Quantum Announces Notification From Nasdaq Related To Delayed Form 10-Q Filing
Portfolio Pulse from Benzinga Newsdesk
Quantum Corporation (NASDAQ: QMCO) received a notice from Nasdaq for non-compliance due to a delay in filing its Q3 Form 10-Q. The delay is attributed to the re-evaluation of standalone selling price under ASC Topic 606. Quantum plans to submit a compliance plan by January 16, 2024, and may receive an extension until May 7, 2024, to regain compliance. The company's stock continues to trade on Nasdaq, pending compliance with other listing requirements.
November 17, 2023 | 9:07 pm
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Quantum Corporation received a non-compliance notice from Nasdaq due to a delayed Q3 earnings report, with a plan to regain compliance by January 16, 2024.
The delay in filing the Quarterly Report indicates potential issues with financial reporting, which could undermine investor confidence and negatively impact the stock price in the short term. However, the company's stock continues to trade, and there is a plan to regain compliance, which may mitigate some negative sentiment.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100