Sphere 3D Corp. [NASDAQ: ANY] disclosed Thursday that it has inked a deal and Plan of Merger with Gryphon Digital Mining, Inc. After the execution of the merger agreement, the firm will change its name to Gryphon Digital Mining, Inc. After the merger, Rob Chang, CEO of Gryphon will be chosen to act as the CEO of post-merger merged firm. Additionally, various members of the Gryphon leadership team will take an important position in the merged firm.
Furthermore, it has been disclosed that the board of directors for the post-merger combined company will be comprised of seven directors, including two members from Sphere 3D’s current board of directors. The future focus of Gryphon will be on mining utilizing 100% renewable energy will set the bar for mining firms of the future.
In addition to this, Sphere 3D will grant 111,000,000 common shares to the shareholders of Gryphon, dependent on the adjustment. On closure, the Sphere 3D shareholders will hold nearly 23% of the firm. Furthermore, the Gryphon shareholders will hold the remaining 77% on a fully diluted basis.
The merger is anticipated to execute in the Q3 of 2021. The closure depends on the authorization of each firm’s stockholders. Other execution conditions include the registration statement for the merger shares to be issued, which is declared valid by the SEC. The firm’s pending merger listing is authorized by Nasdaq, SEC, and other applicable regulatory bodies.