Monday, April 13, 2020

Qualstar Plans Delisting

Camarillo-based data storage and power supply manufacturer Qualstar says it plans to delist from the Nasdaq and deregister its common stock. According to Qualstar, the delisting comes as it now has fewer than 300 holders of record, and that the delisting will result in reduction of its operating expenses. The company--which is currently trading as QBAK on the NASDAQ--said it expects its delisting to become effective on or about April 30th. Qualstar said that "the benefits to the Company and its stockholders of continued Nasdaq listing and SEC reporting did not justify the costs of maintaining that listing and continuing to publicly report" and said it has a "strong balance sheet" with no debt and no need to raise equity. Qualstar makes both tape backup devices as well as manufactures power supplies under its N2Power brand.