Sphere 3D Corp (NASDAQ:ANY) is trading sharply lower on Tuesday. The stock has been witnessing a nice uptrend since over the past week with a jump of around 15%. Will the Rally continue?
Major Trigger:
Gryphon Digital Mining and Sphere 3D Corp. Announce Merger Pact
Key Highlights:
- Gryphon Digital Mining Inc., a privately-held company focused on the mining of bitcoin using renewable energy, is merging with Sphere 3D Corp. (Nasdaq: ANY), the companies said in a statement.
- Sphere 3D Corp specializes in containerization, virtualization and data management solutions. The merged company will focus on expanding Gryphon’s digital mining operations and utilize Sphere 3D’s proprietary enterprise solutions, the statement said.
- The merger is expected to close in the third quarter of 2021, subject to the approval of the stockholders of each company, and the shares to be issued in the merger being approved for listing on Nasdaq.
Key Quote
“Our entry onto the Nasdaq will give us heightened visibility in a dynamic market as we collaborate on our strategic vision,” said Rob Chang, CEO of Gryphon. Exec Edge previously interviewed Chang here.
Market Reaction
As of 11:05, ANY stock moved down by 8% to $1.83 with more than 1.27 million shares traded hands, compared to its average volume of 1.26 shares. The stock has moved within a range of $1.8000 – 1.9700 after opening the trade at $1.97.
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