2023-04-21 16:59:07 ET
- 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.
For further details see:
Sphere 3D announces $3M private placement with LDA Capital