Benzinga | Sep 3, 2021 10:24AM EDT

Why Sphere 3D Shares Are Trading Lower Today

Sphere 3D Corp (NASDAQ:ANY) is trading significantly lower Friday after the company announced it entered into a securities purchase agreement with institutional investors to purchase $192.1 million of its common shares and warrants in a registered direct offering priced at-the-market.

The offering is expected to close around Sept. 8.

Sphere 3D plans to use the proceeds for its previously announced purchase of an inital 60,000 miners of the total 220,000 miners available for purchase through its agreements with Hertford Advisors.

Sphere 3D said its "goal is to become one of the carbon neutral leaders in the Bitcoin (CRYPTO: BTC) mining industry through deployment of state of the art crypto mining equipment powered by renewable energy."

Sphere 3D is a provider of data management and virtualization solutions.

ANY Price Action: Sphere 3D has traded as high as $11.98 and as low as $1.23 over a 52-week period.

The stock was down 22.80% at $7.26 at time of publication.

Photo: Ricardo Goncalves from Pixabay.