Quantum Corporation (NASDAQ:QMCO) ("Quantum or the "Company") announced today that it has filed a Form 12b-25 Notification of Late Filing for the quarter ended December 31, 2023 (the "Form 10-Q") by February 9, 2024, the original due date for such filing.
As previously disclosed, the Company is in the process of re-evaluating its application of Standalone Selling Price as part of Accounting Standards Codification (ASC) Topic 606 that has resulted in the delayed filing of both its second fiscal quarter and third fiscal quarter results. The Company is targeting to finish its initial assessment, determination of materiality, and completion of the re-evaluation no later than March 31, 2024.
As a result of the delayed filing of its Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2023, the Company also announced it has received a notice (the "Notice") from the Listing Qualifications staff of the Nasdaq Stock Market LLC ("Nasdaq") on February 13, 2024 stating that Quantum is not in compliance with Nasdaq Listing Rule 5250(c)(1). Nasdaq previously granted Quantum an extension to regain compliance with the filing of its Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2023 by May 7, 2024, to satisfy Nasdaq listing rules. The Company remains committed in its efforts to regain compliance within the timelines specified.
Quantum is providing its cash and long-term debt balances as of December 31, 2023, which are unaudited below.
Liquidity and Debt
- Cash and cash equivalents were $24.4 million, compared to $26.0 million as of December 31, 2022.
- Outstanding term loan debt was $87.3 million, compared to $75.9 million as of December 31, 2022. Outstanding borrowings under the revolving credit facility was $32.0 million, compared to $27.7 million as of December 31, 2022.
- Total interest expense for the three-month period ended December 31, 2023 was $3.9 million, compared to $2.7 million for the same period a year ago.