11:49 AM EDT, 08/26/2024 (MT Newswires) -- Quantum (QMCO) said Monday it will effect a 1-for-20 reverse split of its common shares to increase its per-share trading price to satisfy the Nasdaq Stock Market's continued listing standards.

The shares will start trading on a split-adjusted basis Tuesday.

The company said the split will reduce the number of its outstanding shares to about 4.8 million from 95.9 million.

Quantum shares were down about 9% in recent trading.

Price: 0.19, Change: -0.02, Percent Change: -9.39