Sphere 3D (NASDAQ: ANY) shareholders approved proposals tied to its planned combination with Cathedra Bitcoin (TSXV: CBIT), including the issuance of Sphere 3D shares to Cathedra shareholders, according to a Thursday release. Originally announced in March, the transaction is expected to close June 1, subject to remaining closing conditions.

Sphere 3D said the combined business will operate more than 50 megawatts of energized power infrastructure across Tennessee, Kentucky and Iowa. The Tennessee and Kentucky sites sit in the Tennessee Valley Authority service territory, near Nashville and Knoxville.

The combined business is also expected to close with no outstanding debt and an unencumbered asset base, according to the release. After closing, the combined business will retain the Sphere 3D name and trade on NASDAQ under the ticker ANY, while Cathedra’s shares are expected to be delisted from the TSXV and OTCQB.

...read more at blockspace.media