SAN
JOSE, Calif., Jan. 17,
2024 /PRNewswire/ -- Quantum Corporation
(Nasdaq: QMCO) ("Quantum" or the "Company") announced today that in
accordance with Nasdaq Listing Rules, the Company has submitted its
plan to regain compliance on January 16,
2024. If the plan is accepted by the Nasdaq Stock Market LLC
("Nasdaq"), the Company expects to be granted an extension of up to
180 calendar days from the original due date of the quarterly
report on Form 10-Q for the period ended September 30, 2023 (the "second fiscal quarter
10-Q"), or until May 7, 2024, to
regain compliance.
On November 13, 2023, Quantum
filed a Form 12b-25 stating that it was unable to complete its
preparation and review of the second fiscal quarter 10-Q within the
prescribed time period due to a re-evaluation of the Company's
application of standalone selling price under Accounting Standards
Codification Topic 606 ("Topic 606").
The Company is targeting to finish its initial assessment,
determination of materiality, and completion of the re-evaluation
no later than March 31, 2024. Quantum
expects to file the second fiscal quarter 10-Q on or before
May 7, 2024 (within the anticipated
180-day extension period). As a result of the re-evaluation timing,
the Company expects that its quarterly report on Form 10-Q for the
period ended December 31, 2023 (the
"third fiscal quarter 10-Q") will also be delayed but expects to
also file the third fiscal quarter 10-Q by May 7, 2024.
About Quantum
Quantum technology, software, and services provide the solutions
that today's organizations need to make video and other
unstructured data smarter – so their data works for them and not
the other way around. With over 40 years of innovation, Quantum's
end-to-end platform is uniquely equipped to orchestrate, protect,
and enrich data across its lifecycle, providing enhanced
intelligence and actionable insights. Leading organizations in
cloud services, entertainment, government, research, education,
transportation, and enterprise IT trust Quantum to bring their data
to life, because data makes life better, safer, and smarter.
Quantum is listed on Nasdaq (QMCO). For more information visit
www.quantum.com.
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.
Forward-Looking Information
The information provided in this press release may include
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. These forward-looking statements are largely based on
our current expectations and projections about future events
affecting our business. Such forward-looking statements include, in
particular, statements related to the ongoing re-evaluation of
certain accounting matters; timing of completion of the
re-evaluation and filing of the second fiscal quarter 10-Q and the
third fiscal quarter 10-Q; the Company's expectations regarding
Nasdaq's grant of extension; and the Company's plans, objectives
and intentions, that are not historical facts generally.
These forward-looking statements may be identified by the use of
terms and phrases such as "anticipates", "believes", "can",
"could", "estimates", "expects", "forecasts", "intends", "may",
"plans", "projects", "targets", "will", and similar expressions or
variations of these terms and similar phrases. Additionally,
statements concerning future matters and other statements regarding
matters that are not historical are forward-looking statements.
Investors are cautioned that these forward-looking statements
relate to future events or our future performance and are subject
to business, economic, and other risks and uncertainties, both
known and unknown, that may cause actual results, levels of
activity, performance or achievements to be materially different
from those expressed or implied by any forward-looking
statements.
These forward-looking statements involve risks and uncertainties
that could cause actual results to differ materially from those
projected, including without limitation, the following: the outcome
of the pending re-evaluation of accounting matters and the
possibility of adjustments, including material adjustments, to the
Company's financial statements as the re-evaluation progresses; the
discovery of additional and unanticipated information during the
re-evaluation process; risks related to the timely completion of
the re-evaluation and filing of the second fiscal quarter 10-Q and
the third fiscal quarter 10-Q; the risk that Nasdaq may not grant
the extension; the ability to meet stock exchange continued listing
standards; the possibility that the Nasdaq may delist the Company's
securities; risks related to the Company's ability to implement and
maintain effective internal control over financial reporting in the
future; and the impact of these factors on the Company's
performance and outlook. See also other risks that are
described in "Risk Factors" in the Company's filings with the
Securities and Exchange Commission (the "SEC"), including its
Annual Report on Form 10-K filed with the SEC for the fiscal year
ended March 31, 2023, and any
subsequent reports filed with the SEC. The Company does not intend
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 or regulation.
Investor Relations Contacts:
Shelton Group
Leanne K. Sievers | Brett L. Perry
P: 949-224-3874 | 214-272-0070
E: sheltonir@sheltongroup.com
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SOURCE Quantum Corp.