Quantum Updated Plan to Nasdaq

Quantum Corporation provided an update related to its 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, the company 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 its 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 firm’s quarterly reports on Form 10-Q for 2FQ24 and 3FQ24 as well as file its 4FQ24 and FY24 results by June 27, 2024.