Overland Storage Receives Deficiency Letter From Nasdaq
February 19 2009 - 4:10PM
PR Newswire (US)
Company Will File Application to Transfer to The Nasdaq Capital
Market SAN DIEGO, Feb. 19 /PRNewswire-FirstCall/ -- Overland
Storage, Inc. (NASDAQ:OVRL) announced today that it received a
Nasdaq Staff Deficiency Letter (the "Nasdaq Letter") indicating
that, based on the Company's shareholders' equity as reported in
its Quarterly Report on Form 10-Q for the period ended December 28,
2008, the Company does not comply with the minimum shareholders'
equity requirement of $10 million for continued listing on The
Nasdaq Global Market as set forth in Nasdaq Marketplace Rule
4450(a)(3). The Nasdaq Letter provides the Company 15 calendar days
from the date of the letter to submit a plan to regain compliance,
or, alternatively, to elect to transfer listing of its common stock
to The Nasdaq Capital Market provided the Company meets the
criteria for continued listing on The Nasdaq Capital Market other
than the minimum bid price requirement. After considering the
alternatives, the Board of Directors has determined to request
transfer to The Nasdaq Capital Market, and the Company intends to
file a transfer application no later than February 27, 2009. The
Company believes, based on its December 28, 2008 balance sheet and
other quantitative data available at this time, that it satisfies
the applicable quantitative continuing listing requirements for
inclusion in The Nasdaq Capital Market. If Nasdaq approves the
transfer application, the transfer is expected to occur nine
calendar days following Nasdaq's receipt of the transfer
application. However, there can be no assurance that the Company's
transfer application will be approved. If it is not approved, the
Company would consider alternatives at that time. The Nasdaq
Capital Market is one of the three tiers for Nasdaq-listed
securities and includes over 400 companies. Companies listed on The
Nasdaq Capital Market must adhere to the same corporate governance
standards applicable to companies listed on The Nasdaq Global
Market. The Nasdaq Capital Market operates in substantially the
same manner as The Nasdaq Global Market and following transfer the
Company's shares will continue to trade under the symbol "OVRL".
About Overland Storage Overland Storage provides affordable
end-to-end data protection solutions that are engineered to store
smarter, protect faster and extend anywhere -- across networked
storage, media types and multi-site environments. Overland Storage
products include award-winning NEO SERIES(R) and ARCvault(R) tape
libraries, REO SERIES(R) disk-based backup and recovery appliances
with VTL capabilities, Snap Server(R) NAS appliances, and
ULTAMUS(R) RAID high-performance, high-density storage. 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/ "Safe Harbor" Statement Under the
Private Securities Litigation Reform Act of 1995 This press release
includes forward-looking statements that reflect management's
current views of future events including statements regarding the
Company's ability to comply with the requirements under the Nasdaq
Marketplace Rules. Actual results may differ materially from the
forward-looking statements due to a number of important factors,
including, but not limited to, Nasdaq's discretionary authority to
approve or deny a transfer application to The Nasdaq Capital Market
even if the Company satisfies the quantitative listing requirements
and risks relating to the Company's ability to maintain compliance
with such market's continued listing requirements. Other risks
affecting the Company are detailed from time to time in the
Company's periodic reports filed with the SEC. These
forward-looking statements speak only as of the date of this
release and the Company undertakes no obligation to publicly update
any forward-looking statements to reflect new information, events
or circumstances after the date of this release. DATASOURCE:
Overland Storage, Inc. CONTACT: Kurt L. Kalbfleisch, VP Finance and
CFO of Overland Storage, Inc., +1-858-571-5555, ; or Sue Hetzel of
HetzelMeade Communications, +1-760-434-9927, , for Overland
Storage, Inc. Web Site: http://www.overlandstorage.com/
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