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Sphere 3D Announces Merger with Bitcoin Miner Gryphon Digital Mining

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  • Sphere 3D Corp (NASDAQ: ANY) inked an agreement and plan of merger with Gryphon Digital Mining, Inc, which focuses on bitcoin mining using renewable energy.

  • Sphere 3D will change its name to Gryphon Digital Mining, Inc under the arrangement.

  • Sphere 3D will issue 111 million shares worth roughly $193.1 million (based on Wednesday's closing price of $1.74) to the Gryphon shareholders as merger consideration. Sphere 3D and Gryphon shareholders will own 23% and 77% of Gryphon Digital Mining, respectively. The merger is expected to close in Q3 of 2021.

  • Gryphon CEO Rob Chang will become the new company CEO. The board will be comprised of seven directors, including two members from Sphere 3D's board.

  • Price action: ANY shares traded higher by 5.7% at $1.84 on the last check Thursday.

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