SAN JOSE, Calif., Feb. 4, 2021 /PRNewswire/ -- Quantum Corporation
(Nasdaq: QMCO) ("Quantum") today announced the pricing of the
previously announced underwritten public offering of 13,138,686
shares of its common stock at a price to the public of $6.85 per share. All of the shares in the
offering are being sold by Quantum. The gross proceeds to Quantum
from the offering, before deducting the underwriting discounts and
commissions and other offering expenses, are expected to be
approximately $90 million. The
offering is expected to close on or about February 8, 2021, subject to customary closing
conditions. In addition, Quantum has granted the underwriters a
30-day option to purchase up to an additional 1,970,803 shares of
its common stock at the public offering price, less underwriting
discounts and commissions. Quantum intends to use all of the net
proceeds of the offering to repay a portion of the indebtedness
under its senior secured term loan.
B. Riley Securities, Inc. and Oppenheimer & Co. Inc. are
acting as joint book-running managers for the offering. Lake Street
Capital Markets, LLC, Craig-Hallum Capital Group LLC and Northland
Capital Markets are acting as co-managers for the offering.
A shelf registration statement (File No. 333-250976) relating to
the shares was previously filed with the Securities and Exchange
Commission (the "SEC") and became effective on December 9, 2020. The offering will be made only
by means of a written prospectus and prospectus supplement that
form a part of the registration statement. Copies of the
preliminary prospectus supplement and accompanying prospectus
relating to the offering may be obtained, when available, by
contacting: B. Riley Securities, Inc., Attention: Prospectus
Department, 1300 North 17th Street, Suite 1300, Arlington, Virginia 22209, or by telephone at
703-312-9580 or by email at prospectuses@brileyfin.com
or Oppenheimer & Co. Inc., Attention: Syndicate Prospectus
Department, 85 Broad Street, 26th Floor, New York, New York 10004, by telephone at
212-667-8055, or by email at EquityProspectus@opco.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Quantum
Quantum technology and services help
customers capture, create and share digital content – and preserve
and protect it for decades. With solutions built for every
stage of the data lifecycle, Quantum's platforms provide the
fastest performance for high-resolution video, images, and
industrial IoT. That's why the world's leading entertainment
companies, sports franchises, researchers, government agencies,
enterprises, and cloud providers are making the world happier,
safer, and smarter on Quantum. Quantum is listed on Nasdaq (QMCO)
and was added to the Russell 2000® Index in 2020.
Quantum and the Quantum logo are registered trademarks of
Quantum Corporation and its affiliates in the United States and/or other countries.
Safe Harbor Statement
This press release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These statements may
be identified by use of terms such as "will," "expect," "shall,"
and similar terms or the negative of such terms, and include,
without limitation, statements about the Company's expectations
regarding the completion, terms, size, and timing of the public
offering, and with respect to granting the underwriters a 30-day
option to purchase additional shares. Actual results or
developments may differ materially from those projected or implied
in these forward-looking statements. Factors that may cause such a
difference include risks and uncertainties related to completion of
the public offering on the anticipated terms or at all, market
conditions and the satisfaction of customary closing conditions
related to the public offering. More information about the risks
and uncertainties faced by Quantum is contained in the section
captioned "Risk Factors" in the prospectus supplement related to
the public offering and from time to time in the Company's
Securities and Exchange Commission filings, including its Annual
Report on Form 10-K for the fiscal year ended March 31, 2020, its Quarterly Report on Form 10-Q
for the quarter ended December 31,
2020, as well as subsequent SEC filings. The forward-looking
statements contained in this release are as of the date of this
release, and the Company does not undertake any obligation to
update any such statements, whether as a result of new information,
future events or otherwise.
Investor Relations Contact:
Shelton Group
Leanne K. Sievers, President
P: 949-224-3874
E: sheltonir@sheltongroup.com
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SOURCE Quantum Corp.