Quantum Corp Faces Nasdaq Delisting Notice
Ticker: QMCO · Form: 8-K · Filed: Oct 10, 2024 · CIK: 709283
| Field | Detail |
|---|---|
| Company | Quantum Corp /De/ (QMCO) |
| Form Type | 8-K |
| Filed Date | Oct 10, 2024 |
| Risk Level | high |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.01, $15,000,000 |
| Sentiment | bearish |
Sentiment: bearish
Topics: delisting, compliance, sec-filing
Related Tickers: QMCO
TL;DR
Nasdaq's coming for QMCO's listing - they got a notice.
AI Summary
Quantum Corporation announced on October 4, 2024, that it received a notice from the Nasdaq Stock Market indicating a failure to meet continued listing requirements. The company is currently evaluating its options and plans to regain compliance with Nasdaq's rules.
Why It Matters
This notice suggests potential financial distress or operational challenges for Quantum Corp, which could impact investor confidence and the stock's liquidity.
Risk Assessment
Risk Level: high — Receiving a delisting notice from a major stock exchange like Nasdaq indicates significant non-compliance with listing standards, posing a substantial risk to the company's public trading status.
Key Numbers
- 001-13449 — SEC File Number (Identifies Quantum Corp's filing with the SEC.)
- 94-2665054 — IRS Employer Identification No. (Quantum Corp's tax identification number.)
Key Players & Entities
- Quantum Corporation (company) — Registrant
- Nasdaq Stock Market (company) — Exchange where common stock is listed
- QMCO (company) — Trading Symbol for Quantum Corporation's Common Stock
- October 4, 2024 (date) — Date of the earliest event reported
- October 10, 2024 (date) — Filing date of the 8-K
FAQ
What specific Nasdaq listing rule(s) did Quantum Corporation fail to meet?
The filing states Quantum Corporation received a notice of "failure to satisfy a continued listing rule or standard" but does not specify which rule(s) were violated.
What is Quantum Corporation's plan to regain compliance with Nasdaq listing standards?
The filing indicates that Quantum Corporation is "currently evaluating its options" and "intends to regain compliance with the applicable Nasdaq listing standards," but does not detail the specific steps.
What is the trading symbol for Quantum Corporation's common stock?
The trading symbol for Quantum Corporation's common stock is QMCO.
On what exchange is Quantum Corporation's common stock listed?
Quantum Corporation's common stock is listed on the Nasdaq Global Market.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on October 4, 2024.
Filing Stats: 545 words · 2 min read · ~2 pages · Grade level 12.9 · Accepted 2024-10-10 16:18:00
Key Financial Figures
- $0.01 — ange on which registered Common Stock, $0.01 par value per share QMCO Nasdaq Global
- $15,000,000 — of Publicly Held Shares requirement of $15,000,000, as set forth in Nasdaq Listing Rule 54
Filing Documents
- qtm-20241004.htm (8-K) — 26KB
- qtm-20241004_g1.jpg (GRAPHIC) — 12KB
- 0000709283-24-000024.txt ( ) — 169KB
- qtm-20241004.xsd (EX-101.SCH) — 2KB
- qtm-20241004_lab.xml (EX-101.LAB) — 22KB
- qtm-20241004_pre.xml (EX-101.PRE) — 13KB
- qtm-20241004_htm.xml (XML) — 3KB
01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On October 4, 2024, Quantum Corporation (the "Company") was notified by the Nasdaq Stock Market LLC ("Nasdaq") that it was not in compliance with Nasdaqs minimum Market Value of Publicly Held Shares requirement of $15,000,000, as set forth in Nasdaq Listing Rule 5450(b)(3)(C), for 30 consecutive business days. Nasdaq Listing Rule 5810(c)(3)(D) provides that a failure to meet the continued listing requirement for Market Value of Publicly Held Shares shall be determined to exist only if the deficiency continues for a period of 30 consecutive business days. The notification has no immediate effect on the Company's Nasdaq listing, and the Company has 180 calendar days from the notification date to regain compliance with Nasdaq Listing Rule 5450(b)(3)(C). If at anytime during this 180-day period the Company's Market Value of Publicly Held Shares closes at $15,000,000 or more for a minimum of ten consecutive business days, the Company will regain compliance, unless Nasdaq exercises its discretion to extend this 10-day period of compliance. The Nasdaq notification has no impact on the Company's business operations. 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 thereunto duly authorized. Quantum Corporation (Registrant) October 10, 2024 /s/ Brian E. Cabrera (Date) Brian E. Cabrera Senior Vice President, Chief Administrative Officer, and Corporate Secretary