Overland Storage, Inc. Announces One-For-Three Reverse Stock Split
07 Diciembre 2009 - 3:30PM
PR Newswire (US)
SAN DIEGO, Dec. 7 /PRNewswire-FirstCall/ -- Overland Storage, Inc.
(NASDAQ:OVRL) today announced that it will effect a one-for-three
reverse stock split of the Company's common stock effective on
December 8, 2009. Trading of Overland Storage's common stock on the
NASDAQ Global Market will begin on a split-adjusted basis at the
open of trading on December 9, 2009. Overland Storage, Inc.'s
shares will continue to trade on the NASDAQ Global Market under the
symbol "OVRL" with the letter "D" added to the end of the trading
symbol for a period of 20 trading days to indicate that the reverse
stock split has occurred. As a result of the reverse stock split,
every three shares of Overland Storage's common stock issued and
outstanding immediately prior to the effective time will be
combined into one share of common stock. The number of shares of
Overland Storage common stock issued and outstanding will be
reduced from approximately 19,021,383 pre-split to approximately
6,340,461 post-split. Letters of transmittal are expected to be
sent to shareholders shortly after the effectiveness of the reverse
stock split. No action by Overland Storage's shareholders is
required prior to receipt of these letters. Additional information
about the reverse stock split is contained in the Company's proxy
statement for its 2008 annual meeting. Overland Storage also
reported that it granted an inducement stock option to Gregory
Short, director, commodities management, who can purchase up to
50,000 shares of its common stock. The option was granted as an
inducement material to employment in accordance with NASDAQ Listing
Rule 5635(c). 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® and
ARCvault® tape libraries, REO SERIES® disk-based backup and
recovery appliances with VTL capabilities, Snap Server® NAS
appliances, and ULTAMUS® 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/. Overland, Overland Storage, REO
Series, REO, NEO Series, ARCvault, ULTAMUS and Snap Server are
trademarks of Overland Storage, Inc. DATASOURCE: Overland Storage,
Inc. CONTACT: Kurt L. Kalbfleisch, CFO, +1-858-495-4211, , or
Patricia Workman, Director, Investor Relations, Mobile,
+1-510-386-6558, Direct, +1-858-495-4137, , both of Overland
Storage, Inc. Web Site: http://www.overlandstorage.com/
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