Item 8.01. Other Events.
On May 29, 2009 the New York Stock Exchange (the "NYSE") notified Sparton
Corporation ("Sparton" or the "Company") that it had submitted a rule filing
with the Securities and Exchange Commission to lower the continued listing
threshold levels regarding the 30 trading-day average market capitalization and
total stockholders' equity from $75 million to $50 million, effective
immediately on a Pilot Program basis, through October 31, 2009. The NYSE has
indicated that it expects to follow the aforementioned rule filing with another
that will make the lower thresholds permanent in the near future. Sparton
currently satisfies the revised standard and remains compliant with the other
continued listing standards, including the $15 million minimum 30 trading-day
average market capitalization threshold which is in effect through June 30,
2009. Sparton will therefore continue to trade on the NYSE.
The Company had been notified in September 2008 that it had fallen below the
NYSE's continued listing criteria regarding 30 trading-day average market
capitalization of not less than $75 million and total stockholders' equity of
not less than $75 million, and had been in the process of appealing the NYSE's
determination of April 9, 2009 to proceed with a delisting. The Company's
June 1, 2009 hearing to appeal the prior delisting decision was cancelled upon
receipt of the notice described above.
A copy of the press release announcing the Company's continued listing on the
NYSE is attached as Exhibit 99.1 to this Form 8-K.
