Overland Storage Is Compliant with Nasdaq Listing RequirementsMonday, December 16, 2013
Overland Storage is now compliant with the minimum stock listing requirements for the Nasdaq Capital Markets, the company said.
In September, Nasdaq notified the company, a San Diego provider of data storage services, that it wasn’t in compliance with a requirement and gave the company a 90-d,ay period to develop a plan or risk being delisted.
Last month, Overland announced that private equity firm Cyrus Capital LP was converting about $10.7 million in notes to equity in a move to bolster the stock and provide the company with sufficient shares to obtain Tandberg Data Holdings, a German provider of data storage and protection services.
Obtaining the Tandberg business, which has about $60 million in annual revenue, will result in a company with more than $100 million in sales, Overland said.
Shares of Overland were at $1.09 on Dec. 16, down 1 cent from the prior day’s trading price, giving the company a market capitalization of about $33 million.