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Thursday, Nov 30, 2023

Briefs: Qualstar, Wesco, Cherokee, Apollo Medical

Qualstar Corp. received a warning letter from Nasdaq for non-compliance because the company’s stockholder equity has fallen below the threshold. The Simi Valley tape storage and power products manufacturer failed to maintain a minimum of $10 million in shareholder equity required for listing on the Nasdaq Global Market, according to the letter made public May 29. As of March 31, the company had shareholder equity of $9.8 million. Qualstar’s next options include filing a plan to regain compliance or transfer to the Nasdaq Capital Market, which has less stringent requirements. Shares closed up 8 cents, or 6 percent, to $1.34 in trading on the Nasdaq. Carlyle Group will further reduce its stake in Wesco Aircraft Holdings Inc. with an offering of 6 million shares in the Valencia aerospace parts supplier, the companies announced Wednesday. Affiliates of the Washington, D.C. private equity firm are offering 6 million shares at $20.50 a share. The firm also could sell an additional 900,000 shares in Wesco should the offering sell out. If all 6.9 million shares sell, that would leave Carlyle with a 23.1 percent stake in Wesco. In August, Carlyle sold 6.9 million shares in Wesco priced at $18.87 per share. Carlyle bought a majority stake in the company in 2006 when it was privately held, and took it public in July 2011, raising $315 million in the initial public offering. Wesco shares fell $1.56, or 7 percent, to close at $19.98 on the New York Stock Exchange. Cherokee Inc. announced a new long-term partnership with Copyright Promotions Licensing Group to represent the apparel licensor in European markets. The agreement takes effect immediately. Cherokee Chief Executive Henry Stupp said the Sherman Oaks company is strategically licensing brands through category and channel diversification in order to expand its global footprint. Shares of Cherokee closed unchanged Tuesday at $13.41 in trading on the Nasdaq. Apollo Medical Holdings Inc. has acquired AKM Medical Group in Los Angeles for an undisclosed sum. The Glendale company, which traditionally has provided doctors to hospitals and has recently expanded to other medical practices, will gain 16 primary care physicians and 87 contracted specialists. AKM Medical Group will remain a separate but wholly owned affiliated medical group of Apollo and will retain its name. “This transaction broadens our network allowing us to provide more services to our patients and added value to our health plan clients,” Dr. Warren Hosseinion, chief executive of Apollo, said in a statement. “We plan to seek additional acquisitions that meet our strategic objectives and to further increase our footprint in Los Angeles County.” Apollo closed Tuesday unchanged at 50 cents a share as no shares changed hands on the over-the-counter market.

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