OCZ Announces Underwriters Exercise of Over-Allotment Option

OCZ Technology Group, Inc. announced that the underwriters of its recent public offering of 12,000,000 shares of common stock have partially exercised their over-allotment option to purchase an additional 1,013,991 primary shares.

The net proceeds from the over-allotment option exercise, which closed earlier today, are approximately $8.5 million, bringing the total net proceeds from the offering to approximately $109 million, after deducting underwriting discounts and commissions and estimated offering expenses.

The company intends to use the net proceeds from the offering for general corporate purposes, including the repayment of outstanding borrowings under its agreement with Silicon Valley Bank for asset-based financing.

Credit Suisse Securities (USA) LLC and Stifel Nicolaus Weisel acted as joint book-running managers for the offering. Piper Jaffray & Co. and Needham & company, LLC served as co-managers for the offering.

A shelf registration statement relating to the offering of the common stock was filed with the U.S. Securities and Exchange Commission on December 1, 2011 and had become effective. The offering was made only by means of a prospectus supplement and accompanying prospectus, forming a part of the registration statement.