Quantum Corporation (NASDAQ:QMCO) (“Quantum” or the “Company”) announced today that it received a notice (the “Notice”) from the Listing Qualifications staff of the Nasdaq Stock Market LLC (“Nasdaq”) on November 14, 2023 stating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) as a result of the Company’s delay in filing its Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2023 (the “Quarterly Report”) with the Securities and Exchange Commission.
On November 13, 2023, the Company filed a Notification of Late Filing on Form 12b-25 indicating that the filing of the Quarterly Report would be delayed due to additional time being needed related to its re-evaluation of its application of standalone selling price under Accounting Standards Codification Topic 606.
The Company intends to file a plan to regain compliance on or before January 16, 2024 in accordance with the Nasdaq Listing Rules. If Nasdaq accepts the Company’s plan, Nasdaq can grant an extension of up to 180 calendar days from the Quarterly Report’s original due date, to May 7, 2024, to regain compliance. If Nasdaq does not accept the Company’s plan, then the Company will have the opportunity to appeal that decision to a Nasdaq Hearings Panel.
The Company is working diligently to complete its re-evaluation and file the Quarterly Report as soon as possible within the timeline prescribed by Nasdaq.
The Notice has no immediate impact on the listing of the Company’s common stock, which will continue to trade on Nasdaq, subject to the Company’s compliance with other continued listing requirements of Nasdaq.
