Sphere 3D Shares Dive On Discounted Equity Offering To Fund Crypto Mining

Data management firm Sphere 3D Corp ANY agreed to raise $192.1 million by selling 22.6 million shares and warrants to purchase 11.3 million shares in a secondary institutional offering.
The combined purchase price for one share and one-half warrant to purchase one share is $8.50.
The five-year warrants have an exercise price of $9.50 per share.
The proceeds will partly purchase the initial 60,000 miners out of the potential 220,000 miners available through its agreements with Hertford Advisors.
Price Action: ANY shares traded lower by 28.09% at $6.76 in the premarket session on the last check Friday.