Quantum Announces Waiver and Amendment to Term Loan and Revolving Credit Agreements
20 Fevereiro 2024 - 6:40PM
Business Wire
Quantum Corporation (NASDAQ: QMCO) (“Quantum or the “Company”)
today filed a Form 8-K detailing amendments to the Company’s term
loan and revolving credit agreements. These amendments, among other
things, waived the covenant requirements related to financial
statements prepared in accordance with GAAP for the fiscal quarter
ended December 31, 2023. The amendments also waived financial
covenants related to the Company’s total net leverage ratio for the
same fiscal period. Additionally, the agreements established
informational updates and coordination on business initiatives with
the Company’s Lenders. Per the revised agreements, the Company has
through May 15, 2024 to resume financial compliance.
Consistent with prior announcements, the Company continues to
work through its ASC 606 re-evaluation and has increased confidence
in reaching an amenable resolution no later than March 31, 2024.
Quantum also remains committed to be current with its SEC financial
filings by May 7, 2024. During this time, the Company has been
prioritizing several financial and business projects targeting
improvements to working capital, acceleration of new products and a
more focused business.
Commenting on the announcement, Jamie Lerner, Quantum's Chairman
and CEO, stated, "These amended agreements reflect the strong
partnership we have with our Lenders in support of the Company’s
path forward, as we work to complete the SSP re-evaluation process,
resume timely filings of the Company’s financial statements and
drive the business toward our long-term model. In addition, we are
pursuing tangible strategic opportunities to pay-down debt as well
as improve the Company’s operational and business outlook.”
Additional information related to the amended agreements can be
found in the Company’s Current Report on Form 8-K filed today with
SEC.
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, becoming current with SEC financial filings and the
announcement of the Company’s fiscal 2024 second and third quarter
financial results; the Company’s pursuit of strategic opportunities
to pay-down debt as well as improve the Company’s operational and
business outlook; 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; 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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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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