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| OVERLAND STORAGE RECEIVES NOTICE OF COMPLIANCE FROM NASDAQ | |
| Posted: Mon Mar 23, 2009 11:23:00 AM | |
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SAN DIEGO – March 20, 2009 – Overland Storage, Inc. (Nasdaq: OVRL) announced today that Nasdaq has withdrawn its prior notification concerning the company’s compliance with a listing maintenance standard for minimum shareholders’ equity. Nasdaq subsequently determined that this requirement does not apply to Overland at this time because the company currently meets an alternative maintenance standard. Overland previously announced that it would address the noticed deficiency by applying to transfer its listing to The Nasdaq Capital Market. Overland has withdrawn that application given the compliance notification, and will maintain its listing on the Nasdaq Global Market. Overland’s compliance with the alternate maintenance standard is enabled in part by Nasdaq’s current suspension of the standards relating to minimum bid price and market value of publicly held shares. The company was in a permitted re-compliance period for the minimum bid price standard at the time those standards were suspended, thereby extending the re-compliance period for the length of the suspension. Overland will continue to monitor its compliance with Nasdaq’s continuing listing standards in light of any expiration, change or extension of the suspension of those standards. |