Solid-state hard drive maker OCZ Technology Group Inc said it would file for bankruptcy and that it had received an offer from Toshiba Corp to purchase its assets in a bankruptcy proceeding. OCZ said on Wednesday it has "substantially completed" negotiations with Toshiba on an asset purchase agreement.The company said it expected to file a petition for bankruptcy shortly after completing final documentation with Toshiba and Hercules Technology Growth Capital Inc, one of its lenders.The company said it had received notices that Hercules had taken control of its depository accounts at Silicon Valley Bank and Wells Fargo Bank, National Association as it was not in compliance with a loan agreement.
Hercules Technology Growth Capital, Inc. (HTGC) is an internally managed, non-diversified closed-end investment company. Shares of HTGC traded higher by 0.51% or $0.086/share to $17.08. In the past year, the shares have traded as low as $10.39 and as high as $17.23. On average, 451034 shares of HTGC exchange hands on a given day and today's volume is recorded at 239898.
OCZ Technology Group, Inc. (OCZ) designs, manufactures, and distributes solid-state drives (SSDs) and computer components. Shares of OCZ remained unchanged at $0.63. In the past year, the shares have traded as low as $0.39 and as high as $2.77. On average, 1409130 shares of OCZ exchange hands on a given day and today's volume is recorded at 0.
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