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- 1 Crypto Miner Gryphon Digital, sued by Sphere 3D, will face charges for willingly breaching the agreement.
- 2 The Master Service Agreement between Sphere and Gryphon was signed in 2021.
Sphere 3D Corp(Nasdaq: ANY), a globally renowned crypto miner, announced on April 07, that it has filed a lawsuit against Gryphon Digital Mining, Inc. for breaching the partnership agreement.
Earlier in June 2021, Sphere 3D Corp announced that it entered into an agreement and plan of Merger with Gryphon Digital Mining Inc., a privately-owned company taking the initiative of mining bitcoin and other cryptocurrencies using renewable energy.
The Southern District of New York lawsuit claims that “Gryphon Digital, a cryptocurrency-related service provider, has materially breached the MSA(Master Service Agreement) signed between Sphere 3D and Gryphon Digital in 2021.”
According to Patricia Trompeter, the Chief Executive Officer of Sphere 3D, “Gryphon Digital has risked Sphere’s assets and knowingly disobeyed the terms and conditions mentioned in the Master Service Agreement.”
Patricia explained her duty, noting that her first and major task is to protect the company’s assets and maximize shareholders’ value. The filing against Gryphon Digital clearly conveys that we will protect our company and not tolerate that some like Gryphon can threaten or bully us.”
Sphere Corporation has invested in several companies and has acquired more than five companies in a timespan of 8 Years; some major company acquisitions are V3 Systems, Overland Tandberg, Unified ConneXions, and HVE ConneXions.
Sphere 3D raised a total of $244.6 Million in 11 different funding rounds and is majorly funded by Opus Bank, Jacob Securities Inc., Paradigm Capital and Cormark Securities Inc.
Sphere 3D Corporation (NASDAQ: ANY) Stock Overview
On Friday, April 07, ANY Stock surged more than 0.90% and closed at $0.35 with a 24-hour trading volume of 295.988k. The Company fully operates its business in America.
Sphere 3D released its fourth-quarter earnings on March 31, the reported revenue underperformed the estimated revenue. 0.4050 Resistance.
At the press time, ANY Stock was trading at 0.35 US Dollars.
ANY stock prices have constantly been degrading for the last six months, and now it is near its 52-week low. If the price flips below $0.3500, the price will retest the support mark of $0.2280.
The recent double-top formation in the chart strengthens bears to make a short position and push down the price. ANY stock price is taking rejection from 100 days EMA and can not hold the range near $0.4000 and breaks down the lower neckline of the rising wedge pattern. Now the price is hovering near 20 days EMA and struggles to hold neutrality.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
