Sphere 3D Corp. (NASDAQ: ANY), which does business as DarkHorse Technologies, announced the pricing of a $5.0 million private placement and the sale of its Iowa site and legacy mining fleet, following a 90-day strategic review conducted after its June 2026 business combination.

The private placement is expected to close on or about September 11, 2026. The company will issue 1,666,661 units at $3.00 per unit, with each unit consisting of one common share and one five-year warrant to purchase one common share at $3.50. The unit price and warrant exercise price represent premiums of 29% and 51%, respectively, to the company's closing price on September 4, 2026. Three directors, including Chairman Timothy Hanley and Chief Executive Officer Joel Block, subscribed for a combined 333,332 units for approximately $1.0 million. All securities issued are subject to a six-month contractual lock-up.

The company agreed to sell its Iowa site for $1.5 million and expects to recover approximately $500,000 in utility deposits, bringing total proceeds from that transaction to approximately $2.0 million. It also agreed to sell approximately 5,500 proprietary mining machines for approximately $3.0 million.

Proceeds from the private placement and asset sales are intended to fund AI and high-performance computing infrastructure development in the Tennessee Valley Authority region. Following the Iowa sale, the company will own or operate approximately 50 megawatts of energized capacity across four sites in Tennessee and Kentucky.

The company also secured a land option on approximately 20 acres in Hopkinsville, Kentucky, where it has proposed a 50 MW data center supported by a new 65 MW substation estimated to cost between $8 million and $10 million. The proposal remains subject to zoning and other regulatory approvals.

Bitdeer Technologies Group (NASDAQ: BTDR) currently supplies and owns hardware at 20 MW of the 30 MW contracted under joint mining agreements, with a third site expected online before November 2026.