Qualstar Corp. shareholder Steven Bronson succeeded in his third attempt to takeover at the struggling tape storage and power supply manufacturer.
Bronson was among a slate of five candidates elected to the board of directors for the Simi Valley company at the annual meeting that took place June 28. Bronson and BKF Capital Group Inc., his Boca Raton, Fla.-based investment firm, own about 18 percent of Qualstar.
Also elected to the board were Alan B. Howe, Sean M. Leder, Dale E. Wallis and David J. Wolenski.
Qualstar Chief Executive Larry Firestone welcomed the new board members and a smooth board transition.
“We can now focus our full attention to our ongoing efforts to transform Qualstar and position it for long-term growth, sustainable profitability, market leadership and enhanced value for our shareholders,” he said in a prepared statement.
Bronson twice before attempted to secure control of Qualstar – in a special board of directors election in June 2012; and in an offer to buy 3 million shares in February that was later withdrawn.
Shares closed up 1 cent, or less than one percent, to $1.41 on the Nasdaq.