Overland Shareholders Approved Merger With Sphere 3D …

Overland Storage, Inc. announced that the proposed merger between Overland and Sphere 3D Corporation, a virtualization technology solution provider, has been approved by the shareholders of Overland at the special meeting of Overland’s shareholders held on November 28, 2014.
 
Over 99% of Overland’s shares voted at the meeting were voted in favor of approving the merger.

Overland and Sphere 3D publicly announced their proposed merger on May 15, 2014.

Upon consummation of the merger, following regulatory approval and the satisfaction of other conditions of the merger agreement, each outstanding share of Overland common stock will be exchanged for 0.46385 common shares of Sphere 3D, subject to certain potential adjustments as set forth in the agreement.

After completion of the merger, it is expected that current holders of Overland Shares will own approximately 28.8% of Sphere 3D on a fully diluted basis as a result of the exchange of shares in the merger.

The merger is due to be completed early this week.