Sphere 3D stock sinks aftermarket as merger with Gryphon Digital Mining scrapped

Sphere 3D (NASDAQ:ANY) stock sank 25% postmarket on Monday after the firm and Gryphon Digital Mining mutually agreed to terminate their merger. The parties amicably agreed to the termination due to changing market conditions, passage of time and relative financial positions of the companies, among other factors. The companies will continue their relationship through their existing master services agreement. ANY's net-carbon neutral bitcoin mining operation continues to grow with 1K miners currently operational and the anticipated delivery of 2K S19j Pro miners in May and an additional 2K S19j Pro miners in Jun. Deliveries of the remaining 55K S19j Pro miners are expected to be received by 2022-end. Gryphon continues to roll out its net carbon-neutral bitcoin mining operation, with two-thirds of its 7.2K S19j Pro self-mining operation deployed as of Mar. 31.