Quantum Provides Updated Plan to Nasdaq
03 Maio 2024 - 5:05PM
Business Wire
Quantum Corporation (Nasdaq: QMCO) ("Quantum" or the "Company"),
a leader in solutions for AI and unstructured data, today provided
an update related to the Company’s efforts to become current with
its SEC financial reports.
As previously announced on April 12, 2024, The Nasdaq Stock
Market LLC (Nasdaq) granted Quantum’s request to stay the
suspension of delisting of its common stock pending a scheduled
hearing on May 14, 2024 with the Nasdaq Hearings Panel. In advance
of the scheduled hearing, Quantum submitted a written submission to
Nasdaq on April 24, 2024 detailing its plans to regain compliance
with the applicable Nasdaq listing criteria within the period of
time that the Panel may grant.
Among other details, the updated plan outlines the Company’s
progress and coordination with its advisors and auditors toward
reaching the Company’s final determination with regards to the
application of ASC Topic 606. Additionally, the written submission
includes an updated timeline for the Company to regain compliance
with the filing of Quantum’s Quarterly Reports on Form 10-Q for the
second and third quarters of fiscal year 2024 as well as file its
fourth quarter and full fiscal year 2024 results by June 27,
2024.
About Quantum
Quantum delivers end-to-end data management solutions designed
for the AI era. With over four decades of experience, our data
platform has allowed customers to extract the maximum value from
their unique, unstructured data. From high-performance ingest that
powers AI applications and demanding data-intensive workloads, to
massive, durable data lakes to fuel AI models, Quantum delivers the
most comprehensive and cost-efficient solutions. Leading
organizations in life sciences, government, media and
entertainment, research, and industrial technology trust Quantum
with their most valuable asset – their data. 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: Quantum’s efforts to regain and maintain compliance
with the listing standards of Nasdaq; Quantum’s plans to file its
Quarterly Reports on Form 10-Qs for the second and third quarters
of fiscal year 2024, including timing thereof; and the Quantum’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
Quantum’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 Form 10-Qs within the expected
timeframe; the ability to meet stock exchange continued listing
standards; the possibility that the Nasdaq may delist Quantum’s
common stock; the possibility that the Nasdaq Hearings Panel may
not grant an additional extension; risks related to Quantum’s
ability to implement and maintain effective internal control over
financial reporting in the future; assumptions related to
implementation of the ERP system; and the impact of these factors
on Quantum’s performance and outlook. See also other risks that are
described in “Risk Factors” in Quantum’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.
Quantum 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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