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Why did Sphere 3D Corp. (ANY) shares soar in the after-hours on Tuesday?

Sphere 3D Corp. (ANY) shares soared 8.10% in after-hours on Tuesday, July 27, 2021, and closed the daily trading at $3.07 per share. In the regular trading session of Tuesday, ANY stock lost 5.33%. ANY shares have fallen 9.27% over the last 12 months, and they have moved up 12.70% in the past week. Over the past three months, the stock has gained 31.48%, while over the past six months, it has shed 20.34%.

Let’s have a brief look at ANY recent news and developments.


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New Appointment by Gryphon Digital Mining 

On July 15, 2021, Gryphon Digital Mining (Gryphon) (which previously announced its Agreement and Plan of Merger Agreement with Sphere 3D (ANY)), appointed top mining industry technical expert, Chris Ensey, who formerly led Riot Blockchain and has a history of working with major bitcoin miners. Mr. Ensey carries a long list of technical achievements, including an impressive background in cybersecurity and data protection.

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Purchase of 7,200 S19J Pro Antminers

On July 8, 2021, Gryphon Digital Mining (Gryphon) entered into an agreement to purchase 7,200 Antminer S19J Pro mining machines from Bitmain Technologies Limited for an aggregate purchase price of $48 million.

The recent purchase of the S19J Pro miners represents a significant step forward in Gryphon Digital Mining’s strategic initiative to increase its Bitcoin hash rate while maintaining a zero-carbon footprint.

Sphere 3D (ANY) Stock and Gryphon Digital Mining Carbon Offset Credits purchase

on June 09, 2021, Gryphon Digital Mining (Gryphon) and Sphere 3D (ANY) entered into an agreement to purchase 250,000 Certified Emission Reductions, with each company purchasing 125,000 credits.

Sphere 3D (ANY) Stock Merger Agreement with Gryphon Digital Mining, Inc.

On June 3, 2021, Sphere 3D Corp (ANY) entered into an Agreement and Plan of Merger with Gryphon Digital Mining, Inc (Gryphon). Upon completion of the merger, the Company will change its name to Gryphon Digital Mining, Inc.

ANY Stock will issue 111,000,000 common shares to the shareholders of Gryphon, subject to adjustment, such that on closing, the Sphere 3D shareholders will own approximately 23% of the Company and Gryphon shareholders will own the remaining 77% on a fully diluted basis. The merger is expected to close in the third quarter of 2021.

Gryphon CEO Rob Chang will become the new company CEO. The board will be comprised of seven directors, including two members from Sphere 3D’s board.

ANY Stock closed its public offering of common shares

On May 27, 2021, Sphere 3D Corp (ANY) closed its underwritten public offering of 5,600,000 common shares at a price to the public of $1.25 per share. In addition, Sphere 3D granted to Maxim Group LLC a 45-day option to purchase up to an additional 840,000 common shares, at the public offering price fewer underwriting discounts and commissions, of which Maxim Group LLC has exercised its option to purchase an additional 700,000 common shares. The company will get gross proceeds of $7.9 million from the offer.

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Conclusion

As of this writing, we have no recent news about ANY which could justify its mixed performance on Tuesday.

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