Sphere 3D Corp (NASDAQ: ANY) is rocketing in the market this morning, and for good reason. The company announced the completion of a key divestiture, extinguishing debt and allowing the company to focus on core initiatives. So, it’s not surprising to see that excited investors are pushing the stock up. Today, we’ll talk about the news, what we’re seeing from ANY stock, and what we’ll be watching for ahead.
ANY Announces Divestiture News
As mentioned above, Sphere 3D is having a strong day in the market today after announcing that it has completed transactions with regard to the divestiture of Overland Storage, Inc. The key to the divestiture had to do with a large amount of debt that was extinguished.
Through the divestiture, the company got rid of $6.5 million in a certain 8% Senior Secured Convertible Debenture, $18.9 million in debt under an April 6, 2016 agreement, $2.2 million in debt accessed on December 11, 2017, and far more. In fact, the liabilities that the company no longer has came to a total of $45 million.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dig into the market is that the news leads to moves. In the case of Sphere 3D, the news proved to be overwhelmingly positive. After all, through the divestiture, the company has relieved itself of a very large amount of debt, at the same time, it will be able to focus its efforts on its core business. So, it comes as no surprise to see that excited investors are pushing the stock on a run for the top. Currently (10:32), ANY stock is trading at $3.34 per share after a gain of $1.70 per share or 102.73% so far today.
Stop wasting your time! Start finding winning trades in minutes with Trade Ideas!
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on ANY. In particular, we’re interested in following the company’s movements now that the divestiture is behind them. Nonetheless, we’ll continue to keep a close eye on the news and bring it to you as it breaks!