Pacific investment management sells $9.86m in Quantum Corp stock

Pacific Investment Management Company LLC, a significant shareholder in Quantum Corp (NASDAQ:QMCO), recently offloaded its entire stake in the company. The sale, executed on April 15, involved 962,127 shares of Quantum Corp’s common stock at a price of $10.25 per share, totaling approximately $9.86 million. The transaction represents about 16% of Quantum’s current market capitalization of $60.62 million. According to InvestingPro data, the company faces significant financial challenges, operating with a debt burden of $146.4 million and a concerning current ratio of 0.37.

The shares were held by specific funds and accounts managed by Pacific Investment Management, including OC II FIE V LP and OC III LVS XL LP. Following this transaction, Pacific Investment Management no longer holds any shares in Quantum Corp. The company’s revenue has declined by 18.16% over the last twelve months, and InvestingPro analysis reveals 14 additional key factors affecting the company’s outlook.

The sale was disclosed in a filing with the Securities and Exchange Commission, signed by Alyssa Creighton, Senior Vice President of Pacific Investment Management Company LLC. For comprehensive insights into Quantum Corp’s financial health and detailed analysis, investors can access the full Pro Research Report, available exclusively on InvestingPro.

In other recent news, Quantum Corporation has made significant leadership changes and financial moves. The company appointed Lewis (JO:LEWJ) W. Moorehead as the new Chief Financial Officer, succeeding Kenneth P. Gianella, who will stay on in an advisory role until the annual SEC filing. John A. Fichthorn rejoined the board of directors, bringing financial expertise and a shareholder perspective. Quantum also announced that Dialectic Capital Management acquired $51 million of its outstanding term debt from Blue Torch Capital, aligning with Fichthorn’s board reappointment. The resignation of board member Todd W. Arden was announced, with Christopher D. Neumeyer from Pacific Investment Management Company stepping in as a non-voting observer, reflecting PIMCO’s ongoing relationship with Quantum as a lender. Additionally, Quantum reported the resignation of board member Christopher D. Neumeyer, effective immediately, with no disagreements cited. These developments are part of Quantum’s strategic efforts to enhance its financial and operational agility.

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