including market making, dispositions, acquisitions, valuations, and secured lending services. HGBL was founded in 1983 and its headquarters is located in San Diego, California.

    Conclusion:

    HGBL stock is passing through difficult times as far as market sentiment is concerned and no one exactly knows that how long this situation would persist. Hence from an investor’s point of view, it is better to practice doing both fundamental as well as technical analysis of the stock before taking any decision.

  • Why Obalon Therapeutics, Inc. (OBLN) stock was high in Thursday’s aftermarket?

    Why Obalon Therapeutics, Inc. (OBLN) stock was high in Thursday’s aftermarket?

    Shares of Obalon Therapeutics, Inc. (OBLN) stock were high in the aftermarket session on Thursday after facing the downtrend of 9.06% to drop at $2.31 a share at the previous closing. OBLN stock price saw a surge of 8.23% to reach $2.5  a share in the late hours of Thursday 15, 2021. Let’s see the reason behind this bullish sentiment.

    What’s happening?

    There is no recent news by Obalon Therapeuticsthat might support the bullish sentiment. We find no signs of analysts upgrades or upswing targeted per share price of OBLN stock to explain this rally. Sometimes social media hype makes the stock high, but this fact is not supporting the OBLN right now. So, what you need to know now? Here are some recent events related to OBLN .

    WeissLaw Reminder of Ongoing Investigation Against OBLN:

    WeissLaw reminded the shareholders of OBLN stock on April 09, 2021, about its ongoing investigations against Obalon Therapeutics’ board of directors. The investigation is related to the possible breach of fiduciary and violation of laws in connection with the proposed merger of OBLN with ReShape Lifesciences Inc. According to the merger agreement, Obalon Therapeutics will be renamed ReShape Lifesciences Inc after the acquiring of the former by the latter via an all-stock transaction.

    Financial View of OBLN stock:

    Back to the previous month, on March 12, 2021, OBLN stock did announce its fourth-quarter and full-year financial results of 2020 a summary of which is given below.

    For the fourth quarter, OBLN stock posted revenue of $0.1 million as compared to $0.8 in the same period of the prior year. The decrease was mainly due to the suspension of operations in the second quarter.Net loss decreased to $1.3 million in the fourth quarter while it was $4.9 million in the same quarter of the prior year.R&D expenses were down from $1.5 million in the Q4 of 2019 to $0.2 million in Q4 of 2020.

    The full-year 2020 revenue of the OBLN stock reduced to $1.6 million as compared to $3.3 million in 2019 due to suspension of operations.Net loss for the fiscal year 2020 was decreased to $12.3 million as compared to $23.7 million net loss of 2019.R&D expenses for the full year were reduced from $6.9 million of 2019 to $2.5 million in 2020.

    At the end of 2020, OBLN stock had cash and cash equivalents of $3.9 million and  $0.4 million debt attributed to its Payroll Protection Program loan.

    Conclusion:

    OBLN stock went up in the late hours of Thursday despite the absence of any reason. Overall growth declined according to the recently announced earnings report due to a halt in OBLN’s operations. In short, investors need to do a lot of homework before adding this stock to their portfolio.

  • NAOV stock has plunged in the after-hours; Find out why

    NanoVibronix Inc. (NAOV) has plunged -7.07% at $0.79 in after-market trading hours on the last check Thursday. The NAOV stock lost -10.52% to complete the last trading session at $0.85. The price range of the NAOV stock was between $0.8324 and $0.931

    How NanoVibronix differentiates its medical devices

    NanoVibronix Inc. is a medical device company that specifically focuses on the manufacturing and sale of biological response-activating device that target would recovery, pain treatment, and biofilm prevention – all done noninvasively. The NAOV stock has a research and development team in Nesher, Israel that designs medical devices using its low-intensity surface acoustic wave which is proprietary and patented. NanoVibronix sells its product directly to clients and patients along with Federaly supply agreements with the United States. Similar distributor agreements are also made with India, Israel, Europe, and other international linkages.

    The SAW technology of the company is diversified due to its low-frequency ultrasound waves for medical applications which include bacterial colonization, biofilm disruption, and pain relief.  The leading products of the company include PainShield®, UroShield®, and WoundShieldTM.

    NAOV has secured another Federal Supply Schedule deal with VA

    On 2nd March 2021, NanoVibronix Inc. (NASDAQ: NAOV) announced that it entered into another Federal Supply Schedule agreement for its UroShield urology therapy device through a service-disabled veteran organization. This supply will be ordered through the Veterans Administration (VA) to make it easier to treat veterans with UroShield.

    The NAOV stock sells its medical devices directly but it also has a supply chain agreement with governmental contracts, particularly the Federal Supply Schedule in the USA. The FSS program is managed through a contract with the General Services Administration (GSA) which provides Federal agencies a more efficient and convenient process for procuring the commercial supplies in bulk for discounts. NAOV’s PainShield – a non-opioid pain therapy was also placed on FSS by the Veterans Administration on 1st September 2019.

    The veterans use Foley catheters which have a risk of catching Catheter-Associated Urinary Tract Infection (CAUTI) which is the leading cause of secondary hospital-acquired bloodstream infection. 40 million Americans undergo Urinary Catheterization, with 0.5 million CAUTI cases and 8000 deaths related to infection, every year.

    This is the market where UroShield is really differentiated and effective because it is attached to any indwelling urinary catheter as a disposable ultrasound device which reduces biofilm and prevents CAUTI. The ultrasound low intensity waves disrupt the docking mechanism of Bacteria and prevent bacterial colonization. UroShield is also effective against preventing hospitalization – a necessary action during the COVID-19 pandemic where hospitals focus on prioritizing hospital beds for COVID patients.

    NAOV is re-adjourning its Special Meeting of Stockholders again

    On 2nd March NAOV stock announced that its Special Meeting of Stockholders scheduled for 31st march, 2021 has been adjourned and rescheduled for 14th April 2021. This was done to allow more time for stockholders to vote.

    However on 14th April, the company announced again that the Special Meeting of Stockholders has been re-adjourned. It will now reconvene on 27th April 2021, at 10 am ET and virtually take place on the link here. NAOV will continue to solicit proxies from its stockholders and encourage them to vote before April 26, 20201 11:59 pm.

  • 3 Best Tech Stocks to Watch in 2021 – (Twilio, ServiceNow, Roblox)

    3 Best Tech Stocks to Watch in 2021 – (Twilio, ServiceNow, Roblox)

    Technology is one of the most-fast paced industry of the 21st century. Be it the education sector or health, finance industry or transportation, technology is embedded in each one of these segments. Without the technology industry, other sectors cannot function in this day and age. Perhaps this is the reason why investors are most keen to purchase their stocks, and closely observe this market. As the global pandemic hit the world in 2020, almost all businesses suffered huge losses. However, the technology industry did not decline as much, but rather it flourished.

    Now with the beginning of 2021 investors are looking forward to putting in their money in technology stocks once again. This article will aim to provide some news and developments about three tech stocks for investors to monitor them from a close lens.

    Twilio

    Twilio (NASDAQ: TWLO) is an American company based in San Francisco, California. The company is basically a cloud communications platform for software developers. It allows them to receive and send text messages, make and receive phone calls, and other communication functions programmatically. In 2020, TWLO’s stock per share price enhanced by more than 300 percent, even in the wake of a pandemic. This manifold increase in the share price was because of the rapid digitization that took place all around the world. As more and more organizations ae replacing their old modes of communication, the target market of TWLO is expected to expand. In addition, TWLO has partnered with big consulting firms like Zendesk. Partnerships with big enterprises, along with TWLO’s innovative solutions would surely give a boost to TWLO stock. Therefore, investors should gauge the performance of TWLO carefully and purchase its stock at the right time.

    ServiceNow

    ServiceNow (NASDAQ: NOW) is a tech firm that provides cloud-based services to IT companies. These services allow the customers to automate its operations. NOW services comprise of a variety of applications that not only automate workflow but also integrate similar business procedures. Ever since NOW Stock went public, its shares have more value. In March, NOW announced that it is planning on acquiring a robotic process automation firm. This will allow NOW to compete in the ever-growing tech industry against its competitors. NOW has been consistently growing for some time now and can be an interesting option for investors.

    Roblox

    Roblox (NASDAQ: RBLX) is a creation of Roblox Corporation. It is an online gaming platform which allows gamers to play games that are created by other gamers. RBLX is compatible with Microsoft Windows, Classic Mac OS, Xbox One, Fire OS, Android, max OS, and iOS. The most recent development that took place at RBLX is its partnership with Hasbro (HAS) which gave RBLX Stock an increase by 9.4%. RBLX is one of the leading gaming platforms that focus on children. When RBLX stock became public, its share price had a significant increase. Now, with the latest partnership with Hasbro, RBLX stock can be expected to have more worth. However, the company is still unprofitable. This means that investors need to be more diligent before purchasing RBLX stock.

  • StoneMor Inc. (STON) stock is rising in the after-hours market; Here’s why

    StoneMor Inc. (STON) stock is rising in the after-hours market; Here’s why

    In after-market trading, shares of StoneMor Inc. (STON) were up 17.47% at $1.95, at the time of writing. STON stock closed the last session at $1.66, decreasing -2.92% or -$0.05. STON stock price fluctuated between $1.65 and $1.79 throughout the day.

    Acquisition of new 4 cemeteries by StoneMorInc

    On 24th March StoneMor Inc. announced that it had acquired 4 cemeteries. The definitive agreement was signed for a value of $5,395,000 for the four cemeteries that are located in the East Coast Geographic. The total purchase price is subject to customary working and capital adjustments.

    The Chief Executive Officer and President of STON stock, Joe Redling believes that this step represents a significant shift in the strategy which was previously on divesting assets but now is focused on acquisitions of locations that expand with the aligned existing portfolio. The transaction is subjected to regulatory approval and due diligence and will close expectedly on July 2021.

    Announcing the financial results for full-year and fourth quarter of 2020

    On 23rd March StoneMor Inc. reported its financial results for the year ended 31, 2020 and fourth quarter. The revenues for STON stock in the full year 2020 were greater than 2019 along with the fourth quarter revenues which had increased as well compared to the same period in 2019. Overall the company is set to focus on future growth and expansion with recent success in the financials.

    Here are the highlights of the financial performances reported for FY 2020 and Q4;

    • The revenues for the full year 2020 are $279.5 million which is a 8.67% increase from the $257.2 million for full year 2019
    • The revenues for the fourth quarter 2020 are $74.9 million which is an increase from the $58.3 million for fourth quarter 2019.
    • Cemetery Segment (CS) operating income for the full year 2020 are $35.0 which is an increase from $8 million for full year 2019
    • CS operating income for fourth quarter 2020 are $10.9 million compared to the loss incurred in the fourth quarter 2019 of $0.6 million
    • Funeral Home Segment (FHS) operating income for the full year 2020 is $5.0 million compared to $4.0 million in the full year 2019. Similarly, FHS operating income for Q4 is $1.5 million compared to $0.9 million in the Q4 2019.
    • Q4 net loss from continuing operations were $5.7 million for 2020 compared to $52.4 million in Q4 2019. Similarly for full year 2020, net loss was $37.3 million compared to $154.7 for full year 2019.

    About StoneMorInc

    StoneMor Inc. is a personal services company that specifically focuses on operating cemeteries and funeral homes in the US. In these two operational segments, the services are sold on a pre-need (Before death) and at-need (at passing away) basis. The cemetery operation provides interment rights to burial lots, crypts of the mausoleum, funeral lawn, cremation niche and cemetery-related merchandise.  The Funeral homes operation focuses on merchandises related to funerals like caskets, family consultation, funeral home services, prepping the deceased, insurances, memorial and funeral home facility usage.

    STON stock assets include 304 cemeteries as well as 70 funeral homes in 25 states and Puerto Rico.

  • Sphere 3D Corp (ANY) stock rises in the current trading session; here’s why

    Sphere 3D Corp. (ANY) shares were rising 4.84% to trade at $2.32 in the current market at the last check. ANY’s stock closed the previous session at $2.21. The ANY stock volume remained 9.74 million shares, which was higher than the average daily volume of 1.07 million shares within the past 50 days. ANY shares have risen by 183.72% over the last 12 months, and they have moved down by -2.94% in the past week.

    Background of Sphere 3D’s practices

    Sphere 3D Corporation is an international software and technology company that provides desktop and virtualization solutions as well as data management. The company is situated in Canada and was founded in 2007. It provides companies an array of public, private, and hybrid cloud solutions and services to deliver virtualization and containerization through its global reseller network and professional services organization. HVE converged and hyper-converged infrastructure solutions are also part of the company’s services. Sphere 3D Corp’s created a portfolio of brands to achieve its IT goals which include UCX ConneXions, HVE ConneXions and SnapServer®.

    Sphere 3D releases full year 2020 financial report

    ANY stock on 9th April 2021, reported its financial result for the full-year 2020. The results of the fiscal year 2020 are as follows:

    • Net Revenue for full year 2020 is $4.8 million which decreased compared to the $5.6 million for full year 2019
    • Gross Margin for full year 2020 is 46.4% which increased compared to the 33.2% for full year 2019
    • Operating expenses for full year 2020 is $8.2 million which increased compared to the $7.9 million for full year 2019
    • Depreciation and amortization for full year 2020 is $1.8 million which decreased compared to the $1.9 million for full year 2019
    • Net loss from operations for full year 2020 is $5.8 million which increased compared to net loss from operations $4.3 million for full year 2019
    • In other words, net loss in terms of share for 2020 was $0.98 per share compared to net loss of $1.59 per share for 2019

    Sphere 3D is reprimanded by Nasdaq

    On 23rd February, ANY stock was reprimanded by Nasdaq Stock Market LLC. Specifically, the Nasdaq Listing Qualifications Staff (NLQS) issued a letter stating Sphere 3D’s failure to comply with the “Quorum Rule” and could not utilize home country practice as a substitute to Quorum rule because it had stopped being a foreign private issuer. At annual meetings in the end of 2018 and 2019, the company did not attain the 33 1/3% quorum threshold. Since the start of 2021, ANY stock is repeating the same unauthorized practice.

    Termination of Rainmaker Merger Agreement

    Subsequent to the year-end, ANY stock announced that it had entered into a definitive agreement with Rainmaker Worldwide. The merger included the acquisition of all the outstanding rainmaker securities by Sphere 3D. This merger had come to be known as Rainmaker Merger Agreement. Rainmaker Worldwide is a global water-as-a-service provider. However, the Rainmaker merger agreement did not follow through because it was terminated due to unable to comply to all necessary regulatory approvals relating to the proposed transaction within the agreed date. The agreed date set was 31st January 2021, and no termination charges were added by any of both parties.