Sphere 3D shareholders have given the green light on the company’s merger with Cathedra Bitcoin, clearing one of the final hurdles before the deal officially closes on June 1. The combined entity will control 53 MW of power capacity and 1.2 EH/s of hash rate spread across five data centers in Iowa, Kentucky, and Tennessee.
The deal structure
The merger, first announced on March 5, is structured as an all-stock arrangement under British Columbia law. Cathedra shareholders will end up owning approximately 49% of the combined company on a partially diluted basis.
Sphere 3D, which trades on NASDAQ under the ticker ANY, will retain both its listing and its corporate identity. The transaction still needs a final court order and the usual routine closing conditions, but no significant regulatory hurdles have materialized.
Sphere 3D gets access to Cathedra’s established power infrastructure and site development expertise. Cathedra gets a NASDAQ-listed parent company with broader capital market access.
