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Tag: ANY

  • Weird Moves of Sphere 3D Corp. (ANY) After Scrapping Merger with Gryphon Digital Mining

    Sphere 3D Corp. (ANY) stock had a weird after-market session on Monday with the stock initially sinking by over 25% only to later surge by 32.26%. Luckily, the stock closed the day at a price of $2.87 per share with a nice gain. This downfall-then-converted-into-upsurge followed a slight decline of 1.81% at $2.17 in the prior session.

    What’s Going on with ANY?

    After the bell on Monday, the company shared that it has scrapped the long-awaited merger with Gryphon Digital Mining Inc. The merger termination was a mutually agreed-upon decision of both companies.

    Source: Unsplash

    Previously announced in June 2021, the merger agreement was then amended in December 2021, to be finally canceled on Monday. The companies deemed changing market dynamics, their financial positions, and the large passage of time among others as the factors driving the termination. While having terminated the merger, the companies still declared to proceed with their Master Services Agreement as previously planned and disclosed. Both the companies will continue to leverage each other for driving growth and focus on strategic opportunities.

    Crypto Mining Industry

    The industry has remained highly volatile with its stocks being on a roller-coaster ride. While the crypto boom imparted nice gains, bearishness was prevailed due to the debate about its huge costs and energy use. As expectedly crypto industry moves into consolidation over the coming years, and most miners are recasting themselves as eco-friendly. With most crypto mining stocks being undervalued, there is a huge potential for future bullish trends in the sector.

    ANY’s Future Outlook

    The recent public debutant due to its 2021 IPO and increased operating costs, reported a decline in its revenue as well as earnings. But this does not mark the stock for further decline altogether. With the purchase and delivery of a huge number of Bitcoin miners still ongoing in 2022, ANY seems to be on track for a hit year. If fully operational, the new wave of miners will significantly improve the company’s 2022 earnings and revenue.

    Conclusion

    The termination news when shared caused a frenzy in ANY investors as a sell-off was initiated in the aftermarket. Soon after the news, the stock plunged down by more than 25% as investors responded in a confusion. But slowly as the haze cleared and investors gained some sense, it seems they found the termination and continued MSA of the companies a rather wise move. Thus, the stock eventually made a recovery and went up by over 32%.

  • Sphere 3D Corp. (ANY) Plunges stock Under Corrections After Hours. Here’s why?

    On March 28, Sphere 3D Corp. (ANY) was trending actively during the regular session due to its popularity as a meme penny stock as of recently. Consequent to its huge gains during the session, the stock fell under corrections in the after-hours to shed its gains. There is no recent official announcement from the company other than March 18’s Nasdaq Notice.

    Source: WATTAgNet

    As social media chatter attracted to the penny stock, ANY rallied big with a gain of 29.59% during the regular session. The volume of the day remained active at 437% of the average as 26.56 million shares exchanged hands. The stock closed the session at a price of $2.54 per share. Following the huge gains, the stock fell under corrections in the after-hours to lose 5.12%. Hence, ANY was trading at a value of $2.41 per share in the after-hours on Monday.

    The data management and desktop & applications virtualization solutions provider, Sphere 3D Corp is a carbon-neutral bitcoin mining company.

    What Happened?

    Recently, ANY has been gaining popularity on social media sites as a meme penny stock. The stock was actively discussed on social media sites like Reddit and Twitter on Monday which caused a spike in its gains. Another factor contributing to the latest upsurge seems to be the bullish momentum of cryptocurrency. Since the company has a large role in Bitcoin mining, the recent climb in crypto added further fuel to the stock’s hike on Monday. Moreover, a number of hedge funds including Advisory Group Holdings, Citadel Advisors, Wells Fargo & Company have recently increased their holdings of the stock as well.

    Ultimately, the stock was bound for corrections sooner or later after gaining big during the regular session. Thus, ANY succumbed to corrections in the after hours.

    Nasdaq’s Notice to ANY

    On March 18, the company announced receiving a deficiency notice from Nasdaq. According to the notice, the company is in non-compliance with Nasdaq Listing Rule 5605(c)(2)(A). The rule requires the issuers to have an audit committee of a minimum of three members within the required criteria.

    The company entered into non-compliance with the rule after its unsolicited discretionary bonus payment to Patricia Trompeter outside of Board compensation. Remaining on the board as a director, Ms. Trompeter resigned from ANY’s Audit Committee on March 7, 2022. Henceforth, the company is working on a plan of compliance including the replacement of Ms. Trompeter on the Audit Committee.

    ANY’s Q3 2021 Overview

    In Q3 2021, the company had a net loss of $2.6 million on revenue of $1.0 million while the gross margin was 46.6%.

  • Sphere 3D Corp. (ANY) Surges After Hours on BTC Mining Capacity Expansion

    On February 03, Sphere 3D Corp. (ANY) announced its agreement for buying 60,000 units of BTC miners, hence expanding its mining capacity. Consequently, the stock became bullish in the after hours.

    During the regular trading session, the stock fluctuated between a high of $2.3399 and a low of $2.0000. ANY closed the session at $2.3100 with a mild loss of 0.86% at 6.01 million shares. Following the announcement, the stock gained a good 25.54% at $2.9000 in the after-hours session. The after-hours session saw an active volume of 3.1 million on Thursday.

    The Canada-based company, Sphere 3D Corp. was founded in 2007. Currently, its 63.03 million outstanding shares trade at a market capitalization of $146.87 million. In the past five days, ANY has accumulated 29.05% while losing 25.96% year to date. Moreover, the stock went down by 12.50% last year.

    ANY’s Purchase Agreement

    The company has entered into a purchase agreement of 60,000 units of new NM440 bitcoin miners with NuMiner Global Inc. With a hash rate of 440 TH/s and power efficiency ratio of 20.2 J/T, NM440 stepped into the market for the first time on Thursday.

    For final assessment and testing (completion on/before June 1), ANY will be provided with 12 pre-production NM440s. Following the successful completion of the assessment, the company will receive 1,000 miners in June 2022. After that, from September 2022 to February 2023, the company will receive 10,000 units monthly.

    Furthermore, the maximum purchase price for the NM440’s under the terms of the agreement is up to $1.7 billion.

    In addition, effective in March 2022, Anthony Melman (Chair of NuMiner’s Board) will join ANY’s Board of Directors.

    Merger Plan and Developments

    Previously, the company announced a proposed transaction for the acquisition of all outstanding stock of Gryphon Digital Mining Inc. As per the merger agreement, ANY’s subsidiary and Sphere GDM Corp. will merge with and into Gryphon. Subsequently, the merged company will go on with the name Gryphon Digital Mining USA, Inc. as a wholly-owned direct subsidiary of the company.

    On January 12, the company provided detailed FAQs regarding the merger which is expected to close in Q1 2022.

    ANY’s Financials

    In the third quarter of 2021, the company reported revenue of $1.0 million, against $0.9 million in the year-ago period.

    Additionally, ANY had a net loss of $2.6 million ($0.07/share) from operations in Q3 2021, against $1.2 million ($0.17/share) in Q3 2020.

  • 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.

  • Sphere 3D Corp. (ANY) stock price gains during pre-market. Let’s find out why?

    Sphere 3D Corp. (ANY) stock price gains during pre-market. Let’s find out why?

    Sphere 3D Corp. (NASDAQ: ANY) stock declined by 12.37% in the last trading close, whereas the ANY stock rises by 12.94% in the pre-market trading session. There is no recent news hitting the media related to the rise and fall of ANY stock price. Sphere 3D Corp works to help people achieve their IT goals with a diverse portfolio of brands, including HVE ConneXions, UCX ConneXions, and SnapServer.

    Recent past developments

    NOTICE FROM THE NASDAQ STOCK MARKET

    On February 23, Sphere 3D announced that they had received a notice from The NASDAQ Stock Market mentioning that the Nasdaq Listing Qualifications staff had issued a public letter of reprimand to Sphere 3D due to the failure of Sphere 3D to meet the demands of Listing rule 5620 when it was not a foreign private issuer as well as couldn’t depend on home country practice as a second option to Quorum Rule.

    Also mentioned that Sphere 3D bylaws needed a quorum of a minimum of 25% instead of the 33 1/3% threshold, which is needed for an issuer on a domestic level as per the Quorum rule. They emphasize that Sphere 3D was not eligible as a foreign private issuer during 2018. 2019 and 2020 have caused a major rule violation. Also, Sphere 3D did not fulfill the criteria of 33 1/3% quorum threshold at its annual meetings, which took place in December of 2018 and 2019. Now on January 1, 2021, Sphere 3D has again qualified for the foreign private issuer’s status. Hence ANY is planning to once again depend on home country practice instead of the Quorum Rule.

    TERMINATION OF AGREEMENT BETWEEN SPHERE 3D AND RAINMAKER WORLDWIDE

    A definitive share purchase agreement was announced between Sphere 3D and Rainmaker Worldwide, but the deal has been called off due to unfulfillment of requirements. The agreement was about the acquisition of Rainmaker Holland BV, which is a subsidiary owned by RAKR. It was being mentioned that both ANY and RAKR put their maximum effort to make it work. Still, it was clear that all requirements could not be fulfilled, including the preliminary regulatory approvals within the timeline accepted by both parties. Despite the termination of the agreement, both ANY and RAKR were not bound to pay any break-fee. Therefore, the uncertainty in ANY stock price may be due to the pat developments in Sphere 3D.