Quantum Corporation filed a Form 8-K detailing amendments to the Company?s term loan and revolving credit agreements. These amendments, among other things, waived the covenant requirements related to financial statements prepared in accordance with GAAP for the fiscal quarter ended December 31, 2023. The amendments also waived financial covenants related to the Company?s total net leverage ratio for the same fiscal period.

Additionally, the agreements established informational updates and coordination on business initiatives with the Company?s Lenders. Per the revised agreements, the Company has through May 15, 2024 to resume financial compliance. Consistent with prior announcements, the Company continues to work through its ASC 606 re-evaluation and has increased confidence in reaching an amenable resolution no later than March 31, 2024.

Quantum also remains committed to be current with its SEC financial filings by May 7, 2024. During this time, the Company has been prioritizing several financial and business projects targeting improvements to working capital, acceleration of new products and a more focused business.