Overland Delisted From Nasdaq

On November 4, 2013, Overland Storage, Inc. received a letter from The NASDAQ Stock Market LLC notifying the company that it was not in compliance with the requirement of NASDAQ Listing Rule 5550(a)(2) for continued listing on the NASDAQ Capital Market as a result of the closing bid price for the company’s common stock being below $1.00 for 30 consecutive business days.

3-month price of Overland (in $)

This notification has no effect on the listing of the company’s common stock at this time.

In accordance with NASDAQ Listing Rule 5550(a)(2), the company has 180 calendar days, or until May 5, 2014, to regain compliance with such rule.

To regain compliance the closing bid price for the company’s common stock must be above $1.00 for a minimum of 10 consecutive business days. No assurance can be given that the company will regain compliance during that period.

If the company does not regain compliance with NASDAQ Listing Rule 5550(a)(2) during such compliance period, it will be eligible for an additional compliance period of 180 calendar days provided that the company satisfies NASDAQ’s continued listing requirement for market value of publicly held shares and all other initial listing standards for the NASDAQ Capital Market, other than the minimum bid price requirement, and provides written notice to NASDAQ of its intention to cure the deficiency during the second compliance period.

If the company does not regain compliance during the initial compliance period and is not eligible for an additional compliance period, the NASDAQ staff will provide notice that the company’s common stock is subject to delisting from the NASDAQ Capital Market.

In that event, the company may appeal such determination to a hearings panel.

Read also:
Overland: Fiscal 4Q13 Financial Results (with our comments)
Under $50 million in sales for the year, to the edge of the abyss