Quantum Provides Updated Plan to Nasdaq

Quantum Corporation (Nasdaq: QMCO) ("Quantum" or the "Company"), a leader in solutions for AI and unstructured data, today provided an update related to the Company’s efforts to become current with its SEC financial reports.

As previously announced on April 12, 2024, The Nasdaq Stock Market LLC (Nasdaq) granted Quantum’s request to stay the suspension of delisting of its common stock pending a scheduled hearing on May 14, 2024 with the Nasdaq Hearings Panel. In advance of the scheduled hearing, Quantum submitted a written submission to Nasdaq on April 24, 2024 detailing its plans to regain compliance with the applicable Nasdaq listing criteria within the period of time that the Panel may grant.

Among other details, the updated plan outlines the Company’s progress and coordination with its advisors and auditors toward reaching the Company’s final determination with regards to the application of ASC Topic 606. Additionally, the written submission includes an updated timeline for the Company to regain compliance with the filing of Quantum’s Quarterly Reports on Form 10-Q for the second and third quarters of fiscal year 2024 as well as file its fourth quarter and full fiscal year 2024 results by June 27, 2024.

About Quantum

Quantum delivers end-to-end data management solutions designed for the AI era. With over four decades of experience, our data platform has allowed customers to extract the maximum value from their unique, unstructured data. From high-performance ingest that powers AI applications and demanding data-intensive workloads, to massive, durable data lakes to fuel AI models, Quantum delivers the most comprehensive and cost-efficient solutions. Leading organizations in life sciences, government, media and entertainment, research, and industrial technology trust Quantum with their most valuable asset – their data. Quantum is listed on Nasdaq (QMCO). For more information visit www.quantum.com.

Quantum and the Quantum logo are registered trademarks of Quantum Corporation and its affiliates in the United States and/or other countries. All other trademarks are the property of their respective owners.

Forward-Looking Information

The information provided in this press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are largely based on our current expectations and projections about future events affecting our business. Such forward-looking statements include, in particular: Quantum’s efforts to regain and maintain compliance with the listing standards of Nasdaq; Quantum’s plans to file its Quarterly Reports on Form 10-Qs for the second and third quarters of fiscal year 2024, including timing thereof; and the Quantum’s plans, objectives and intentions that are not historical facts generally.