Business
Quantum Announces Reverse Stock Split
SAN JOSE, Calif.--(BUSINESS WIRE)-- Quantum Corporation (Nasdaq: QMCO) ("Quantum" or the "Company"), a leader in solutions for AI and unstructured data,
About this update from Quantum Corporation
[{"type":"text","content":" SAN JOSE, Calif.--(BUSINESS WIRE)--\nQuantum Corporation (Nasdaq: QMCO) (\"Quantum\" or the \"Company\"), a leader in solutions for AI and unstructured data, announced it will implement a 1-for-20 reverse stock split of its issued and outstanding shares of common stock. The reverse stock split is intended to increase the per share trading price of its common stock to satisfy the continued listing standards of The Nasdaq Stock Market (“Nasdaq”). The reverse stock split will not affect any stockholder’s percentage ownership interest in the Company (other than as a result of the treatment of fractional shares).\n\n\nAt the effective time, every 20 issued shares of common stock will be converted into one share of common stock. To the extent the reverse stock results in any of the Company’s stockholders being entitled to a fractional share, any such fractional share will be rounded up to the nearest whole share. The reverse stock split will reduce the number of outstanding shares of the Company’s common stock from approximately 95,849,938 shares to approximately 4,792,497 shares. Proportionate adjustments will be made to the number of shares of common stock underlying the Company’s outstanding equity awards, warrants, and the maximum number of shares issuable under its equity incentive plans, as well as the exercise or conversion price, as applicable. The reverse stock split will not affect the par value of the Common Stock.\n\n\nThe reverse stock split was approved by the Company’s stockholders at its 2024 annual meeting and will become effective at 4:01 p.m. Eastern Time on August 26, 2024. The Company’s shares of common stock will begin trading on a split-adjusted basis on Nasdaq at the commencement of trading on August 27, 2024, under the existing trading symbol “QMCO” with a new CUSIP number of 747906600. Quantum’s transfer agent, Computershare Trust Company, N.A., is acting as the exchange agent for the reverse stock split. Shareholders holding shares of common stock registered in book entry form or beneficially via a broker, bank, trust or other nominee do not need to take any action to receive post-split shares and will have their positions automatically adjusted to reflect the reverse stock split. Shareholders holding shares of common stock in certificated form will receive a letter of transmittal from Computershare with in...