Overland Storage (OVRL) Prices 3.2M Offering at $2/Share

Overland Storage Inc. (Nasdaq: OVRL), announced the pricing of an underwritten public offering of 3,200,000 shares of its common stock at a price of $2.00 per share. Overland has also granted to the underwriter a 30-day option to acquire an additional 480,000 shares to cover overallotments in connection with the offering. Overland expects to receive net proceeds of approximately $5.8 million after deducting the underwriting discount and estimated offering expenses payable by Overland, assuming no exercise of the overallotment option. The offering is expected to close on March 28, 2012, subject to customary closing conditions. Needham & Company, LLC is the sole underwriter for the offering.

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