Sphere 3D Corp: Jumps on acquisition of Rainmaker Worldwide
15/07/2020 13:44
** Shares of Canadian software firm ANY.O jumped ~30% to
$6.03 premarket
** Co says it will acquire all outstanding securities of
Rainmaker Worldwide Inc, a global Water-as-a-Service provider
urn:newsml:reuters.com:*:nNFC6PdNn8
** After deal closes, Sphere 3D's name will change to
Rainmaker Worldwide Inc and co will transform to commercial
Water-as-a-Service supplier; will also apply to change its
trading symbol to RAIN from ANY on Nasdaq
** Under deal terms, Rainmaker shareholders will receive
0.33 of a share of Sphere 3D for each whole share of Rainmaker;
current holders of Rainmaker will own ~80% of Sphere 3D
** Co adds Rainmaker management will assume leadership of
combined entity
** Up to Tuesday's close, stock had risen nearly 6-fold YTD
(Reporting by Ayanti Bera in Bengaluru)
((Ayanti.Bera@thomsonreuters.com; 646 223 8780 - 3401;))