Quantum Announces Delayed Form 10-Q Filing for Quarter Ending December 31, 2023
14 Fevereiro 2024 - 6:10PM
Business Wire
Quantum Corporation (NASDAQ: QMCO) (“Quantum or the “Company”)
announced today that it has filed a Form 12b-25 Notification of
Late Filing for the quarter ended December 31, 2023 (the “Form
10-Q”) by February 9, 2024, the original due date for such
filing.
As previously disclosed, the Company is in the process of
re-evaluating its application of Standalone Selling Price as part
of Accounting Standards Codification (ASC) Topic 606 that has
resulted in the delayed filing of both its second fiscal quarter
and third fiscal quarter results. The Company is targeting to
finish its initial assessment, determination of materiality, and
completion of the re-evaluation no later than March 31, 2024.
As a result of the delayed filing of its Quarterly Report on
Form 10-Q for the fiscal quarter ended December 31, 2023, the
Company also announced it has received a notice (the "Notice") from
the Listing Qualifications staff of the Nasdaq Stock Market LLC
("Nasdaq") on February 13, 2024 stating that Quantum is not in
compliance with Nasdaq Listing Rule 5250(c)(1). Nasdaq previously
granted Quantum an extension to regain compliance with the filing
of its Quarterly Report on Form 10-Q for the fiscal quarter ended
September 30, 2023 by May 7, 2024, to satisfy Nasdaq listing rules.
The Company remains committed in its efforts to regain compliance
within the timelines specified.
Quantum is providing its cash and long-term debt balances as of
December 31, 2023, which are unaudited below.
Liquidity and Debt
- Cash and cash equivalents were $24.4 million, compared to $26.0
million as of December 31, 2022.
- Outstanding term loan debt was $87.3 million, compared to $75.9
million as of December 31, 2022. Outstanding borrowings under the
revolving credit facility was $32.0 million, compared to $27.7
million as of December 31, 2022.
- Total interest expense for the three-month period ended
December 31, 2023 was $3.9 million, compared to $2.7 million for
the same period a year ago.
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, including the
timing and results of such re-evaluation; consequences and/or
effects of the re-evaluation; timing of completion of the
re-evaluation, the announcement of the Company’s fiscal 2024 second
and third quarter financial results and filing of the Quarterly
Reports on Form 10-Q for the fiscal quarters ended September 30,
2023 and December 31, 2023; 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 Reports on Form 10-Q
for the fiscal quarters ended September 30, 2023 and December 31,
2023; 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; and the application of accounting or tax principles in
an unanticipated manner. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240214583711/en/
Investor Relations Contacts: Shelton Group Leanne K.
Sievers | Brett L. Perry E: sheltonir@sheltongroup.com
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