Quantum Corporation Provides Update on NYSE Delisting

Quantum (NYSE:QTM) announced on Tuesday that the company has received notification from the New York Stock Exchange (NYSE) of its determination to commence proceedings to delist the company’s stock.

The company focused on the storing and managing of video content expects its stock to trade under QMCO on the OTC Pink from January 16, 2019.

As quoted in the press release:

The determination to commence the delisting proceeding is a result of the Company requiring more time to become current in filing its late annual and quarterly reports, including its financial statements, with the Securities and Exchange Commission (“SEC”), as described in more detail in its Form 8-K filed with the SEC on September 14, 2018 and its press release issued on December 28, 2018.  Trading in the Company’s common stock on the NYSE will be suspended immediately.

While Quantum has made significant progress toward completing its late reports, the Company informed the NYSE that it would not become current with its SEC periodic reporting by February 15, 2019, the maximum allowable period under Section 802.01E of the NYSE’s Listed Company Manual.

“We believe that Quantum’s delisting does not reflect on the financial health of the Company, which, as indicated by our recently announced refinancing, continues to improve,” said Jamie Lerner, Quantum’s Chairman and CEO.  “We will work diligently to complete our required filings and resolve our delisting as quickly as possible.”

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