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Tag: Sphere 3D Corp.

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

    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%.

  • 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 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.