Dialectic Technology SPV LLC 4

What Happened

• Dialectic Technology SPV LLC (a reported 10% owner) converted senior secured convertible notes into common stock of Quantum Corporation (QMCO) and received additional consideration shares. On June 4, 2026, Dialectic received 11,020,645 shares in exchange for the cancellation of $57,241,228 of convertible notes (conversion price ≈ $5.19/share) and was also issued 3,083,975 additional "consideration" shares (valued at $5.19 each, ~$16,018,166). Total new shares issued to Dialectic on the Closing Date: 14,104,620 shares, with an aggregate value of roughly $73.26 million. Separately, on June 1, 2026, the issuer granted Dialectic a warrant to purchase 105,911 shares at $5.194/share (5‑year term).

Key Details

• Transaction dates: June 1, 2026 (warrant issuance); June 4, 2026 (conversion and consideration share issuance).
• Major items: 11,020,645 shares issued for cancelled convertible notes (≈ $57,241,230); 3,083,975 consideration shares issued (≈ $16,018,166); total 14,104,620 shares (~$73,259,396).
• Derivative/warrant: 105,911‑share warrant issued June 1, 2026 at $5.194/share (exercisable through 5 years).
• Notes cancelled: Convertible notes were cancelled as part of the conversion (per filing footnotes).
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Filing timeliness: Form filed June 8, 2026 — appears timely (filed within the standard two business days after the June 4 transaction).
• Transaction codes in the filing: C = conversion of derivative/security; A = grant/award; J = other acquisition (warrant issuance).

Context

• This was a conversion of debt to equity (not an open‑market purchase or insider sale): Dialectic exchanged convertible notes (and related accrued interest) for common stock and received additional shares as consideration for accrued/deferred interest. For retail investors, this is an institutional holder restructuring exposure into equity rather than a sale by an individual insider.