Benzinga | Feb 4, 2021 11:47AM EST

Quantum Raises $90M From Secondary Offering For Debt Repayment

* Quantum Corp (NASDAQ:QMCO) priced 13.138 million shares at $6.85 per share under a secondary offering to rake in gross proceeds of $90 million.

* Additionally, Quantum has approved the underwriters to procure additional shares of up to 1.97 million at the public offering price under a 30-day option.

* The company proposes to use the offering proceeds for debt repayment, and the offering is likely to close by February 8, 2021.

* B. Riley Securities and Oppenheimer are the joint book-running managers for the offering.

* Price action: QMCO shares are up 5.87% at $7.58 on the last check Thursday.