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

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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.

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