Patricia Trompeter, CEO of Sphere 3D Corp. (NASDAQ:ANY), reported selling shares worth $64,900, according to a recent SEC filing. The transactions, which took place from December 10 to December 12, involved the sale of 50,000 shares at prices ranging from $1.27 to $1.31 per share. The stock, currently trading at $1.24, has experienced significant volatility, with InvestingPro data showing an 18% decline in the past week.
The filing indicates that Trompeter sold 20,000 shares on December 10 at $1.31 per share, another 20,000 shares on December 11 at $1.30 per share, and 10,000 shares on December 12 at $1.27 per share. These sales were made to satisfy the company's tax withholding obligations in connection with the release of vested restricted stock units (RSUs). The micro-cap company, valued at $26.23 million, maintains strong liquidity with a current ratio of 4.09.
Following these transactions, Trompeter holds 567,187 shares of Sphere 3D Corp. The filing also noted the acquisition of 187,500 shares through the vesting of RSUs, which did not involve any cash transaction. Want deeper insights into Sphere 3D's financial health and valuation? InvestingPro subscribers have access to 10+ additional exclusive tips and comprehensive financial metrics.
In other recent news, Sphere 3D Corporation has experienced a downturn in its third-quarter 2024 revenue, reporting $2.4 million, a decrease from the second quarter's revenue of $4.7 million. This is attributed to periods of downtime during the company's transition of hosting services and fleet upgrades. Despite this, H.C. Wainwright maintains a Buy rating on Sphere 3D with a steady price target of $3.00, highlighting the company's strategic initiatives and expansion in Iowa.
Sphere 3D is also facing potential delisting from Nasdaq due to not meeting the minimum bid price requirement, with until April 2025 to regain compliance. The company is considering various strategies, including a potential reverse stock split, to rectify the situation.
In September, the company reported mining 9.2 Bitcoin, bringing in a revenue of $0.6 million and announced the commencement of a cost-effective 12.5 MW hosting site in Iowa. Despite a decrease in Bitcoin mining output and revenue in August, the company continues its strategic developments, including the addition of 0.21 EH/s of higher-efficiency machines to its mining fleet. These are the recent developments for Sphere 3D Corporation.
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