---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-212374"
form_type: "8-K"
ticker: "QMCO"
cik: "0000709283"
company_name: "QUANTUM CORP /DE/"
filed_at: "2025-09-23T23:59:59+00:00"
generated_at: "2026-05-17T05:55:37.052619+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- $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.

## SEC filing metadata
- accession: 0001193125-25-212374
- form_type: 8-K
- ticker: QMCO
- cik: 0000709283
- company_name: QUANTUM CORP /DE/
- filed_at: 2025-09-23T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/709283/000119312525212374/0001193125-25-212374-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/709283/000119312525212374/d12850d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-212374
- JSON: https://secwatch.observer/filing/0001193125-25-212374.json
- Plain text: https://secwatch.observer/filing/0001193125-25-212374.txt

## Key facts
- Equity Issuances
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/709283/000119312525212374/0001193125-25-212374-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.