NYSE Regulation, Inc.announced today that it determined that the common stock of Sparton Corporation – ticker symbol SPA – should be removed from the list. The Company has a right to a review of this determination by a Committee of the Board of Directors of NYSE Regulation.
Should the Company request a review by the Committee, the date of such review will be announced. A suspension date will be announced at such time as i) the Company does not request a review by the Committee within 10 business days of this notice; ii) the subsequent review of the Committee determines that the Company should be suspended; iii) the Company is approved to commence trading in another securities marketplace or; iv) there are other material developments.
The decision to suspend the Company's common stock was reached in view of the fact that the Company has recently fallen below the New York Stock Exchange's continued listing standard regarding average global market capitalization over a consecutive 30 trading day period of not less than $25 million, which is the minimum threshold for listing.
The Company had previously fallen below the NYSE's continued listing standards for average global market capitalization over a consecutive 30 trading day period of not less than $75 million and total stockholders' equity of not less than $75 million and was in the process of submitting business plan materials for our review.
Application to the Securities and Exchange Commission to delist the issue is pending the outcome of the appeal process.
The NYSE noted that it may, at any time, suspend a security if it believes that continued dealings in the security on the NYSE are not advisable. -- www.nyse.com
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