Business
Quantum Corporation Commences Rights Offering
SAN JOSE, Calif., March 29, 2022 /PRNewswire/ -- Quantum Corporation (Nasdaq: QMCO) (the "Company") today commenced the previously announced rights offering
About this update from Quantum Corporation
[{"type":"text","content":"SAN JOSE, Calif., March 29, 2022 /PRNewswire/ -- Quantum Corporation (Nasdaq: QMCO) (the \"Company\") today commenced the previously announced rights offering to raise gross proceeds of up to approximately $67.5 million (the \"Rights Offering\"). Under the terms of the Rights Offering, all holders of record of the Company's common stock (\"Common Stock\"), and holders of certain outstanding warrants to purchase shares of Common Stock issued by the Company (the \"Participating Warrants\"), as of 5:00 p.m. Eastern Time on March 25, 2022 (the \"Record Date\"), will receive, with respect to each share of Common Stock (including shares issuable upon the exercise of Participating Warrants), a subscription right to purchase 0.422572999 of a share of Common Stock, at a subscription price per share equal to $2.25 per whole share. The subscription rights may be exercised at any time during the subscription period, which commences today and ends at 5:00 p.m. Eastern Time on April 18, 2022 (the \"Expiration Date\"). The subscription rights will expire if they are not exercised by the Expiration Date.\n\n \n \n \n \n \n \n\n \nThe Rights Offering will include an over-subscription right to permit each rights holder that exercises its basic subscription rights in full to purchase additional shares of Common Stock that remain unsubscribed at the expiration of the offering. The availability of over-subscription rights will be subject to certain terms and conditions, including pro rata adjustments (if any), as set forth in the subscription documents. If the Rights Offering is fully subscribed, the Company expects to issue an aggregate of approximately 30,000,000 shares of Common Stock, as more fully described in the prospectus supplement, dated March 29, 2022, relating to the Rights Offering.\nThe Company has separately entered into an Investment Commitment Agreement with Neuberger Berman Investment Advisers LLC (\"Neuberger Berman\") on behalf of itself and certain funds managed by it, BRF Investments, LLC, B. Riley Securities, Inc., BRC Partners Opportunity Fund, LP, and certain of its other existing security holders (collectively, the \"Committed Purchasers\"), pursuant to which the Committed Purchasers have agreed to, subject to certain conditions, exercise their basic subscription rights in full, and certain funds managed by Neuberger Berman...