On January 2, 2024, Sphere 3D Corp. (NASDAQ: ANY), a company focused on becoming a leading carbon-neutral Bitcoin mining entity, announced a settlement agreement with Core Scientific, Inc. and its debtor affiliates, pending approval from the United States Bankruptcy Court for the Southern District of Texas. The settlement includes an allowed general unsecured claim in the amount of $10,000,000 in Core Scientific's bankruptcy case, which will be treated in accordance with the bankruptcy plan of reorganization. This plan anticipates that Sphere 3D, as a General Unsecured Creditor, will receive equity in the reorganized Core Scientific that is expected to be freely tradable post-reorganization. The agreement also includes a mutual release of claims between the two companies. Sphere 3D highlighted the benefits of the...Show More

On January 2, 2024, Sphere 3D Corp. (NASDAQ: ANY), a company focused on becoming a leading carbon-neutral Bitcoin mining entity, announced a settlement agreement with Core Scientific, Inc. and its debtor affiliates, pending approval from the United States Bankruptcy Court for the Southern District of Texas. The settlement includes an allowed general unsecured claim in the amount of $10,000,000 in Core Scientific's bankruptcy case, which will be treated in accordance with the bankruptcy plan of reorganization. This plan anticipates that Sphere 3D, as a General Unsecured Creditor, will receive equity in the reorganized Core Scientific that is expected to be freely tradable post-reorganization. The agreement also includes a mutual release of claims between the two companies. Sphere 3D highlighted the benefits of the settlement, such as providing non-dilutive capital for strategic growth and saving on litigation expenses. However, Sphere 3D clarified that it does not waive any claims against Gryphon Digital Mining, Inc., particularly regarding Gryphon's failure to file a timely proof of claim in Core Scientific's bankruptcy proceeding. Sphere 3D is currently seeking damages from Gryphon in a separate legal action. The company reiterated its commitment to shareholder value and adherence to strict environmental, social, and governance standards.