Sphere 3D Corp's shares slide on termination of merger agreement

Darkhorse Technologies

04/04/2022 23:08

** Bitcoin mining company Sphere 3D Corp's  ANY.O  shares down
 18.9% at $1.80 in extended trading after the firm and Gryphon
Digital Mining mutually agree to terminate their merger
  ** "The parties amicably agreed to the termination due to
changing market conditions, the passage of time, and the
relative financial positions of the companies" - the
cryptocurrency mining companies said
  ** The merger agreement was announced on June 3 last year
  ** Cos will continue working together on their Master Services
Agreement that enables Sphere 3D to leverage Gryphon's expertise
in bitcoin mining and Gryphon to generate additional operating
income through the management of Sphere 3D's mining fleet 
  ** Up to Monday's close, Sphere 3D's shares had lost 30.4% YTD

 (Reporting by Kannaki Deka in Bengaluru)
 ((Kannaki.Deka@thomsonreuters.com))