SAN DIEGO, California - Overland Data, Inc. today announced the
initial public offering of 3 million shares of its common stock at $10.00 per share, an
increase of 300,000 shares over the original filing of 2.7 million shares. The Company
also has granted the underwriters a 30-day option to purchase up to 450,000 additional
shares at the same price. The stock will be quoted on the Nasdaq National Market under the
symbol "OVRL." Of the shares offered, 2,386,364 shares are being sold by the
Company and 613,636 shares are being sold by selling shareholders.
The Company plans to use the net proceeds of the offering for repayment of outstanding
indebtedness, working capital and other general corporate purposes.
The offering is being managed by an underwriting group led by Jefferies & Company,
Inc. and Cruttenden Roth Incorporated. Copies of the Prospectus relating to the offering
may be obtained from Jefferies & Company, Inc. at 11100 Santa Monica Blvd., 10th
Floor, Los Angeles, CA 90025, and Cruttenden Roth Incorporated at 18301 Von Karman, 7th
Floor, Irvine, CA 92715.
Overland Data is a technology leader in high-performance scaleable tape solutions for
high-capacity backup, interchange, HSM and archival storage. The Company offers three
complete technology choices: DLT, 18- and 36-track, and 9-track, designed for
workstations, networks and midrange systems. Overland Data's award-winning products meet
the needs of end users, distributors and OEMs in industries worldwide.
Except for the factual statements made herein, the information contained in this press
release consists of forward looking statements that involve risks and uncertainties. The
Company's actual results could differ materially from those contained in such statements.
Factors that could cause or contribute to such differences include unexpected shortages of
critical components, rescheduling or cancellation of customer orders, the timing and
market acceptance of new product introductions by the Company and its competitors, and
general competition and price pressures in the marketplace. Reference is also made to
other factors set forth in the Company's filings with the Securities and Exchange
Commission including the "Risk Factors", "Management's Discussion and
Analysis" and other sections of the Company's Form 10-K for the most recently
completed fiscal year.
* DLT is a claimed trademark of Quantum Corp. worldwide. All other products are trademarks
or registered trademarks of their respective companies.
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Overland Data Announces Initial Public Offering Of 3 Million Shares Of Common Stock
Overland Data Announces Initial Public Offering Of 3 Million Shares Of Common Stock
February 21, 1997
