Quantum (NYSE:QTM), the San Jose maker of storage products, received word from the New York Stock Exchange that it is “not in compliance” with its minimum $1 listing requirement. It has until Nov. 10 to explain to the stock market its plans for rectifying the situation, and it will have until April 29 to comply with the order by having its shares trade above $1 for 30 consecutive days, according to a filing today.
The company said in a release that should it be unable to lift its shares above the required minimum, it “can proceed with a reverse stock split based on the shareholder approval it already received in August of this year.”
Quantum reported a 13 percent decline in sales to $215 million for its fiscal 2009 second quarter ended in September and a $3 million loss. Its shares are down 89 percent so far this year and hit a 52-week low today, closing at 29 cents.