SAN JOSE, Calif., Feb. 16, 2018 /PRNewswire/ -- Quantum Corp.
(NYSE: QTM) today announced that on Feb. 15,
2018, the New York Stock Exchange notified the company that
it is not in compliance with the NYSE's continued listing standard
because the company has not timely filed Form 10-Q for its fiscal
third quarter 2018 ended Dec. 31,
2017. As previously announced, Quantum's audit committee is
conducting an independent investigation of accounting matters
related to revenue recognition, and the company intends to release
its fiscal third quarter 2018 earnings results and file the
associated Form 10-Q as soon as practicable following the
completion of the audit committee's investigation.
Under NYSE rules, Quantum has six months from receipt of the
notification to comply with the listing standard. It can regain
compliance at any time during this six-month period by filing the
Form 10-Q. In the meantime, Quantum's stock will continue to be
listed on the NYSE, subject to compliance with other continued
listing requirements.
The NYSE notification has no impact on the company's business
operations.
About Quantum
Quantum is a leading expert in scale-out
tiered storage, archive and data protection, providing solutions
for capturing, sharing, managing and preserving digital assets over
the entire data lifecycle. From small businesses to major
enterprises, more than 100,000 customers have trusted Quantum to
address their most demanding data workflow challenges. Quantum's
end-to-end, tiered storage foundation enables customers to maximize
the value of their data by making it accessible whenever and
wherever needed, retaining it indefinitely and reducing total cost
and complexity. See how at www.quantum.com/customerstories.
Quantum and the Quantum logo are registered trademarks of
Quantum Corporation and its affiliates in the United States and/or other countries. All
other trademarks are the property of their respective owners.
"Safe Harbor" Statement: This press release contains
"forward-looking" statements. All statements other than statements
of historical fact are statements that could be deemed
forward-looking statements. Specifically, but without limitation,
the statements that: i) the company intends to release its fiscal
third quarter 2018 earnings results and file the associated Form
10-Q as soon as practicable following the completion of the audit
committee's investigation; ii) under NYSE rules, Quantum has six
months from receipt of the notification to comply with the listing
standard; iii) Quantum can regain compliance at any time during
this six-month period by filing the Form 10-Q; and iv) Quantum's
stock will continue to be listed on the NYSE, subject to compliance
with other continued listing requirements are forward-looking
statements within the meaning of the Safe Harbor. All
forward-looking statements in this press release are based on
information available to Quantum on the date hereof. These
statements involve known and unknown risks, uncertainties and other
factors that may cause Quantum's actual results to differ
materially from those implied by the forward-looking statements.
More detailed information about these risk factors are set forth in
Quantum's filings with the Securities and Exchange Commission,
including, but not limited to, those risks and uncertainties listed
in the section entitled "Risk Factors," in Quantum's Annual Report
on Form 10-K filed with the Securities and Exchange Commission on
June 1, 2017 and in Quantum's
Quarterly Report on Form 10-Q filed with the Securities and
Exchange Commission on November 9,
2017. Quantum expressly disclaims any obligation to update
or alter its forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
applicable law.
Contact:
Brad Cohen
Public
Relations
Quantum
Corp.
408-944-4044
brad.cohen@quantum.com
Brinlea Johnson or
Allise Furlani
Investor
Relations
The Blueshirt
Group
212-331-8424 or
212-331-8433
brinlea@blueshirtgroup.com or
allise@blueshirtgroup.com
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SOURCE Quantum Corp.