Andre Yoskowitz
27 Nov 2013 21:48
SSD hard drive maker OCZ Technology Group has announced bankruptcy, also confirming it has received an offer from Toshiba to buy the company's remaining assets.
OCZ had a market value of $43 million before the news but the company's stock fell 75 percent, leaving it with a capitalization of just $11 million.
The company will file its official bankruptcy after completing the asset purchase agreement with Toshiba and Hercules Technology Growth Capital Inc, one of their current lenders. If the deal falls apart, the company would immediately file for bankruptcy and liquidate.
OCZ has been hit with a shortage of NAND flash memory storage chips for the last year, and has not had a full-year profit in over five years.
Majors players in the industry such as Seagate, Western Digital and Micron had long been rumored to be acquirers for the struggling SSD maker, but it seems Japan's largest chipmaker, Toshiba, stepped in.