- Quantum Corporation (NASDAQ:QMCO) completed raising $67.5 million by selling 30 million shares in an oversubscribed rights offering.
- All eligible directors and executive officers purchased 0.14 million shares.
- Quantum looks to use the offering proceeds for debt repayment of $20.0 million and improve its balance sheet strength, and for working capital and other general corporate purposes.
- Chair and CEO Jamie Lerner, Chairman, said, "The proceeds enable us to strengthen our balance sheet, reducing our debt by $20 million and adding over $45 million to our cash position. These steps establish a stronger financial footing for the Company during these ongoing supply-constrained times, allowing us to maintain our focus on growing revenue and fulfilling the increasing demand for our storage solutions."
- Price Action: QMCO shares traded higher by 9.50% at $2.19 on the last check Tuesday.
