Sphere 3D spikes after completing Overland Storage divesture

Shares of Sphere 3D (ANY), a data management, desktop and application virtualization solutions company, are soaring on Wednesday after announcing that it has finalized the deal to divest Overland Storage. DEBT EXTINGUISHED: The noticeable part of the divestiture had to do with a large amount of debt that was extinguished. According to Chris Mellor, who writes for the journal Block & Files, with its completion of the divestment of its Overland Storage subsidiary. Sphere 3D is "now effectively debt-free," allowing the company to focus on core initiatives. PRICE ACTION: Shares of Sphere 3D are currently up 90% to $3.12 in midday action.