[8-K] Quantum Corporation Reports Material Event

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.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 17, 2025

Quantum Corporation

(Exact name of registrant as specified in its charter)

Delaware

001-13449

94-2665054

(State or other jurisdiction of incorporation or organization)

(Commission File No.)

(I.R.S. Employer Identification No.)

224 Airport Parkway

Suite 550

San Jose

CA

95110

(Address of Principal Executive Offices)

(Zip Code)

(408)			944-4000
Registrant's telephone number, including area code

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, $0.01 par value per share

QMCO

Nasdaq Global Market

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

On July 17, 2025, Quantum Corporation (the “Company”) received a written notice (the “Notice”) from the Listing Qualifications staff of the Nasdaq Stock Market LLC (“Nasdaq”) stating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) as a result of the Company’s failure to timely file its Annual Report on Form 10-K for the fiscal year ended March 31, 2025 (the “Annual Report”) with the Securities and Exchange Commission (the “SEC”).

On June 30, 2025, the Company filed a Notification of Late Filing on Form 12b-25 with the SEC indicating that the Annual Report would be delayed due to additional time being needed to review its accounting related to certain revenue contracts as well as the application of standalone selling price under applicable accounting standards.

The Company is working diligently to complete its review and file the Annual Report within the timeline prescribed by Nasdaq.

The Notice has no immediate impact on the listing of the Company’s common stock, which will continue to trade on Nasdaq, subject to the Company’s compliance with other continued listing requirements of Nasdaq.

Item 8.01 Other Items.

On July 23, 2025, the Company issued a press release announcing its receipt of the Notice. The press release is attached hereto as Exhibit 99.1 hereto and is hereby incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.						Description
99.1						Press release dated July 23, 2025.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Quantum Corporation

(Registrant)

July 23, 2025

/s/ Lewis W. Moorehead

(Date)

Lewis W. Moorehead

Chief Financial Officer

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.