SAN JOSE, Calif., Jan. 15, 2019 /PRNewswire/ -- Quantum Corp.
(NYSE: QTM) today announced that the Company received notification
from the New York Stock Exchange (NYSE) of its determination to
commence proceedings to delist the Company's common stock.
The determination to commence the delisting proceeding is a result
of the Company requiring more time to become current in filing its
late annual and quarterly reports, including its financial
statements, with the Securities and Exchange Commission ("SEC"), as
described in more detail in its Form 8-K filed with the SEC on
September 14, 2018 and its press
release issued on December 28,
2018. Trading in the Company's common stock on the NYSE will
be suspended immediately.
While Quantum has made significant progress toward completing
its late reports, the Company informed the NYSE that it would not
become current with its SEC periodic reporting by February 15, 2019, the maximum allowable period
under Section 802.01E of the NYSE's Listed Company Manual.
As a result of the delisting, the Company expects its shares of
common stock will begin trading on January
16, 2019 under the symbol "QMCO" on the OTC Pink, which is
operated by OTC Markets Group Inc.
"We believe that Quantum's delisting does not reflect on the
financial health of the Company, which, as indicated by our
recently announced refinancing, continues to improve," said
Jamie Lerner, Quantum's Chairman and
CEO. "We will work diligently to complete our required
filings and resolve our delisting as quickly as possible."
About Quantum
Quantum is the proven industry leader in storing and managing
video content. We deliver the industry's top streaming
performance for video applications, along with the lowest cost,
highest density cold storage solutions for cloud
infrastructures. It's why businesses in post-production,
broadcast, corporate video, sports video, autonomous vehicle
design, the defense department, cloud services and more have made
Quantum the # 1 choice for the most demanding video and
high-resolution workflows. See how at
www.quantum.com/customerstories.
Quantum, and the Quantum logo are either registered trademarks
or 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. Quantum advises caution in reliance on
forward-looking statements. Forward-looking statements include,
without limitation, the Company's expectations that, its shares are
expected to continue to trade on the OTC Pink and the continued
improvement of the Company's financial health. 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 statement. More detailed
information about these risk factors, and additional risk factors,
are set forth in Quantum's periodic 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 Quarterly Report on Form 10-Q
filed with the Securities and Exchange
Commission on November 9, 2017. All forward-looking
statements in this public announcement are based on information
available to Quantum as of the date of this announcement. 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.
Investor Relations:
Mike
Dodson
Quantum Corp.
+1 (425) 201-1517
ir@quantum.com
Public Relations:
Bob Wientzen
Quantum Corp.
+1 (720) 201-8125
bob.wientzen@quantum.com
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SOURCE Quantum Corp.