Overland Storage Receives Notice of Compliance From Nasdaq
20 March 2009 - 10:30PM
PR Newswire (US)
SAN DIEGO, March 20 /PRNewswire-FirstCall/ -- Overland Storage,
Inc. (NASDAQ:OVRL) announced today that Nasdaq has withdrawn its
prior notification concerning the company's compliance with a
listing maintenance standard for minimum shareholders' equity.
Nasdaq subsequently determined that this requirement does not apply
to Overland at this time because the company currently meets an
alternative maintenance standard. Overland previously announced
that it would address the noticed deficiency by applying to
transfer its listing to The Nasdaq Capital Market. Overland has
withdrawn that application given the compliance notification, and
will maintain its listing on the Nasdaq Global Market. Overland's
compliance with the alternate maintenance standard is enabled in
part by Nasdaq's current suspension of the standards relating to
minimum bid price and market value of publicly held shares. The
company was in a permitted re-compliance period for the minimum bid
price standard at the time those standards were suspended, thereby
extending the re-compliance period for the length of the
suspension. Overland will continue to monitor its compliance with
Nasdaq's continuing listing standards in light of any expiration,
change or extension of the suspension of those standards. About
Overland Storage Overland Storage provides affordable end-to-end
data protection solutions that are engineered to store smarter,
protect faster and extend anywhere -- across networked storage,
media types and multi-site environments. Overland Storage products
include award-winning NEO SERIES(R) and ARCvault(R) tape libraries,
REO SERIES(R) disk-based backup and recovery appliances with VTL
capabilities, Snap Server(R) NAS appliances, and ULTAMUS(R) RAID
high-performance, high-density storage. Overland sells its products
through leading OEMs, commercial distributors, storage integrators
and value-added resellers. For more information, visit Overland's
web site at http://www.overlandstorage.com/ "Safe Harbor" Statement
Under the Private Securities Litigation Reform Act of 1995 This
press release includes forward-looking statements that reflect
management's current views of future events including statements
regarding the Company's ability to comply with the requirements
under the Nasdaq Marketplace Rules. Actual results may differ
materially from the forward-looking statements due to a number of
important factors, including, but not limited to, Nasdaq's rules
suspending certain maintenance standards and the Company's ability
to maintain compliance with the continued listing requirements as
they are in effect from time to time. Other risks affecting the
Company are detailed from time to time in the Company's periodic
reports filed with the SEC. These forward-looking statements speak
only as of the date of this release and the Company undertakes no
obligation to publicly update any forward-looking statements to
reflect new information, events or circumstances after the date of
this release. DATASOURCE: Overland Storage, Inc. CONTACT: Kurt L.
Kalbfleisch, VP Finance and CFO of Overland Storage, Inc.,
+1-858-571-5555, ; or Sue Hetzel of HetzelMeade Communications,
+1-760-434-9927, , for Overland Storage, Inc. Web Site:
http://www.overlandstorage.com/
Copyright
Overland Storage (NASDAQ:OVRL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Overland Storage (NASDAQ:OVRL)
Historical Stock Chart
From Jul 2023 to Jul 2024
Real-Time news about (MM) (NASDAQ): 0 recent articles
More Overland Storage (MM) News Articles