Quantum Corp Enters Material Agreement, Revises Financials

TL;DR

Quantum Corp's financials are shaky, they're making a new deal, and some past numbers are wrong.

AI Summary

Quantum Corporation announced on May 22, 2024, that it is entering into a material definitive agreement. The company also disclosed unregistered sales of equity securities and stated that previously issued financial statements should not be relied upon. This filing includes financial statements and exhibits.

Why It Matters

This filing indicates potential financial restatements and new agreements, which could impact investor confidence and the company's financial reporting accuracy.

Risk Assessment

Risk Level: medium — The non-reliance on previously issued financial statements suggests potential accounting issues or restatements, which introduces significant uncertainty.

Key Players & Entities

• Quantum Corporation (company) — Registrant
• Delaware (company) — State of Incorporation
• May 22, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share QMCO The Nasdaq Stock Mar
• $0.46 — "Common Stock"), at a purchase price of $0.46. The exercise price and the number of s

Filing Documents

• d836470d8k.htm (8-K) — 43KB
• d836470dex41.htm (EX-4.1) — 149KB
• d836470dex42.htm (EX-4.2) — 142KB
• d836470dex101.htm (EX-10.1) — 85KB
• d836470dex102.htm (EX-10.2) — 66KB
• 0001193125-24-149195.txt ( ) — 713KB
• qmco-20240522.xsd (EX-101.SCH) — 3KB
• qmco-20240522_lab.xml (EX-101.LAB) — 18KB
• qmco-20240522_pre.xml (EX-101.PRE) — 11KB
• d836470d8k_htm.xml (XML) — 4KB

Forward-Looking Statements

Forward-Looking Statements This Item 4.02 of this Current Report on Form 8-K contains "forward-looking" statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. The Company advises caution in reliance on forward-looking statements. Forward-looking statements include, without limitation: statements related to the completion of the Company's review of accounting matters and audit of the Company's financial statements; the Company's plans to file the Pending 10-Qs, the 2024 10-K and conference call relating to such results, including the timing thereof; expectations with respect to how the adjustments will impact the Company's financial statements; expectations regarding whether the adjustments will impact the Company's invoicing, cash, contractual obligations to its customers, operations or its obligations to prior or current lenders; and the Company's plans, objectives and intentions, that are not historical facts generally. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking statement, including without limitation: the final outcome of the evaluation of accounting matters and the impact of the adjustments to the Company's financial statements; the discovery of additional and unanticipated information during the re-evaluation and audit of the Company's financial statements, including it evaluation of effectiveness of internal control over financial reporting; risks related to the timely completion of the evaluation and filing of the Pending 10-Qs and the 2024 10-K; changes in assumptions regarding how the evaluation will impact the Company's financial results; the application of accounting or tax principles in an unanticipated manner; the possibility that the Nasdaq may delist the Company's common stock; risks related to the Company's ability to implement and maintain ef

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 4.1 Form of Warrant to Purchase Common Stock, dated May 24, 2024. 4.2 Warrant to Purchase Common Stock, dated May 24, 2024, issued to OC III LVS XL LP. 10.1 Eighth Amendment and Waiver to Term Loan Credit and Security Agreement, dated May 24, 2024, by and among the Company, Quantum LTO Holdings, LLC, the lenders party thereto, and Blue Torch Finance LLC, as disbursing agent and collateral agent. 10.2 Fourteenth Amendment and Waiver to Amended and Restated Revolving Credit and Security Agreement, dated May 24, 2024, by and among the Company, Quantum LTO Holdings, LLC, the lenders party thereto, and PNC Bank, National Association, as agent. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: May 29, 2024 QUANTUM CORPORATION By: /s/ Kenneth P. Gianella Name: Kenneth P. Gianella Title: Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR