Overland back on the NASDAQ ropes
Delisting threat comes back
Disk storage, tape and virtual tape data protection vendor Overland Storage is facing being booted off the Nasdaq index once again due to its declining share price and company value.
It is compiling a Nasdaq compliance report and intends to regain NASDAQ compliance and so preserve its ability to raise money at competitive rates. The company recently sold over $4m of stock to an institutional investor.
Coincidentally, Overland has launched a Christmas promotion and it will offer customers 1.2PB of additional tape storage capacity at no charge with the purchase of an NEO 8000e backup and archive product. Overland says this is worth $36,000. The promotion will run to 23 December, 2010. Hopefully this will increase sales and help Overland stay on the American stock exchange. ®