See feature article below: Qualstar Corp. (NASDAQ: QBAK)
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Report For: Qualstar Corp. (NASDAQ: QBAK)
QBAK shares are trading higher today after a reverse stock split effective yesterday. The manufacturer of data storage solutions announced a 1 for 6 reverse split. Shares are up 17% at $2.96 and trading volume is at 52 thousand shares. The stock is normally thinly traded with a 4,200 share daily average.
Qualstar, founded in 1984, is a diversified electronics manufacturer specializing in data storage and power supplies. Qualstar is a leading provider of high efficiency and high density power supplies marketed under the N2Power™ brand, and of data storage systems marketed under the Qualstar™ brand. Their N2Power power supply products provide compact and efficient power conversion for a wide variety of industries and applications including, but not limited to, telecom, networking, broadcast, industrial, lighting, gaming and test equipment.
June 15, 2016. Qualstar Corporation (QBAK), a manufacturer of data storage solutions and high-efficiency power supplies, today announced the voting results from its 2016 Annual Meeting of Shareholders, held on Tuesday, June 14, 2016 (the “Annual Meeting”). Shareholders elected Steven N. Bronson, Dale E. Wallis, David J. Wolenski and Nicholas A. Yarymovych to the Qualstar Board of Directors (the “Board”). The shareholders also ratified the appointment of Marcum, LLP, as the Company’s independent registered public accounting firm for the fiscal year ended December 31, 2016. Finally, the shareholders approved an amendment to the Company’s Restated Articles of Incorporation to implement a reverse stock split.
The Company also announced a 1-for-6 reverse stock split of its issued and outstanding shares of common stock. The reverse stock split became effective as of the close of business on June 14, 2016, at which time each 6 shares of Qualstar’s issued and outstanding common stock automatically converted into 1 share of common stock. In addition, the aggregate number of equity-based awards that remain available to be granted under the Company’s equity incentive plans and other benefit plans will be reduced proportionately to reflect the reverse stock split, and all outstanding options, warrants, notes, debentures and other securities convertible into common stock will be adjusted as a result of the reverse stock split, as required by the terms of such securities. The Company anticipates that its common stock will begin trading on a split-adjusted basis at the open of business on June 16, 2016.
No fractional shares will be issued in connection with the reverse stock split. Any fractional share of common stock that would otherwise have resulted from the reverse stock split will entitle such holder to receive a cash payment equal to the fraction to which such shareholder otherwise would have been entitled multiplied by $2.52, which represents the closing trading price of the common stock as reported on The Nasdaq Capital Market (as adjusted to reflect the reverse stock split) on June 13, 2016, the last trading day immediately preceding the effective date of the reverse stock split. The reverse stock split will decrease the number of Qualstar’s issued and outstanding shares of common stock from approximately 12.3 million to approximately 2.0 million.
The Company’s common stock will continue to trade on The Nasdaq Capital Market under the symbol “QBAK” and will trade under a new CUSIP number of 74758R 208.
Shareholders who are holding their shares in electronic form at brokerage firms do not need to take any action, as the effect of the reverse stock split will automatically be reflected in their brokerage accounts. The Company’s transfer agent, Corporate Stock Transfer, Inc., will provide instructions to shareholders of record regarding the process for exchanging share certificates and all book-entry or other electronic positions representing issued and outstanding shares of the common stock will be automatically adjusted. Shareholders should direct any questions concerning the reverse split to their broker or the Company’s transfer agent, Corporate Stock Transfer, Inc., at 303-282-4800.
Source – Company Press Release
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