Sphere 3D drops after pricing $192 mln equity offering
03/09/2021 13:02
** Sphere 3D ANY.O shares down >25% premarket after
Canadian software firm prices direct offering
** ANY the most actively traded stock across U.S. exchanges
before the bell with volume of ~9 mln shares
** Co says sold 22.6 mln shares and warrants to
institutional investors at $8.50 for $192.1 mln raise
urn:newsml:reuters.com:*:nNFC2JM66K
** 5-yr warrants have exercise price of $9.50
** Co says to use proceeds partly for previously announced
purchase of initial 60,000 bitcoin miners, which commence
shipping in Nov 2021, of potential 220,000 miners available for
purchase through agreements with Hertford Advisors
** Maxim Group sole placement agent for offering
** ANY on Thurs closed up 42% at $9.40 amid 7-session
winning streak. Stock has gained 190% over the past month and is
up 557% in 2021
** Co has ~22.58 mln shares outstanding and ~17.83 mln of
public float, per Refinitiv data
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))