Overland Storage Announces Institutional Investors Purchase $4.2 Million of Common Stock
13 November 2010 - 1:28AM
Marketwired
Overland Storage (NASDAQ: OVRL) (the "Company"), the trusted global
provider of effortless data management and data protection
solutions across the data lifecycle, today announced that it has
entered into agreements to sell approximately $4.2 million of
shares of its common stock in a registered offering to certain
institutional investors.
The Company intends to use the net proceeds from the offering
for general corporate purposes, which may include, among others,
working capital needs, capital expenditures and acquisitions. The
Company does not have any current agreements or commitments with
respect to any investment or acquisition.
The closing of the offering is expected to occur on November 17,
2010.
Roth Capital Partners, LLC acted as financial advisor in
connection with the offering.
A shelf registration statement relating to the offering of the
shares of common stock has been filed with the Securities and
Exchange Commission (the "SEC") and was declared effective by the
SEC on October 8, 2009. A prospectus supplement relating to the
offering of the shares of common stock has been filed with the SEC.
Copies of the prospectus supplement and accompanying prospectus may
be obtained directly from the Company by contacting the Company at
the following address: Overland Storage, Inc., 9112 Spectrum Center
Boulevard, San Diego, California 92123.
This announcement is neither an offer to sell nor the
solicitation of an offer to buy any securities of the Company and
shall not constitute an offer, solicitation or sale in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful.
About Overland Storage Overland Storage is
the trusted global provider of effortless data management and data
protection solutions across the data lifecycle. By providing an
integrated range of technologies and services for primary,
nearline, offline, archival and cloud data storage, Overland makes
it easy and cost effective to manage different tiers of information
over time. Whether distributed data is across the hall or across
the globe, Overland enables companies to focus on building their
business instead of worrying about data growth. Overland
SnapServer®, SnapSAN™, NEO® and REO® solutions are available
through a select network of value added resellers and system
integrators. For more information, visit
www.overlandstorage.com.
This press release includes forward-looking statements that
involve a number of risks and uncertainties, the outcome of which
could materially and/or adversely affect actual results and the
trading price of the Company's securities. The risks and
uncertainties include the risk that the purchase and sale of the
shares of common stock might not be consummated, the Company might
not be able to continue to raise additional capital as needed to
fund its operations, the Company's intentions regarding the use of
proceeds, and other risk factors listed or described from time to
time in the Company's filings with the SEC, including, without
limitation, its most recent filings on Forms 10-K, 10-Q and 8-K.
Except as required by law, the Company does not intend to update
any of the statements in this press release upon further
developments.
Overland Storage, SnapServer, SnapSAN, NEO, REO and the Overland
logo are trademarks of Overland Storage, Inc. that may be
registered in some jurisdictions; all other trade names herein are
recognized to be the property of their respective owners.
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Contact Information: Investor Contact: Abhi
Kanitkar ICR Email: abhi.kanitkar@icrinc.com 415-671-0745 Media
Contact: Elizabeth Zaborowska Bhava Communications Email:
overland@bhavacom.com 510-219-8127
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