Quantum closes $54.7M convertible note exchange; potential dilution up to 36.9%

QUANTUM CORP /DE/

Issued $54.7M senior secured convertible notes to Dialectic at 10% PIK interest, maturing Dec 18, 2028.
Initial conversion price $10/share; subject to quarterly reset with floor of $4.00 or 30-day VWAP.
Full conversion plus warrant exercise would equal ~36.9% of outstanding common stock.
Shareholders approved debt exchange and other proposals at Dec 16, 2025 annual meeting.
Minimum liquidity covenant: $3.75M (Q1 2026) rising to $7.5M (Q4 2026) and thereafter.

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