Overland Storage Reports Resignation of Director and Notification From NASDAQ Related to Compliance With Audit Committee Require
June 14 2007 - 7:16PM
PR Newswire (US)
SAN DIEGO, June 14 /PRNewswire-FirstCall/ -- Overland Storage, Inc.
(NASDAQ:OVRL) has previously reported that Mark Barrenechea
resigned from its board of directors, effective June 9, 2007. Mr.
Barrenechea recently was named president and chief executive
officer of Rackable Systems, Inc. and notified Overland that the
responsibilities of this new position are such that he is unable to
continue to serve on Overland's board. Mr. Barrenechea also had
served as a member of Overland's audit committee. On June 11, 2007,
Overland notified The NASDAQ Stock Market that it was not in
compliance with Marketplace Rule 4350(d)(2)(A) due to the vacancy
on the audit committee created by the resignation of Mr.
Barrenechea. On June 13, 2007, Overland received a letter from the
Listing Qualifications Staff of NASDAQ stating that, solely as a
result of the resignation of Mark Barrenechea, Overland is no
longer in compliance with NASDAQ's audit committee requirements, as
set forth in Marketplace Rule 4350(d)(2)(A). Rule 4350(d)(2)(A)
requires the Company to maintain an audit committee comprising at
least three independent directors, as defined by NASDAQ's rules.
The Company currently has two independent directors on its audit
committee. Consistent with Marketplace Rule 4350(d)(4), Overland
will be provided a cure period to regain compliance with NASDAQ's
audit committee requirements, until the earlier of Overland's next
annual meeting of shareholders or June 9, 2008; or, if the next
annual meeting of shareholders is held before December 6, 2007,
then the Company must evidence compliance no later than December 6,
2007. The Company is currently considering the composition of its
audit committee and intends to appoint a third independent member
to the committee within the specified cure period. About Overland
Storage Now in its 26th year, Overland Storage is a market leader
and innovative provider of simply protected storage solutions --
smart data protection appliances and software modules designed to
work together, affordably, to ensure that information is
automatically safe, readily available and always there. Overland's
award-winning data protection solutions include the ULTAMUS(TM)
RAID SERIES of affordable, high-capacity storage; REO SERIES(R) of
disk-based backup, recovery and VTL appliances; and the NEO
SERIES(R) and ARCvaultTM family of tape automation solutions.
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/. Overland, Overland Storage, REO
SERIES, REO, NEO SERIES, NEO, ARCvault and ULTAMUS are trademarks
of Overland Storage, Inc. DATASOURCE: Overland Storage, Inc.
CONTACT: Vernon A. LoForti, CFO of Overland Storage, Inc.,
+1-858-571-5555, Web site: http://www.overlandstorage.com/
Copyright
Overland Storage (NASDAQ:OVRL)
Historical Stock Chart
From Sep 2024 to Oct 2024
Overland Storage (NASDAQ:OVRL)
Historical Stock Chart
From Oct 2023 to Oct 2024
Real-Time news about (MM) (NASDAQ): 0 recent articles
More Overland Storage (MM) News Articles