Quantum Corporation
10/10/2024 | Press release | Distributed by Public on 10/10/2024 14:18
Failure to Satisfy Listing Rule Form 8 K
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 Nasdaq's 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.