Deal consists of 3.38 million shares; proceeds for corporate purposes
By Devika Patel
Knoxville, Tenn., Nov. 17 - Overland Storage completed a registered direct offering of stock on Nov. 17, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The deal was announced Nov. 12 and raised about $4.2 million.
The company sold 3,376,000 common shares in the offer.
Proceeds will be used for general corporate purposes, which may include, among others, working capital needs, capital expenditures and acquisitions.
Overland Storage, based in San Diego, is a provider of data protection appliances.
| Issuer: | Overland Storage, Inc.
|
| Issue: | Common stock
|
| Amount: | $4.2 million (approximate)
|
| Shares: | 3,376,000
|
| Warrants: | No
|
| Announcement date: | Nov. 12
|
| Settlement date: | Nov. 17
|
| Stock symbol: | Nasdaq: OVRL
|
| Stock price: | $1.34 at close Nov. 12
|
| Market capitalization: | $14.35 million
|
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