On February 03, Sphere 3D Corp. (ANY) announced its agreement for buying 60,000 units of BTC miners, hence expanding its mining capacity. Consequently, the stock became bullish in the after hours.
During the regular trading session, the stock fluctuated between a high of $2.3399 and a low of $2.0000. ANY closed the session at $2.3100 with a mild loss of 0.86% at 6.01 million shares. Following the announcement, the stock gained a good 25.54% at $2.9000 in the after-hours session. The after-hours session saw an active volume of 3.1 million on Thursday.
The Canada-based company, Sphere 3D Corp. was founded in 2007. Currently, its 63.03 million outstanding shares trade at a market capitalization of $146.87 million. In the past five days, ANY has accumulated 29.05% while losing 25.96% year to date. Moreover, the stock went down by 12.50% last year.
ANY’s Purchase Agreement
The company has entered into a purchase agreement of 60,000 units of new NM440 bitcoin miners with NuMiner Global Inc. With a hash rate of 440 TH/s and power efficiency ratio of 20.2 J/T, NM440 stepped into the market for the first time on Thursday.
For final assessment and testing (completion on/before June 1), ANY will be provided with 12 pre-production NM440s. Following the successful completion of the assessment, the company will receive 1,000 miners in June 2022. After that, from September 2022 to February 2023, the company will receive 10,000 units monthly.
Furthermore, the maximum purchase price for the NM440’s under the terms of the agreement is up to $1.7 billion.
In addition, effective in March 2022, Anthony Melman (Chair of NuMiner’s Board) will join ANY’s Board of Directors.
Merger Plan and Developments
Previously, the company announced a proposed transaction for the acquisition of all outstanding stock of Gryphon Digital Mining Inc. As per the merger agreement, ANY’s subsidiary and Sphere GDM Corp. will merge with and into Gryphon. Subsequently, the merged company will go on with the name Gryphon Digital Mining USA, Inc. as a wholly-owned direct subsidiary of the company.
On January 12, the company provided detailed FAQs regarding the merger which is expected to close in Q1 2022.
ANY’s Financials
In the third quarter of 2021, the company reported revenue of $1.0 million, against $0.9 million in the year-ago period.
Additionally, ANY had a net loss of $2.6 million ($0.07/share) from operations in Q3 2021, against $1.2 million ($0.17/share) in Q3 2020.
