8-K
filed March 25, 2024, 7:59 PM ET
ticker QMCO
CIK 0000709283
regulatory
confidence high
sentiment negative
materiality 0.85
QUANTUM CORP /DE/ (QMCO): Nasdaq/NYSE listing notice — Quantum receives Nasdaq delisting notice; amends credit agreements to permit up to $15M asset sale
QUANTUM CORP /DE/
- Received Nasdaq delisting notice on Mar 19 due to bid price <$1 for >30 days and failure to timely file Q3 and Q4 FY2024 Form 10-Qs.
- Timely requested hearing on Mar 21, staying delisting; stock remains listed pending hearing outcome.
- Sixth Amendment to Term Loan Agreement permits sale of service inventory up to $15M; proceeds over $2.5M must prepay loans.
- Amended Revolving Credit Agreement with PNC to permit asset sale; $102,352.29 amendment fee from proceeds.
Key facts
Extracted from this filing and checked against the source text.
Listing & Compliance Notices
SEC 8-K Item 3.01
confidence 0.9
QUANTUM CORP /DE/ received a nasdaq noncompliance notice notice regarding late filing (rules 5250(c)(1)).
- Exchange
- nasdaq
- Notice
- noncompliance notice
- Deficiency
- late filing
- Rules
- 5250(c)(1)
Exact text from the filing
March 19, 2024, Quantum Corporation (the “Company”) received a letter (the “Letter”) from the listing qualifications staff (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) that the Company’s common stock would be delisted, based upon the Company’s non-compliance with the $1.00 bid price requirement for continued listing on the Nasdaq Global Market, as set forth in Nasdaq Listing Rules 5450(a)(1) (the “Bid Rule”). The Letter stated that the Company’s common stock would be scheduled for delisting at the opening of business on March 28, 2024, unless the Company timely requests a hearing be
View on SEC.gov
Listing & Compliance Notices
SEC 8-K Item 3.01
confidence 0.95
QUANTUM CORP /DE/ received a nasdaq delisting notice notice regarding minimum bid price (rules 5450(a)(1)).
- Exchange
- nasdaq
- Notice
- delisting notice
- Deficiency
- minimum bid price
- Rules
- 5450(a)(1)
Exact text from the filing
March 19, 2024, Quantum Corporation (the “Company”) received a letter (the “Letter”) from the listing qualifications staff (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) that the Company’s common stock would be delisted, based upon the Company’s non-compliance with the $1.00 bid price requirement for continued listing on the Nasdaq Global Market, as set forth in Nasdaq Listing Rules 5450(a)(1) (the “Bid Rule”). The Letter stated that the Company’s common stock would be scheduled for delisting at the opening of business on March 28, 2024, unless the Company timely requests a hearing be
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
QUANTUM CORP /DE/ amended Term Loan Amendment with Blue Torch Finance LLC (effective 2024-03-22).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- Blue Torch Finance LLC
- Effective
- 2024-03-22
Exact text from the filing
On March 22, 2024, Quantum Corporation (the “Company”) entered into an amendment (the “Term Loan Amendment”) to the Term Loan Credit and Security Agreement, dated as of August 5, 2021
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
QUANTUM CORP /DE/ amended Revolver Amendment with PNC Bank, National Association (effective 2024-03-22).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- PNC Bank, National Association
- Effective
- 2024-03-22
Exact text from the filing
On March 22, 2024, the Company entered into an amendment (the “Revolver Amendment”) to the Amended and Restated Revolving Credit and Security Agreement, dated as of December 27, 2018
View on SEC.gov
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