OCZ secured $13 million in private placement which should help the company to survive the near future. The company continues to suffer from a bad financial situation. The troubles of the SSD manufacter started when the company's former CEO and co-founder Ryan Petersen left the company.
While the reasons of his departure are unclear, soon after a new CEO was put in place it became clear that previously reported revenues were more positive than the actual revenues of the company.
At the moment the company has new people in place that are trying to clear up the books and attract new capital to keep the company running. OCZ received $30 million from growth capital provider Hercules which would also supply a $20 million cash injection if the OCZ would meet certain conditions.
Unfortunately the company was unable to meet these conditions and will amend a loan and security agreement with Hercules which will also cancel 3.9 million in warrants. OCZ also has to payback the loan to Hercules by June 2014, together with a $6.5 million loan fee.
The SSD manufacturer's financial situation worsens as it struggles with a tight supply of NAND memory and also has issues with the cashflow to purchase NAND chips. The company also needs to file it’s periodic reports, if the company does not provide numbers by the 16th of September 2013, OCZ will be delisted from the NASDAQ.
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