-----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, JFhJxw4hdHZoxvhRbJkF0EFcUceMVlWAV+eRN6ROFsHQetXYlapWRxU+6eXbFOl3 87rYBUycgMslaTXo+W/QBg== 0000003753-05-000007.txt : 20050411 0000003753-05-000007.hdr.sgml : 20050411 20050411140856 ACCESSION NUMBER: 0000003753-05-000007 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050411 ITEM INFORMATION: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050411 DATE AS OF CHANGE: 20050411 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALLEN ORGAN CO CENTRAL INDEX KEY: 0000003753 STANDARD INDUSTRIAL CLASSIFICATION: MUSICAL INSTRUMENTS [3931] IRS NUMBER: 231263194 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-00275 FILM NUMBER: 05743645 BUSINESS ADDRESS: STREET 1: 150 LOCUST ST STREET 2: PO BOX 36 CITY: MACUNGIE STATE: PA ZIP: 18062 BUSINESS PHONE: 2159662200 MAIL ADDRESS: STREET 1: 150 LOCUST STREET STREET 2: PO BOX 36 CITY: MACUNGIE STATE: PA ZIP: 18062-0036 8-K 1 dereg8k.txt 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: April 11, 2005 (Date of earliest event reported) Allen Organ Company (Exact name of registrant as specified in its charter) Pennsylvania 0-275 23-1263194 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 150 Locust Street, P.O. Box 36, Macungie, Pennsylvania 18062-0036 (Address of principal executive offices) (Zip Code) 610-966-2200 (Registrants telephone number, including area code) 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 communications pursuant to 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)) Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing The Board of Directors of Allen Organ Company authorized and directed management of the Company to prepare and file with the Securities and Exchange Commission on or about May 12, 2005, a Form 15 relating to its Class B common stock to deregister the Class B common stock under the Securities Exchange Act of 1934. As a result of such action, the Class B common stock will no longer be eligible for listing on the NASDAQ stock market. Accordingly, in connection with deregistration of the Class B common stock under the Securities Exchange Act of 1934, the Company will also terminate the listing of the Class B common stock on NASDAQ on or about May 12, 2005. A copy of the press release is attached as Exhibit 99.1 and is incorporated herein by reference. Item 8.01 Other Events On April 11, 2005, Allen Organ Company issued a press release announcing its intention to file a Form 15 relating to its Class B common stock with the Securities and Exchange Commission on or about May 12, 2005 to deregister these securities and suspend the Company's reporting obligations under the Securities Exchange Act of 1934. Upon filing the Form 15, the Company's securities will no longer be eligible for quotation on NASDAQ and instead will be eligible for quotation on the pink sheets. A copy of the Press Release is attached as Exhibit 99.1 and is incorporated herein by reference. Item 9.01 Financial Statements and Exhibits (c) Exhibits 99.1 - Press Release dated April 11, 2005, announcing Allen Organ Company's plans to deregister its Class B common stock under the Securities Exchange Act of 1934. Signatures 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. ALLEN ORGAN COMPANY Date: April 11, 2005 /s/ STEVEN MARKOWITZ Steven Markowitz, President EX-99 2 prdereg41105.txt Exhibit 99.1 Allen Organ Company 150 Locust Street Macungie, PA 18062 Phone: 610-966-2200 NEWS RELEASE - FOR IMMEDIATE RELEASE NASDAQ-AORGB April 11, 2005 CONTACT: Steven Markowitz (610) 966-2200 smarko@allenorgan.com Allen Organ Company (NASDAQ - AORGB) Macungie, PA announced today that it plans to voluntarily deregister its Class B common stock under the Securities Exchange Act of 1934 on or about May 12, 2005. The Company's decision to deregister its Class B common stock was made after consideration by management and the Board of Directors of the advantages and disadvantages of continuing Exchange Act registration, given the rising costs and demands on management time arising from increasingly complex SEC and NASDAQ compliance requirements. The Company is eligible to deregister because it has fewer than 300 Class B shareholders of record. The Board of Directors believes that, although liquidity for the Class B common stock may be reduced and the price of the stock could decrease, at least in the near term, the accounting, legal and administrative savings associated with deregistration, both in terms of cost and management time, are in the best interests of the Company and its shareholders. For the Company's size and thinly-traded nature of its stock, the Board believes that the financial and strategic burdens of continued Exchange Act registration are disproportionate to the benefits of maintaining registered status. In light of current and expected future regulatory requirements, especially those stemming from the Sarbanes-Oxley Act of 2002, the Company estimates that Exchange Act deregistration will save approximately $500,000 in direct costs over the next two years, and may result in ongoing annual savings of about $250,000 to $400,000 after that time, in addition to eliminating indirect costs. The Company had also expected that implementation of these regulatory requirements would have required a significant amount of time and attention of key management personnel in each of its operating segments. The Company has made significant progress in recent quarters growing the business and improving operating results. Without the extra burdens related to these new regulatory requirements, management will be able to continue focusing its attention and resources on the Company's business and operations. The Company expects that deregistration of the Class B common stock will become effective within 90 days after it files SEC Form 15. Upon filing the Form 15, the Company's obligation to file reports under the Exchange Act, including Forms 10-K, 10-Q and 8-K, will immediately be suspended and future reports will not be available through the SEC EDGAR system. The Company currently intends, however, to make available periodic financial information and audited annual financial statements to Class B shareholders following deregistration of the Class B common stock. Following deregistration, the Company's Class B common stock will no longer be eligible for listing on NASDAQ. The Company anticipates that following the Form 15 filing in mid-May and subsequent delisting of the Class B common stock from NASDAQ, the Class B common stock will continue to be publicly traded "over the counter" and quoted by the Pink Sheets Electronic Quotation Service, to the extent that broker-dealers commit to make a market in the Class B shares. The Pink Sheets is a centralized electronic quotation service that collects and publishes market maker quotes in real time, primarily through its website at www.pinksheet.com. The Company can provide no assurance that any broker-dealer will make a market in the Company's stock, which is a requirement for Pink Sheet quotations. Steven Markowitz, President and Chief Executive Officer of the Company, said, "The implementation and ongoing compliance costs associated with the Sarbanes- Oxley Act, particularly costs of Section 404 compliance which we would otherwise now need to begin incurring, are substantial for a company of our size. We believe that these funds and management's efforts are better used to enhance the Company's business operations. We remain committed to continuing our growth and improving operating results." # # # -----END PRIVACY-ENHANCED MESSAGE-----