Public Offering of Common Stock by Overland

Overland Storage, Inc. published two press releases on the subject:

Overland Storage Announces Proposed Public Offering of Common Stock

Overland Storage, Inc. has commenced an underwritten public offering of its common stock. The shares will be issued pursuant to a prospectus and prospectus supplement filed as part of an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission.

The Company intends to use the net proceeds from the offering for general corporate purposes, including product development and sales and marketing.

Roth Capital Partners, LLC is the underwriter for the offering.

Overland Storage Prices Public Offering of Common Stock

Overland Storage, Inc. announced the pricing of its public offering of 5,400,000 shares of its common stock at $0.70 per share. Overland has also granted the underwriter an option to purchase up to an additional 810,000 shares of common stock, to cover over-allotments, if any. This option is exercisable within 30 days following pricing. The offering is expected to close on or about November 4, 2009. Gross proceeds from the offering are expected to be approximately $3.8 million, and approximately $4.3 million if the underwriter exercises its over-allotment option in full.

The Company intends to use the net proceeds from the offering for general corporate purposes, including product development and sales and marketing.

Roth Capital Partners, LLC is the sole underwriter for the offering.