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.