[Form 4] Salesforce, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Quantum Corp. (QMCO) received a Nasdaq deficiency notice on 17 Jul 2025 for not filing its Form 10-K for FY-end 31 Mar 2025 within the required period, violating Listing Rule 5250(c)(1).

The company had already filed a Form 12b-25 on 30 Jun 2025, citing the need for extra time to review revenue-recognition accounting, including standalone selling-price analyses for certain contracts. Management says it is “working diligently” to complete the review and submit the annual report within Nasdaq’s cure timeline.

Immediate impact: QMCO shares remain listed and continue trading on the Nasdaq Global Market while the company remedies the filing lapse. Continued listing is subject to satisfying other Nasdaq requirements.

On 23 Jul 2025 QMCO issued a press release (Exhibit 99.1) disclosing the notice. No financial results, guidance, or other material transactions were included in the 8-K.

Positive

• Trading unaffected: Nasdaq will permit QMCO shares to continue trading while the company works toward compliance.
• Active remediation: Management is already reviewing revenue contracts and plans to file the overdue 10-K within the allowed cure period.

Negative

• Regulatory non-compliance: Failure to file the Form 10-K triggered a Nasdaq listing deficiency.
• Accounting concerns: Delays tied to revenue-recognition review may signal internal control weaknesses and could erode investor confidence.
• Delisting risk: If the 10-K is not filed within Nasdaq’s cure timeframe, QMCO could face suspension or delisting.

Insights

Financial Analyst

TL;DR: Late 10-K filing triggers Nasdaq notice; moderate compliance risk, limited short-term trading impact.

The deficiency underscores potential accounting complexity in QMCO’s revenue contracts and may raise concerns about internal controls and audit quality. While Nasdaq generally allows up to 60 days for cure plans and 180 days for compliance, failure to file on time could ultimately lead to suspension or delisting, impacting liquidity and investor confidence. Absent new financial data, the event is marginally negative for valuation multiples because it heightens perceived execution risk and may distract management. However, the notice itself carries no immediate financial penalties and the stock remains tradable, limiting near-term cash-flow consequences.

Corporate Governance Expert

TL;DR: Filing delay reflects governance/control weakness; investors should monitor remediation plan.

Timely SEC reporting is a core listing obligation. The delay, particularly due to revenue-recognition review, suggests gaps in audit preparedness or system controls—areas frequently scrutinized by regulators and activist shareholders. The board must oversee swift remediation, potentially including enhanced SOX testing and additional external advisory support. Transparent updates will be critical to maintain stakeholder trust and to avoid escalation to a hearing before Nasdaq’s panel.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Benioff Marc

(Last) (First) (Middle)

415 MISSION STREET

3RD FLOOR

(Street)

SAN FRANCISCO CA 94105

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Salesforce, Inc. [ CRM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chair and CEO

3. Date of Earliest Transaction (Month/Day/Year)
07/22/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/22/2025		M(1)		2,250	A	$161.5	11,913,821	D(2)
Common Stock	07/22/2025		S(1)		970	D	$262.8853(3)	11,912,851	D(2)
Common Stock	07/22/2025		S(1)		1,198	D	$263.4923(4)	11,911,653	D(2)
Common Stock	07/22/2025		S(1)		41	D	$264.2615(5)	11,911,612	D(2)
Common Stock	07/22/2025		S(1)		41	D	$265.5215(6)	11,911,571	D(2)
Common Stock								107,000	I	By Trust
Common Stock								10,000,000	I(7)	By Marc Benioff Fund LLC

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Non-qualified Stock Option (Right to Buy)	$161.5	07/22/2025		M(1)			2,250	03/22/2020(8)	03/22/2026	Common Stock	2,250	$0	162,122	D

Explanation of Responses:

1. As indicated by the checkbox above, this transaction was effected automatically pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on January 9, 2025.

2. Shares held in the reporting person's name or in the Marc R. Benioff Revocable Trust.

3. Weighted average price. These shares were sold in multiple transactions at prices ranging from $262.1814 to $263.1745 inclusive. The reporting person undertakes to provide the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.

4. Weighted average price. These shares were sold in multiple transactions at prices ranging from $263.1800 to $264.0415 inclusive. The reporting person undertakes to provide the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.

5. Weighted average price. These shares were sold in multiple transactions at prices ranging from $264.2400 to $264.2700 inclusive. The reporting person undertakes to provide the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.

6. Weighted average price. These shares were sold in multiple transactions at prices ranging from $265.5000 to $265.5300 inclusive. The reporting person undertakes to provide the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.

7. Shares held in the Marc Benioff Fund LLC (the "Fund"). Fund interests are held in the reporting person's name or in trust.

8. Option vests over four years at the rate of 25% on March 22, 2020, the first anniversary of the holder's date of grant, with the balance vesting in equal monthly installments over the remaining 36 months.

	/s/ Ryan Guerrero, Attorney-in-Fact for Marc Benioff	07/23/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

Why did Quantum Corporation (QMCO) receive a Nasdaq notice?

Nasdaq cited QMCO for not filing its FY-2025 Form 10-K on time, violating Listing Rule 5250(c)(1).

Does the notice immediately delist QMCO stock?

No. The shares remain on the Nasdaq Global Market while the company works to regain compliance.

What caused the Form 10-K delay for QMCO?

Management needs more time to review revenue-recognition accounting, including standalone selling-price analyses for certain contracts.

How long does QMCO have to file the overdue 10-K?

Nasdaq typically allows a cure period (up to 180 days after a plan) before further action; QMCO aims to file within that window.

Did QMCO disclose any financial results in this 8-K?

No financial results or guidance were provided; the filing focuses solely on the Nasdaq notice.

Where can investors read QMCO's official response?

The company issued a press release on 23 Jul 2025 (Exhibit 99.1) detailing the notice and its intentions.