QUALSTAR CORPORATION (NASDAQ:QBAK) Files An 8-K Results of Operations and Financial ConditionItem 2.02. Results of Operations and Financial Condition.
On August 8, 2017, Qualstar Corporation (the “Company”) issued a press release announcing the Company’s financial results for the three and six months ended June 30, 2017. A copy of this press release is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K.
The information in this report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference in such a filing.
Item 5.2. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 3, 2017, the Company granted Steven N. Bronson, the Company’s Chief Executive Officer, an option to purchase 100,000 shares of the Company’s common stock and Louann Negrete, the Company’s Chief Financial Officer, an option to purchase 10,000 shares of the Company’s common stock. The options are immediately exercisable at an exercise price of $7.08 per share, have a term of ten years and were granted to the Company’s 2017 Stock Option and Incentive Plan.
Also on August 3, 2017, the Company approved a new base salary of $200,000 for Mr. Bronson and a $100,000 cash bonus payable to Mr. Bronson based on the Company’s performance. The bonus is based on the Company achieving profitability and positive cash flow for the six months ended June 30, 2017.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit No. |
Description |
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99.1 |
Press release of Qualstar Corporation dated August 8, 2017.* |
* This exhibit is furnished, not filed.
QUALSTAR CORP ExhibitEX-99.1 2 ex99-1.htm EXHIBIT 99.1 ex99-1.htm Exhibit 99.1 Qualstar Reports Fiscal 2017 Second Quarter Results Year – Over – Year Net Income Increased by 116% SIMI VALLEY,…To view the full exhibit click here
About QUALSTAR CORPORATION (NASDAQ:QBAK)
Qualstar Corporation is a provider of data storage systems marketed under the Qualstar brand and of power solutions marketed under the N2Power brand. The Company’s segments include Power Supplies and Data Storage. Under the Power Supplies segment, it designs, manufactures and sells open frame switching power supplies. Under the Data Storage segment, it designs, manufactures and sells automated magnetic tape libraries used to store, retrieve and manage electronic data primarily in network computing environments. The Company offers switching power supplies that provide power solutions to original equipment manufacturers for a range of markets, including communications networking, industrial, gaming, test equipment, light emitting diode (LED)/lighting, and medical, as well as other market applications. Its storage products provide data protection and archive storage systems, which are used to record, retrieve and manage electronic data, primarily in networked computing environments.
