Sphere 3D Corp Shoots Up 45% Overnight — Here's Why ANY Is Trending

Sphere 3D Corp. (NASDAQ:ANY) shares are trending on Thursday night.
Deal Drives Sharp Post-Market Move
Shares of the Connecticut-based company rose 45.89% in after-hours trading Thursday to $2.13 after announcing a definitive all-stock merger agreement with Bitcoin (CRYPTO: BTC) mining company Cathedra Bitcoin Inc. (OTC:CBTTF).
The agreement, signed on Thursday, would merge Sphere’s Nasdaq listing and balance sheet with Cathedra’s four-data-center portfolio, creating a projected 53 MW, five-site platform across Iowa, Kentucky and Tennessee.
What Anchors The Combined Entity
Under the terms of the agreement, Cathedra security holders will receive Sphere common shares totaling approximately 49% of the combined company’s issued and outstanding share capital following closing, on a partially ..