secwatch.observer — SEC 8-K summary
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Issuer:     QUANTUM CORP /DE/ (QMCO)
CIK:        0000709283
Form:       8-K
Filed at:   2025-01-27T23:59:59+00:00
Accession:  0001628280-25-002693
Event type: debt
Sentiment:  negative
Materiality: 0.80
Item codes: 1.01, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Quantum enters $200M equity purchase agreement with Yorkville; obtains debt covenant waivers
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- Standby Equity Purchase Agreement (SEPA) with YA II PN, Ltd.; up to $200M of common stock over 36 months.
- Shares sold at 96% of VWAP (Option 1) or 97% of lowest daily VWAP over 3 days (Option 2).
- Exchange cap at 1,157,139 shares (19.99% of outstanding) unless shareholder approval or avg price >$32.57.
- Amendments to Term Loan and Revolver credit agreements waive minimum EBITDA test for Dec 31, 2024 and Mar 31, 2025, and waive defaults.
- Proceeds intended to repay debt and for working capital; company cites efforts to lower debt and interest costs.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/709283/000162828025002693/0001628280-25-002693-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/709283/000162828025002693/qtm-20250125.htm
  HTML page:      https://secwatch.observer/filing/0001628280-25-002693

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