Qualstar Receives Nasdaq Notice

Qualstar Corp. has received notification from the Nasdaq Capital Market that it was out of compliance for maintaining a minimum price on its shares. The share price in the Westlake Village tape storage and power supply products manufacturer has been below the $1 threshold for a listing on the Nasdaq market for more than 30 consecutive business days. Shares in Qualstar last closed above $1 on Nov. 12 at $1.20. The company has six months, or until June 27, to get its share price above $1. If it does not comply by that deadline, Qualstar could be granted extra time or it could be delisted from the Nasdaq. Qualstar switched its listing to the Nasdaq Capital Market from the Global Market in July 2014. The Capital Market is made up of companies with small-market capitalization and is less stringent about its listing requirements as compared with the Global Market, which lists companies with larger market caps. Earlier in the week, Qualstar announced that President Daniel K. Jan had left the company as of Dec. 31 and that Chief Executive Steve Bronson would take up that position. Jan was promoted to president in May of last year after serving as executive vice president. The company also announced it was changing the end of its fiscal year to Dec. 31 from June 30 to better align its financial reporting calendar with its customer base. Qualstar announced the notification Tuesday. Shares closed Wednesday up a fraction of a cent, or less than 1 percent, to 78 cents on the Nasdaq.