Sphere 3D Corp (NASDAQ:ANY) announced the immediate termination of its Master Hosting Services Agreement with Rebel Mining Company, LLC, which was originally established on April 4, 2023. The decision to end the agreement was disclosed in a recent 8K filing with the Securities and Exchange Commission.
The company stated that the termination was carried out in accordance with the terms set forth in the agreement. While the specific reasons for the termination were not detailed in the filing, Sphere 3D has reserved all rights to assert claims for potential damages arising from any breach of contract by Rebel Mining Company.
This development comes nearly a year after the initial agreement was signed between the two parties. The Master Hosting Services Agreement was intended to outline the terms and conditions under which Rebel Mining Company would provide hosting services to Sphere 3D.
Sphere 3D has not provided further information on the financial implications of the agreement termination or any plans for future hosting arrangements. The company's statement in the SEC filing remains focused on the contractual rights preserved post-termination, suggesting that Sphere 3D may be considering legal action to seek compensation for any alleged breach.
Investors and market watchers will be looking to see how this termination might affect Sphere 3D's operations and whether there will be any significant financial repercussions stemming from this action. As of now, the company has not released any additional public statements on the matter beyond the facts presented in the SEC filing.
The information reported is based on the press release statement from Sphere 3D as filed with the SEC, which serves as the source for this news.
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