here is the 8k filed by DHB industries regarding their delisting: i pulled out the interesting text since i can't bold it,
"the Company received an additional notice from the Amex stating that, among other things, in order to maintain its Amex listing, the Company must submit an updated plan of compliance to the Amex"
this really prompted my curiosity, logically you would think that there would be some type of middle ground, ie, probation, so i called the amex, the person that i spoke with said that there have been many companies that have successfully defended their delisting, i asked her if the information was available to me and she said that she did not think it was compiled as such. she said that they do not use the word probation but if the company plan is accepted as compliant you would expect additional 'srutiny', my word not hers.
ITEM 3.01. NOTICE OF DELISTING OR FAILURE TO SATISFY A CONTINUED LISTING RULE OR STANDARD; TRANSFER OF LISTING.
On June 26, 2006, DHB Industries, Inc. (the "Company") received a notice from the American Stock Exchange ("Amex"), the national securities exchange that maintains the principal listing for the Company's common stock, regarding the staff of the Amex's determination to proceed with the filing of an application with the Securities and Exchange Commission (the "SEC') to strike the common stock of the Company from listing and registration on the Amex.
As previously disclosed, the Company has engaged in extensive discussions and correspondence with the Amex over the last few months regarding the Company's non-compliance with certain of the Amex continued listing standards. Most recently (as previously disclosed), on June 7, 2006, the Company received an additional notice from the Amex stating that, among other things, in order to maintain its Amex listing, the Company must submit an updated plan of compliance to the Amex by June 16, 2006 advising the Amex of the action the Company has taken, or will take, that demonstrates the Company's ability to be in compliance with Sections 134, 1101 and 1003(f)(iii) of the Amex Company Guide (the "Company Guide") by no later than August 15, 2006. Additionally, in order to assist the Amex in its review of the Company's continued listing status and pursuant to the listing agreements by and between the Company and the Amex, and Section 132(e) of the Company Guide, the Amex requested that the Company provide certain supplementary information to the Amex.
The Company requested that the staff of the Amex grant an extension until June 21, 2006 for the Company to file an updated plan of compliance with the Amex and to provide the Amex with the requested supplementary information. The staff of the Amex granted the Company's extension request.
On June 21, 2006, the Company submitted its updated plan of compliance and also provided the Amex with the supplementary information that it requested. After review of the updated plan, the staff of the Amex has determined that the amended plan does not make a reasonable demonstration of the Company's ability to regain compliance by August 15, 2006, and as a result, the staff of the Amex feels that it is appropriate to initiate immediate delisting procedures at this time.
The Company does not intend to appeal the staff's determination and anticipates that the delisting will be effective on or after July 5, 2006. The Company intends to work with AlixPartners to complete its financial statements and seek relisting on the Amex or another exchange when that process is complete. The Company is unable to predict if and when trading of the Company's securities might resume and on what market or markets at this time.
As previously disclosed, the Company is also not in compliance with the audit committee listing requirements set forth in Sections 121(B)(2)(a) and 121(B)(2)(a)(ii) of the Company Guide.
The press release issued by the Company on June 30, 2006 with respect to receipt of the Amex notice of June 26, 2006 described above is filed as Exhibit 99.1 to this Form 8-K.
AI
