By Devika Patel
Knoxville, Tenn., Feb. 24 - Overland Storage, Inc. gave further details about a private placement of convertible preferred stock in an 8-K filed Wednesday with the Securities and Exchange Commission. The deal priced and settled for approximately $11.9 million on Feb. 18.
The company sold 794,659 preferreds, which are initially convertible into 4,521,648 common shares.
Investors also received warrants for 6,373,266 shares, which are exercisable at $2.583 per share until Feb. 22, 2015.
Roth Capital Partners, LLC was the agent.
Proceeds will be used to fund product development, sales and marketing expansion and general working capital requirements.
Overland Storage, based in San Diego, is a provider of data protection appliances.
| Issuer: | Overland Storage, Inc.
|
| Issue: | Convertible preferred stock
|
| Amount: | $11.9 million (approximate)
|
| Preferred shares: | 794,659
|
| Conversion ratio: | Into 4,521,648 common shares
|
| Warrants: | For 6,373,266 shares
|
| Warrant expiration: | Feb. 22, 2015
|
| Warrant strike price: | $2.583
|
| Agent: | Roth Capital Partners, LLC
|
| Pricing date: | Feb. 18
|
| Settlement date: | Feb. 18
|
| Stock symbol: | Nasdaq: OVRL
|
| Stock price: | $2.41 at close Feb. 18
|
| Market capitalization: | $11.9 million
|
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