Quantum enters debt-for-equity swap with Dialectic; lender to own ~38% of company

QUANTUM CORP /DE/

$51.3M term loans exchanged for 3-year 10% PIK convertible notes; conversion price $10/share with reset floor of $4.
Dialectic receives warrant for 2.65M shares at $8.81 (19.9% of outstanding); combined with notes, Dialectic owns ~38.1% post-closing.
Fifteenth Term Loan Amendment allows $15M retention from standby equity, defers cash interest for Q3 and Q4 2025, eliminates leverage and liquidity covenants.
Transaction requires stockholder approval; special committee of independent directors approved, board recommends.
Company to maintain minimum liquidity of $3.75M-$7.5M from Q1 2026 onward as new covenant.

item 1.01 item 2.03 item 3.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Equity Issuances SEC 8-K Item 3.02/3.03 confidence 0.9

QUANTUM CORP /DE/ issued convertible note to Dialectic Technology SPV LLC for on a dollar-for-dollar basis.

Security: convertible note
Purchaser: Dialectic Technology SPV LLC
Consideration: on a dollar-for-dollar basis

Exact text from the filing

the Company will issue to Dialectic, on a dollar-for-dollar basis, one or more senior secured convertible notes (the “Convertible Notes”) in exchange (the “Debt Exchange”) for the amounts then outstanding and owing by the Company to Dialectic under certain term loans held by Dialectic

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32 equity issuances filed in the last 30 days. Browse all equity issuances →

QUANTUM CORP /DE/ filing history →

Source: SEC EDGAR

accession 0001193125-25-212374

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