-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FxWo9SZY1AOK03L3ES+fg1QY1QjFGb2L+eeQODBRyBJiX6puUd46MhoIaEK8k5I+ BEM9lQRSCGQuJze+gAYVPQ== 0000105532-06-000017.txt : 20060522 0000105532-06-000017.hdr.sgml : 20060522 20060522084826 ACCESSION NUMBER: 0000105532-06-000017 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20060522 ITEM INFORMATION: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing FILED AS OF DATE: 20060522 DATE AS OF CHANGE: 20060522 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WELLCO ENTERPRISES INC CENTRAL INDEX KEY: 0000105532 STANDARD INDUSTRIAL CLASSIFICATION: FOOTWEAR, (NO RUBBER) [3140] IRS NUMBER: 560769274 STATE OF INCORPORATION: NC FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05555 FILM NUMBER: 06857109 BUSINESS ADDRESS: STREET 1: 150 WESTWOOD CIRCLE STREET 2: PO BOX 188 CITY: WAYNESVILLE STATE: NC ZIP: 28786 BUSINESS PHONE: 8284563545 MAIL ADDRESS: STREET 1: PO BOX 188 CITY: WAYNESVILLE STATE: NC ZIP: 28786 FORMER COMPANY: FORMER CONFORMED NAME: WELLCO RO SEARCH INC DATE OF NAME CHANGE: 19690216 FORMER COMPANY: FORMER CONFORMED NAME: WELLCO RO SEARCH INDUSTRIES INC DATE OF NAME CHANGE: 19680517 8-K 1 form8ksec052206.txt FORM 8-K DATED MAY 22, 2006 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): May 22, 2006 WELLCO ENTERPRISES, INC. (Exact name of registrant as specified in its charter) NORTH CAROLINA 1-5555 56-0769274 (State or other jurisdiction (Commission (IRS Employer of Incorporation) File Number) Identification No.) 150 Westwood Circle, P.O. Box 1888, Waynesville, NC 28786 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code:(828)456-3545 Not Applicable (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions. [ ] Written communication pursuant of Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Section 3 - Securities and Trading Markets Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. Paragraph (a) of Item 3.01 On May 18, 2006 the Company received a Warning Letter from the AMEX pursuant to Section 1009(a)(i) of the AMEX Company Guide (the "Company Guide") and notice of failure to satisfy a continued listing standard (the "Warning Letter"). The Company gave notice to the AMEX on May 15, 2006 that it is not in compliance with Section 121(B)(2)(a) of the Company Guide requiring that the Company have an Audit Committee of at least three members. The Warning Letter states that the AMEX has determined that the Company is not in compliance with Section 121(B)(2)(a) of the Company Guide which states that each issuer must have, and certify that it has and will continue to have, an Audit Committee of at least three members. Specifically, William M. Cousins, Jr. resigned as a member of the Board of Directors and Audit Committee of the Company on May 11, 2006. Consequently, the Company's Audit Committee is comprised of two members rather than the requisite three. The AMEX has given the Company, based on representations the Company has made that it will take prompt corrective action to resolve these deficiencies, until November 30, 2006, to regain compliance with the AMEX listing requirements. The AMEX has determined not to apply at this time the continued listing evaluation and follow-up procedures specified in Section 1009 of the Company Guide. In response to the Warning Letter, and as represented in the Company's notice to the AMEX on May 15, 2006, the Company intends to seek the election of an independent member of the Board of Directors who satisfies the independence standards specified in Section 121(A) of the Company Guide and Rule 10A-3 under the Securities Exchange Act at the Company's next annual shareholder's meeting (November, 2006), if the vacancy is not sooner filed by the Board of Directors, and appoint the additional independent member of the Board of Directors to the Audit Committee to serve with the two remaining members. Until the appointment of the additional independent member of the Board of Directors to the Audit Committee, the Audit Committee of the Company will consist of two members. Paragraph (c) of Item 3.01 The information concerning the issuance of a public reprimand letter or similar communication indicating that the Company has violated a rule or standard for continued listing on the exchange, in lieu of suspending trading in or delisting the Company's securities, referred to in Paragraph (a) of Item 3.01 is incorporated in this Paragraph (c) of Item 3.01 by reference. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. WELLCO ENTERPRISES, INC., Registrant /s/ Lee Ferguson ----------------------------- May 22, 2006 Lee Ferguson, President -----END PRIVACY-ENHANCED MESSAGE-----