Sphere 3D Corp. shares fall 8.75% premarket after EU announces new raw material projects, reducing dependency on China.

Sphere 3d Corp. dropped 8.75% in premarket trading. The decline may be attributed to the European Union's announcement of 13 new raw material projects outside the bloc, which could potentially reduce the demand for Sphere 3d Corp.'s products. Additionally, China's decision to impose export curbs on rare earth magnets has left companies scrambling to secure supplies, which could further impact Sphere 3d Corp.'s business.