Overland Storage Inc. raised $7.3 million in its follow-on offering at $2.00 per share. Needham acted as the sole bookrunner on the transaction. The Company’s underwriter fully exercised their option to purchase an additional 480,000 shares of common stock at the follow-on offering price to cover over-allotments. The net proceeds from the sale of the shares from the offering will be used by Overland Storage Inc. for general corporate purposes and working capital.
Overland Storage Inc. (NASDAQ: OVRL) is a 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.