Qualstar Corp. announced Thursday it will voluntarily delist from the Nasdaq and suspend its public reporting obligations.
Chief Executive Steven Bronson said the decision was made by the board at the Camarillo data storage and power supply manufacturer based on the amount of money that could be saved by not reporting to the Securities and Exchange Commission.
“The resulting reduction in operating expenses will allow us to invest greater amounts towards product development and sales, which is a superior use of our resources,” Bronson said in a statement. “The cessation of public reporting will also enable us to better direct our management resources on the commercialization of our products.”
The Nasdaq delisting is expected to become effective on or about April 30, at which time trading on Nasdaq will cease. Qualstar is expected to continue trading on the over-the-counter market.
Interlink Electronics, where Bronson is also the chief executive, delisted from the Nasdaq in January 2019, also to save costs associated with reporting. In October, the Camarillo company said it may return to a U.S. or foreign stock exchange this year.
Shares of Qualstar (QBAK) closed Thursday up 4 cents, or 1.7 percent, to $2.46 on the Nasdaq. The markets were closed on Good Friday.