Quantum to trade on NYSE, remain on Nasdaq a week
MILPITAS, Calif., July 26 (Reuters) - Quantum Corp. (Nasdaq:QNTM -
news), the world's No. 2 maker of computer disk drives, on Monday said
the company's stock is moving to the New York Stock Exhange from the
Nasdaq Stock Market, one of the rare Silicon Valley technology companies
to make the switch.
Quantum said it will begin trading Monday its two recently approved tracking stocks on the NYSE under the ticker
symbols ''HDD'' and ''DSS.'' For the remainder of this week, Quantum will also trade under its existing ''QNTM''
ticker symbol on Nasdaq.
The move to the New York Stock Exchange follows Friday's vote by Quantum shareholders to replace the company's
existing common stock with two classes of tracking stock that follow the performance of Quantum's two major
businesses -- the Hard Disk Drive (HDD) group and the DLT and Storage Systems (DSS) group.
Quantum will replace the existing Nasdaq shares with the two new tracking stocks and retire the previous stock after this
week. In leaving the technology-stock dominated Nasdaq, Quantum will join Seagate Technologies Inc. (NYSE:SEG -
news), the No. 1 hard disk maker, EMC Corp. (NYSE:EMC - news), a top storage systems maker and other rivals,
which trade on the New York exchange.
Quantum said its issuance of tracking stock is closely tied to the company's business strategy of accelerating growth as a
provider of storage systems used to record and back up vast amounts of corporate data and to strengthen its position in
the high-volume, commodity-like hard disk drive (HDD) market.
''For Quantum, tracking stock will allow investors to value our Hard Disk Drive and DLT and Storage Systems
businesses separately,'' said Michael Brown, Quantum chairman and CEO. ''Given that these two businesses have very
different financial models and compete in different market environments, they represent two distinct investment
opportunities for shareholders.'' |
