Listing costs can vary, but being public also has other costs besides just paying the exchange (regulatory, accounting, share holder communications). We would estimate total costs in the $300,000 annually range all in. At March 31 QST had $11.1M net cash (market cap now $16.4M). But it did have slightly negative cash flow. Typically a privatization would include management, but anything is possible. BUT.....axing management would have severance costs, and this could change the return dynamics for any buyer. Its small size is likely a big factor in its struggles. Few companies will want to sign a long term contract with a company that may or may not be around in five years. We do think it would be better off privately, or as a division of another company, but we would be very cautious on making any assumptions on such an event.
5i Research Answer: