Quantum Files Form 8-k Regarding Several Business Updates, Including Reiterating Its Efforts To Be Current With SEC Financial Reports By May 7, 2024

Author: Benzinga Newsdesk | March 25, 2024 04:12pm

On March 19, 2024, the Company received a letter (the "Letter") from the listing qualifications staff of The Nasdaq Stock Market LLC regarding non-compliance with the $1.00 bid price requirement for continued listing. Also as part of today's news, Quantum filed a Form 8-K regarding an amendment to the Company's term loan credit and security agreement, which stipulates that proceeds related to the disposition of assets be used to improve financial flexibility, including the pay-down of existing debt. As previously disclosed, the Company is in the process of re-evaluating its application of standalone selling price under Accounting Standards Codification Topic 606 that has resulted in the delayed filing of its Form 10-Qs for the second and third fiscal quarters of fiscal year ending March 31, 2024.

Posted In: QMCO