SAN JOSE, Calif.,
Nov. 17,
2023 /PRNewswire/ -- Quantum Corporation
(NASDAQ: QMCO) ("Quantum" or the "Company") announced today that it
received a notice (the "Notice") from the Listing Qualifications
staff of the Nasdaq Stock Market LLC ("Nasdaq") on November 14, 2023 stating that the Company is not
in compliance with Nasdaq Listing Rule 5250(c)(1) as a result of
the Company's delay in filing its Quarterly Report on Form 10-Q for
the fiscal quarter ended September 30, 2023 (the "Quarterly
Report") with the Securities and Exchange Commission.
On November 13, 2023, the
Company filed a Notification of Late Filing on Form 12b-25
indicating that the filing of the Quarterly Report would be delayed
due to additional time being needed related to its re-evaluation of
its application of standalone selling price under Accounting
Standards Codification Topic 606.
The Company intends to file a plan to regain compliance on
or before January 16, 2024 in
accordance with the Nasdaq Listing Rules. If Nasdaq accepts the
Company's plan, Nasdaq can grant an extension of up to 180 calendar
days from the Quarterly Report's original due date, to May 7, 2024, to regain compliance. If Nasdaq does
not accept the Company's plan, then the Company will have the
opportunity to appeal that decision to a Nasdaq Hearings
Panel.
The Company is working diligently to complete its
re-evaluation and file the Quarterly Report as soon as possible
within the timeline prescribed by Nasdaq.
The Notice has no immediate impact on the listing of the
Company's common stock, which will continue to trade on Nasdaq,
subject to the Company's compliance with other continued listing
requirements of Nasdaq.
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 (Exchange Act). 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 Quarterly Report;
the Company's ability to maintain compliance with the listing
standards of Nasdaq; 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 Quarterly Report; 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;
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
Public Relations
Contacts:
August
Steven Goldberg | Jenny
MacMichael
P: 323-892-5562|
323-892-5553
E:
Quantum-August@augustco.com
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SOURCE Quantum Corp.