Sphere 3D ( NASDAQ: ANY ) on Friday announced a $3M private placement with LDA Capital as the alternative investment group doubles down in the crypto ecosystem. "We currently intend to use the capital to fund the deposits to energize our remaining miners," said Sphere 3D ( ANY ) CEO Patricia Trompeter. "This should enable us to deploy and put substantial deposits down on the miners without impacting cash flow in a significant way." Terms include the initial issuance of a senior convertible note with a principal amount of $1M and three-year warrants to buy 3.2M shares, exercisable at $0.47/share with an additional tranche of up to $2M to be provided to the company in exchange for an additional senior convertible note and warrants to buy stock. The note matures two years from issuance and is secured by certain mining units. Sphere 3D ( ANY ) may repay the principal on the note in stock or cash, or both. It may not repay in stock if the shares are not freely resold. Shares -3% after hours. Earlier, Sphere 3D ( ANY ) produced 1.20 bitcoin per day in March.
Coinbase Challenges WBTC Delisting Lawsuit
