Overland Storage raises funds in advance of Sphere 3D merger
U.S.-based Overland Storage Inc (Nasdaq: OVRL), which in May agreed to combine with Canada's Sphere 3D Corp (TSX-V, Nasdaq: ANY), has entered into a financing arrangement with an affiliate of its majority investor: U.S. private equity firm Cyrus Capital Partners. Proceeds will give Overland a total of US$7.5 million to complete cost-cutting initiatives and to repay a portion of its debt to Sphere 3D. The latter has agreed to issue shares to Cyrus following completion of the merger transaction. Based in Mississauga, Ontario, Sphere 3D is a virtualization technology provider.
15 October 2014•5 mins read
