Quantum announces delayed Form 10-Q filing

Quantum Corporation announced 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.