Quantum Corporation announced a rights offering with intent to raise $67.5 million
Quantum Corporation announced on March 17th that it will be offering the option to all shareholders of the company's common stock issued before March 25th 2022 to purchase an additional 0.422573 of a share at a price equal to $2.25 per whole share. The maximum purchase made by Quantum Corporation will be $67.5 million. Quantum Corporation currently expects to use the proceeds from the offering for working capital and general corporate purposes, as well as partial repayment of the Company's debt.
Balance SheetIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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