Quantum Announces Update on Plan to Regain Nasdaq Compliance

Quantum Corporation announced that, in accordance with Nasdaq Listing Rules, it has submitted its plan to regain compliance on January 16, 2024.

If the plan is accepted by the Nasdaq Stock Market LLC, it expects to be granted an extension of up to 180 calendar days from the original due date of the quarterly report on Form 10-Q for the period ended September 30, 2023, or until May 7, 2024, to regain compliance.

On November 13, 2023, the firm filed a Form 12b-25 stating that it was unable to complete its preparation and review of the second fiscal quarter 10-Q within the prescribed time period due to a re-evaluation of the company’s application of standalone selling price under Accounting Standards Codification Topic 606.

It is targeting to finish its initial assessment, determination of materiality, and completion of the re-evaluation no later than March 31, 2024. It expects to file the second fiscal quarter 10-Q on or before May 7, 2024 (within the anticipated 180-day extension period). As a result of the re-evaluation timing, it expects that its quarterly report on Form 10-Q for the period ended December 31, 2023 will also be delayed but expects to also file the third fiscal quarter 10-Q by May 7, 2024.