SAN JOSE, Calif. - Quantum (NASDAQ:QMCO) Corporation (NASDAQ:QMCO) has submitted a plan to regain compliance with Nasdaq listing rules, the company announced on Wednesday. The compliance plan, submitted on Monday, is an effort to address delays in the filing of its quarterly financial report.
The data management firm failed to file its second fiscal quarter 10-Q report for the period ended September 30, 2023, on time. Quantum attributed the delay to a comprehensive re-evaluation of its application of standalone selling price under Accounting Standards Codification Topic 606. The company had previously communicated this delay on November 13, 2023, through a Form 12b-25 filing.
Quantum is working to complete its assessment and re-evaluation by March 31, 2024. If Nasdaq accepts the company's compliance plan, Quantum may receive an extension until May 7, 2024, to file the overdue report. Additionally, the filing of the third fiscal quarter 10-Q, for the period ended December 31, 2023, is also expected to be delayed. However, Quantum anticipates both the second and third fiscal quarter reports to be filed by the May 7 deadline.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.