Overland Storage Prices Public OfferingWednesday, March 28, 2012
Overland Storage Inc., a San Diego provider of data storage systems, said it is issuing 3.2 million shares of its common stock at $2 per share in a public offering expected to close March 28.
Overland said it expects to receive net proceeds of about $5.8 million after deducting underwriting and other expenses.
The company said it plans to use the funds for general corporate purposes, which may include working capital.
The firm has also granted the sole underwriter, Needham & Co. LLC, a 30-day option to acquire an additional 480,000 shares to cover overallotments in the offering.