SECURITIES AND EXCHANGE COMMISSION
Self-Regulatory Organizations; Order Granting Application to Strike From Listing and Registration; The New York Stock Exchange, Inc. (TransTechnology Corporation, Common Stock, $.01 par value) File No. 1-07872
February 15, 2005
On February 1, 2005, the New York Stock Exchange, Inc. ("NYSE" or "Exchange") filed an application with the Securities and Exchange Commission ("Commission"), pursuant to Section 12(d) of the Securities Exchange Act of 1934 ("Act")1 and Rule 12d2-2(c) thereunder,2 to strike the common stock, $.01 par value ("Security"), of TransTechnology Corporation ("Company") from listing and registration on the NYSE.
NYSE Rule 499 states that securities admitted to the list may be suspended from dealings or removed from the list at any time. In addition, Section 802.01B of the Exchange's Listed Company Manual states, in part, that the Exchange would normally consider delisting a security of either a domestic or non-U.S. issuer when the average global market capitalization over a consecutive 30 trading-day period is less than $50,000,000 and total stockholders' equity is less than $50,000,000.
In the opinion of the NYSE, the Security is no longer suitable for continued listing and trading on the NYSE. The Exchange stated that the Security had fallen below the Exchange's continued listing standards as outlined above. In addition, the Exchange had previously accepted a plan provided by the Company that would have brought it into conformity with the Exchange's continued listing standard. However, the Company was unable to demonstrate compliance by the expiration of its 18 month plan period.
The Exchange determined that the Security should be removed from listing and registration and announced its determination in a press release on October 8, 2004. The Exchange notified the Company by letter on October 8, 2004. On October 20, 2004, the Exchange received a letter from the Company requesting a hearing before the Board of Directors' Committee for Review ("Committee") concerning the Exchange's decision. On January 13, 2005, the Committee issued a decision that affirmed the determination of the Exchange's staff to delist the Security. The Exchange notified the Company of the Committee's determination by letter dated January 13, 2005.
On January 14, 2005, the Exchange determined that the Security should be suspended immediately before the opening of the trading session on January 21, 2005 and directed the preparation and filing of this application with the Commission for the withdrawal of the Security from listing and registration on the Exchange.
The Commission, having considered the facts stated in the application and having due regard for the public interest and protection of investors, orders that the NYSE's application be, and it hereby is, granted, effective at the close of business on February 15, 2005.
For the Commission, by the Division of Market Regulation, pursuant to delegated authority.3
Jonathan G. Katz
1 15 U.S.C. 78l(d).
2 17 CFR 240.12d2-2(c).
3 17 CFR 200.30-3(a)(1).