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.

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