Sphere 3D Corp. (NASDAQ: ANY) a company specializing to deliver containerization, virtualization, and data management solutions via hybrid cloud, cloud, and on-premise implementations announced the closing of its underwritten public offering of 5,600,000 common shares at a price to the public of $1.25 per share. ANY stock price increased adjacent to the news.
At last check in after-market trading, shares of Sphere 3D Corp. (ANY) were up 2.9% at $1.42. ANY stock closed last session at $1.38, increasing 2.99% or $0.04. Shares of the company fluctuated between $1.35 and $1.4799 throughout the day. ANY shares have fallen by -40.77% over the last 12 months, and they have moved down by -9.21% in the past week.
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About Public Offering
Sphere 3D provided Maxim Group LLC a 45-day option to acquire a maximum of additional 840,000 common shares, at the public offering price consisting of underwriting discounts and commissions, of which Maxim Group LLC has used its option to buy an additional 700,000 common shares.
Gross proceeds before subtracting underwriting discounts, commissions, and other offering costs were almost $7.9 million, including the overallotment. Maxim Group LLC was the sole book-running manager in relation with the offering.
First Quarter Financial Results
Revenue for the first quarter of 2021 was $0.9 million, in comparison to $1.0 million for the same quarter of the previous year. Gross margin for the first quarter of 2021 was 45.9%, versus 45.8% for the same period of the previous year
Operating expenses for the first quarter of 2021 were $1.7 million, in comparison to $1.6 million for a similar quarter of the prior year. Interest expense for the first quarter of 2021 was $509,000, from $9,000 for the first quarter last year.
Other income (expense), net for the first quarter of 2021 was $588,000 of expense, net, in comparison to $70,000 of income, net, for the first quarter of the previous year. Depreciation and amortization was $154,000 in the first quarter of 2021, versus $247,000 for the first quarter of 2020.
Net loss available to common shareholders for the first quarter of 2021 was $2.6 million, or a net loss of $0.27 per share, in comparison to $1.1 million, or a net loss of $0.28 per share, for the same period last year.
Closing of underwritten public offering combined with a financial result representing a consistent improvement in the company’s financials has surged investor interest, with ANY stock price increasing at last check.