The company said a Notice of Allowance indicates that the USPTO has decided that application No. 18/819,165 is entitled to proceed toward issuance as a US patent, subject to some requirements.

Quantum also said that its SecureKey Cryptographic Module is undergoing validation under the Federal Information Processing Standard Publication 140-3 framework. It added that this framework is administered through the Cryptographic Module Validation Program (CMVP) of the US National Institute of Standards and Technology and the Canadian Centre for Cyber Security.

Shares of the company were last seen up 12% at CA$2.81 on the TSX Venture Exchange.

Price: 2.86, Change: +0.37, Percent Change: +14.86

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