RTTNews | Sep 3, 2021 07:47AM EDT

07:47 Friday, September 3, 2021 (RTTNews.com) - Shares of Toronto based Sphere 3D Corp. (ANY) are declining more than 25 percent in pre-market trading after it announced a $192.1 million direct offering comprising 22,600,000 shares and warrants to purchase 11,300,000 shares.

It expects to utilize the issue proceeds for the purchase of 60,000 miners based on its agreements with Hertford Advisors. The company is aspiring to become one of the carbon neutral leaders in the bitcoin mining industry.

The company agreed with institutional investors for buying its common shares and warrants in a registered direct offering priced at-the-market that is expected to close by September 8. The combined purchase price for one common share and one-half warrant to purchase one common share is $8.50.

The warrants have an exercise price of $9.50 per share, are exercisable immediately and will expire five years following the date of issuance.

ANY has traded in the range of $1.23-$11.98 in the past 52 weeks. It is currently trading in pre-market at $6.81, down $2.59 or 27.55 percent from previous close.

Read the original article on RTTNews ( https://www.rttnews.com/3223204/sphere-3d-drops-more-than-25-in-pre-market-on-share-offering.aspx)

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