search icon
      blog search icon

      Why The Sphere 3D Stock Fell In Extended Trades? - Stocks Telegraph

      By ST Staff

      Published on

      July 9, 2021

      7:45 AM UTC

      Last Updated on

      July 14, 2021

      7:07 AM UTC

      Why The Sphere 3D Stock Fell In Extended Trades? - Stocks Telegraph

      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.

      More From Stocks telegraph