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Quantum Corporation (NASDAQ:QMCO) notified Henk Jan Spanjaard, its Chief Revenue Officer, of the company’s intent to enter into negotiations to terminate his employment. The notification was made on July 1, according to a statement issued in a Securities and Exchange Commission filing.
No further details regarding the reasons for the potential termination or the terms of the negotiations were disclosed in the filing. Quantum Corporation is based in San Jose, California, and is listed on the Nasdaq Global Market.
This information is based on a press release statement included in the company’s SEC filing.
In other recent news, Quantum Corporation has announced preliminary financial results for its fiscal fourth quarter, projecting revenue between $65 million and $67 million, with an anticipated gross margin of approximately 44%. These figures align with the company’s guidance, although the final results are pending completion of the financial closing process and an independent audit. Additionally, Quantum has delayed its annual report filing for fiscal year 2025 due to an ongoing review of certain revenue contracts, which has prevented the timely completion of its consolidated financial statements.
In leadership changes, Hugues Meyrath has been appointed as CEO, succeeding Jamie Lerner, while Donald J. Jaworski takes on the role of Chairman of the Board. The company is also undergoing capital restructuring, having raised approximately $60 million through a standby equity purchase agreement. Quantum’s shareholders have approved key proposals, including the issuance of up to $200 million in common stock, to maintain compliance with Nasdaq listing rules.
Quantum has introduced LTO-10 support for its Scalar tape library systems, enhancing its data storage capabilities with increased capacity and security features. This development is part of Quantum’s strategy to meet the demands of AI applications and long-term data retention. These recent developments reflect Quantum’s ongoing efforts to strengthen its market position and address evolving industry needs.
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