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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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