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Nasdaq Accepts Quantum's Plan to Regain Listing Compliance

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Quantum Corporation (Nasdaq: QMCO) has been granted an extension to file its Form 10-Q for the period ended September 30, 2023, on or before May 7, 2024, after its plan to regain compliance was approved by the Nasdaq Stock Market LLC. This announcement was made on January 27, 2024.
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The approval of Quantum Corporation's compliance plan by Nasdaq is a pivotal development for the company. It indicates that Nasdaq has sufficient confidence in Quantum's proposed measures to address the filing delay of its Form 10-Q. This extension provides the company with a critical window to rectify its reporting issues without facing the immediate threat of delisting.

Investors should note that the delayed filing could have stemmed from various issues, such as internal control weaknesses, which might warrant a cautious approach until the actual filing is reviewed. However, the approval also suggests that the issues are likely resolvable and that Quantum is actively working towards a solution.

The impact on the stock market will depend on investor perception. If the market interprets this as a sign of eventual resolution, it could stabilize the stock price. Conversely, if investors remain skeptical, there could be increased volatility until the actual filing provides clarity.

The extension granted to Quantum Corporation can have broader implications beyond the company's stock. It serves as a reminder to the market of the importance of timely financial disclosures and the potential consequences of failing to meet regulatory requirements.

For stakeholders, the extension is a double-edged sword. On one hand, it alleviates the immediate risk of delisting, which could have been detrimental to stock liquidity and investor confidence. On the other hand, the underlying reasons for the filing delay remain a concern and could indicate deeper operational or financial issues.

In the context of industry norms, timely and accurate financial reporting is a cornerstone of market integrity. Any deviation from this norm is scrutinized by investors and analysts alike, making Quantum's future filings a subject of particular interest.

From a legal standpoint, the approval of Quantum's compliance plan by Nasdaq underscores the legal and regulatory framework that public companies must navigate. The extension is contingent on Quantum fulfilling its obligation to file the overdue Form 10-Q by the new deadline.

Failure to meet this extended deadline could result in legal ramifications, including potential delisting. This would not only affect Quantum's standing in the market but also has legal implications for its governance practices and could lead to shareholder lawsuits if precipitated by fiduciary failures.

It is essential for Quantum to address the root causes of the delay in filing to prevent future legal challenges and to maintain compliance with Nasdaq's stringent listing requirements.

SAN JOSE, Calif., Jan. 27, 2024 /PRNewswire/ -- Quantum Corporation (Nasdaq: QMCO) ("Quantum" or the "Company") announced today that it has been notified by the Listing Qualifications Department of the Nasdaq Stock Market LLC ("Nasdaq") that the Company's plan to regain compliance submitted on January 16, 2024 has been approved. As such, Quantum has been granted an extension to file its Form 10-Q for the period ended September 30, 2023 (the "second fiscal quarter 10-Q") on or before May 7, 2024.

About Quantum 
Quantum technology, software, and services provide the solutions that today's organizations need to make video and other unstructured data smarter – so their data works for them and not the other way around. With over 40 years of innovation, Quantum's end-to-end platform is uniquely equipped to orchestrate, protect, and enrich data across its lifecycle, providing enhanced intelligence and actionable insights. Leading organizations in cloud services, entertainment, government, research, education, transportation, and enterprise IT trust Quantum to bring their data to life, because data makes life better, safer, and smarter. 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.

Investor Relations Contacts:
Shelton Group
Leanne K. Sievers | Brett L. Perry
P: 949-224-3874 | 214-272-0070
E: sheltonir@sheltongroup.com

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/nasdaq-accepts-quantums-plan-to-regain-listing-compliance-302046263.html

SOURCE Quantum Corp.

FAQ

What is the Nasdaq ticker symbol for Quantum Corporation?

The Nasdaq ticker symbol for Quantum Corporation is QMCO.

What was announced by Quantum Corporation on January 27, 2024?

Quantum Corporation announced that its plan to regain compliance submitted on January 16, 2024, has been approved by the Nasdaq Stock Market LLC, granting an extension to file its Form 10-Q for the period ended September 30, 2023, on or before May 7, 2024.

What is the deadline for Quantum Corporation to file its Form 10-Q?

Quantum Corporation has been granted an extension to file its Form 10-Q for the period ended September 30, 2023, on or before May 7, 2024.

What is the significance of the announcement made by Quantum Corporation?

The announcement signifies that Quantum Corporation's plan to regain compliance has been approved by the Nasdaq Stock Market LLC, allowing the company to file its Form 10-Q for the specified period by the extended deadline of May 7, 2024.

Quantum Corporation

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About QMCO

we're global experts in scale-out storage, archive and data protection. we have a different approach to storage, enabling customers to maximize business value by storing, sharing and preserving data over their entire lifecycle.