ANY Stock Price Increases Over 20% Pre-Market: Why It Happened

By Amit Chowdhry ● February 19, 2021
  • The stock price of Sphere 3D Corp (NASDAQ: ANY) is trading at over 20% pre-market. This is why it happened.

The stock price of Sphere 3D Corp (NASDAQ: ANY) is trading at over 20% pre-market. One of the largest drivers for the stock price today involves an uptick in discussions on social media platforms like Reddit, Twitter, and StockTwits. 

The discussion cites ANY for having a “micro float” and a high volume today. So day traders are looking to capitalize on the momentum.

There was also some fundamental company news earlier this week. On February 16, Sphere 3D announced that the previously announced definitive Share Purchase Agreement for the acquisition of Rainmaker Holland BV — a wholly-owned subsidiary of Rainmaker Worldwide Inc. (OTC: RAKR) — has been terminated. There was no break-fee or termination costs were paid by either party.

With the agreements being terminated, Sphere 3D does not intend on making any of the proposed management changes or changes to its board of directors as previously announced. And Peter Tassiopoulos will remain as the CEO of the company and the current board — which was re-elected at the Company’s Annual and Special Meeting of Shareholders held on February 11, 2021 consist of Vivekanand Mahadevan, Duncan J. McEwan, Cheemin Bo-Linn and Peter Tassiopoulos.

KEY QUOTE:

“We have been working towards a transaction for quite some time now to acquire Rainmaker Holland. Over the last several weeks it has become increasingly apparent that the timelines to complete the transaction, including obtaining all necessary regulatory approvals, will be prolonged and the outcome uncertain. Despite the termination of the Agreement, the Company will continue to work with Rainmaker as a partner on certain opportunities for water-as-a-service offering, and in particular its projects in Turks & Caicos.”

— Peter Tassiopoulos, CEO of Sphere 3D

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.