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Tag: Sphere 3D

  • 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) 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.

  • Why The Sphere 3D Stock Fell In Extended Trades?

    Why The Sphere 3D Stock Fell In Extended Trades?

    The share price of Sphere 3D Corp. (ANY) fell -3.77% to $3.32 in after-hours trading on Thursday. Sphere 3D completed its last trading session at $3.45, up 18.97% on the day. ANY shares had a price range of $2.60 to $3.47. The volume of shares traded in ANY was 16.15 million, which was higher than its daily average of 4.43 million. Over the last five days, shares of ANY have gained 32.18%, while they have gained 90.61% during the past month.  In extended trading, ANY stock dropped after gaining value in regular trading.

    Why did ANY stock rise on the day?

    Sphere 3D helps customers reach their IT goals by supporting them from beginning to end. There are several brands in the portfolio of ANY, including UCX Connections and HVE Connections. ANY specializes in cloud computing and containerization solutions.

    Sphere 3D announced that its to be merged with company, Gryphon Digital has entered into a contractual agreement to purchase 7,200 Antminer S19J Pro miners for an aggregate purchase price of $48 million from Bitmain Technologies Limited.

    • Gryphon’s agreement to buy the S19J Pro miners represents a significant step forward in its effort to cultivate a zero-emission mining operation that increases Bitcoin hash rate.
    • Earlier this summer Bitmain announced the release of its S19J Pro model.
    • In addition to an industry-leading energy efficiency ratio of 29.5 J/TH, the new miner has an expected life cycle of over five years with a maximum hash rate of 100 TH/s together.
    • Bitmain plans on delivering 600 miners per month to Gryphon beginning in August 2021.
    • With the completion of this purchase agreement, Gryphon will have access to a substantial amount of hashing power.
    • This will allow Gryphon’s fleet of high-efficiency miners to be part of the only cryptocurrency mining operation powered by 100% renewable energy.

    It has recently been announced that Sphere 3D has entered into a merger agreement with Gryphon, an independent company which mines bitcoin using renewable energy.

    • Sphere 3D (ANY) will be re-branded as Gryphon Digital Mining Inc. upon completion of the merger.
    • With the merger, Gryphon will expand its digital mining operations and leverage the proprietary enterprise solutions from Sphere 3D to optimize its operations.
    • Rob Chang, Chief Executive Officer of Gryphon, will serve as the combined company’s CEO following the merger.
    • Both companies’ boards of directors have approved the transaction.

    How the merger will be completed?

    If both companies’ stockholders approve the merger, and other closing conditions are met, Sphere 3D (ANY) anticipates closing the merger in the third quarter of 2021. The shareholders of Gryphon will receive 111,000,000 common shares of Sphere 3D upon the close of the Merger.

  • What Drove The Sphere 3D (ANY) Stock Higher In Extended Trades?

    Last checked, shares of Sphere 3D Corp. (ANY) were trading at $2.25 after hours, up 1.81%. A loss of -5.15% pushed the Sphere 3D stock price to $2.21 at the end of Friday’s session. The total number of shares traded decreased to 1.25 million shares from 6.51 million shares within the past 50 days. Shares of Sphere 3D have moved down by -17.54% over the past week and by -13.67% over the last year.

    ANY Stock has lost -25.08% over the last three months, and 49.32% over the past six months. Furthermore, Sphere 3D is currently worth $45.9 million and has 9.42 million outstanding shares. It seems that ANY stock has recovered in the after-hours trades after dropping in the regular session.

    What caused ANY stock to fluctuate?

    In addition to its HVE ConneXions brand, Sphere 3D also offers UCX ConneXions and SnapServer, which all help clients reach their IT goals. As part of their recently signed agreement and plan of merger, Sphere 3D and Gryphon Digital Mining have each committed to purchasing 125,000 Certified Emission Reduction (CERs) credits.

    • Gryphon will become the first crypto miner to become carbon negative by taking advantage of these credits, as well as supporting ESG commitments.
    • Gryphon and Sphere 3D are expanding their sustainable and environmental stewardship efforts.
    • Sphere 3D and Gryphon are estimated to remain carbon-negative for at least the next five years based on their current operations.
    • Despite the fact that Gryphon’s core business uses only renewable energy, it acknowledges that it has a nonexistent carbon footprint.
    • The carbon offset credits will be used for the global transportation of cryptocurrency mining machines, employee travel for company meetings, as well as miscellaneous emissions from staff travel and meals.

    Sphere 3D’s recent strategic move:

    Recently, Sphere 3D (ANY) signed an Agreement and Plan of Merger with Gryphon Digital Mining Inc, a privately-held company that specializes in bitcoin mining through renewable energy.

    • After the merger has been completed, Sphere 3D’s name will change to Gryphon Digital Mining Inc.
    • The merged company will focus on expanding Gryphon’s digital mining operations as well as optimizing its operations with Sphere 3D’s proprietary enterprise solutions.
    • A total of 111,000,000 common shares of Sphere 3D stock will be distributed to the shareholder of Gryphon upon completion of the Merger.
    • The board of directors of both companies has approved the transaction.
    • Sphere 3D expects that the merger will close in the third quarter of 2021.

  • 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.