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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. This amendment is consistent with the Company’s broader efforts to prioritize certain financial and business projects targeting improvements to working capital, acceleration of new products and a more focused business.
As previously disclosed, the Company is in the process of re-evaluating its application of standalone selling price under Accounting Standards Codification Topic 606 ("ASC 606") that has resulted in the delayed filing of its Form 10-Qs for the second and third fiscal quarters of fiscal year ending
About Quantum
Quantum delivers end-to-end data management solutions designed for the AI era. With over four decades of experience, our data platform has allowed customers to extract the maximum value from their unique, unstructured data. From high-performance ingest that powers AI applications and demanding data-intensive workloads, to massive, durable data lakes to fuel AI models, Quantum delivers the most comprehensive and cost-efficient solutions. Leading organizations in life sciences, government, media and entertainment, research, and industrial technology trust Quantum with their most valuable asset – their data. Quantum is listed on Nasdaq (QMCO). For more information visit www.quantum.com.
Quantum and the Quantum logo are registered trademarks of
Forward-Looking Information
The information provided in this press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (Exchange Act). These forward-looking statements are largely based on our current expectations and projections about future events affecting our business. Such forward-looking statements include, in particular, statements related to the ongoing re-evaluation of certain accounting matters; timing of completion of the re-evaluation and filing of the Form 10-Qs; the Company’s ability to maintain compliance with the listing standards of Nasdaq; and the Company’s plans, objectives and intentions that are not historical facts generally.
These forward-looking statements may be identified by the use of terms and phrases such as “anticipates”, “believes”, “can”, “could”, “estimates”, “expects”, “forecasts”, “intends”, “may”, “plans”, “projects”, “targets”, “will”, and similar expressions or variations of these terms and similar phrases. Additionally, statements concerning future matters and other statements regarding matters that are not historical are forward-looking statements. Investors are cautioned that these forward-looking statements relate to future events or our future performance and are subject to business, economic, and other risks and uncertainties, both known and unknown, that may cause actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by any forward-looking statements.
These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected, including without limitation, the following: the outcome of the pending re-evaluation of accounting matters and the possibility of adjustments, including material adjustments, to the Company’s financial statements as the re-evaluation progresses; the discovery of additional and unanticipated information during the re-evaluation process; risks related to the timely completion of the re-evaluation and filing of the Form 10-Qs; the ability to meet stock exchange continued listing standards; the possibility that the Nasdaq may delist the Company’s securities; the possibility that the
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Investor Relations Contacts:
P: 949-224-3874 | 214-272-0070
E: sheltonir@sheltongroup.com
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