Overland Storage is now compliant with the minimum stock listing requirements for the Nasdaq Capital Markets, the company said.
In September, Nasdaq notified the company, a San Diego provider of data storage services, that it wasn’t in compliance with a requirement and gave the company a 90-d,ay period to develop a plan or risk being delisted.
Last month, Overland announced that private equity firm Cyrus Capital LP was converting about $10.7 million in notes to equity in a move to bolster the stock and provide the company with sufficient shares to obtain Tandberg Data Holdings, a German provider of data storage and protection services.
Obtaining the Tandberg business, which has about $60 million in annual revenue, will result in a company with more than $100 million in sales, Overland said.
Shares of Overland were at $1.09 on Dec. 16, down 1 cent from the prior day’s trading price, giving the company a market capitalization of about $33 million.