Overland Storage Receives Favorable NASDAQ Listing Determination

Overland Storage

today announced that the NASDAQ Listing Qualifications Panel (the "Panel") has granted the Company's request to remain listed on The NASDAQ Capital Market, subject to certain conditions, including the Company's satisfaction of the applicable $35 million market value of listed securities requirement (the "Market Cap Requirement") on or before December 30, 2013. The Company is diligently working to timely satisfy the terms of the Panel's decision; however, there can be no assurance that the Company will be able to do so. As previously disclosed, on July 2, 2013, NASDAQ notified the Company that it no longer satisfied the Market Cap Requirement and that its securities were therefore subject to delisting. The Company subsequently requested a hearing before the Panel, at which it presented its plan to regain compliance with the Market Cap Requirement by no later than December 30, 2013.