Sphere 3D Corp. (ANY) stock soared 17.51% in the pre-market trading session at the price of $2.55 following a mutual agreement to proceed without a merger.
ANY is a carbon-free cryptocurrency miner with decades of expertise in data services. The company is expanding its commercial-scale mining operations via the procurement of mining tools and affiance with data-center operators. The company is committed to raising its shareholder value while strictly adhering to social, environmental, and government standards.
Termination of Merger Agreement
On 4th April 2022, ANY and Gryphon had signed a mutual deal to discontinue their merger agreement. The merger deal was announced earlier on 3rd June 2021 and amended on 29th December 2021. After a thorough review by their respective directors, the companies amicably approved the termination because of changing market situations and the relative financial standings of the firms.
However, both groups will continue their partnerships through the earlier announced master services agreement. The MSA allowed ANY to leverage Gryphon’s potential and expertise in the bitcoin industry. Both corporations will now concentrate on their strategic prospects to propel earnings growth for their shareholders.
Chairman of ANY, Duncan McEwan, commented that they are always dedicated to creating an industrial mining operation and are well-positioned to achieve this dream. After extensive talks by the management team, it became apparent that shareholders would have more value if both firms operated independently. They look ahead to collaborating with Gryphon to integrate their expertise and create enormous value for the shareholders.
ANY’s Current Mining Operations
ANY’s carbon-free bitcoin mining operations keep growing with over one thousand currently operational miners. The delivery of 2K S19j Pro miners has expected in May 2022. While remaining 55K miners have anticipated being delivered by the end of 2022. Gryphon keeps growing its bitcoin mining operations, with nearly two-thirds of 7.2K S19j Pro mining operations being deployed on 31st March 2022.