Applications, hearings, determinations, etc.: Haley, Inc.,

[Federal Register: December 14, 1998 (Volume 63, Number 239)]

[Notices]

[Page 68808-68809]

From the Federal Register Online via GPO Access [wais.access.gpo.gov]

[DOCID:fr14de98-92]

SECURITIES AND EXCHANGE COMMISSION

Issuer Delisting; Notice of Application To Withdraw From Listing and Registration (Sport-Haley, Inc., Common Stock, No Par Value; Warrants To Purchase Common Stock) File No. 1-12888

December 8, 1998.

Sport-Haley, Inc. (``Company'') has filedan application with the Securities and Exchange Commission (``Commission''), pursuant to Section 12(d) of the Securities Exchange Act of 1934 (``Act'') and Rule 12d2-2(d) promulgated thereunder, to withdraw the above specified securities (collectively the ``Securities'') from listing and registration on the Pacific Exchange, Inc. (``PCX'' or ``Exchange'').

The reasons cited in the application for withdrawing the Securities from listing and registration include the following:

The Common Stock, No Par Value, of the Company has been listed for trading on the PCX since the Company's initial public offering on August 5, 1994. The Company's Warrants to Purchase Common Stock were listed for trading on the PCX from April 5, 1994, until September 20, 1994, when the Company exercised its option to redeem the Warrants.

From April 5, 1994, until December 14, 1994, the Company's Common Stock was quoted on the National Association of Securities Dealers Automated Quotations (``Nasdaq'') SmallCap Market and since December 14, 1994, the Company's Common Stock has been quoted on the Nasdaq National Market System. The Company's Warrants were also listed on the Nasdaq SmallCap Market from April 5, 1994 until September 20, 1994, when they were redeemed.

The Board of Directors of the Company determined to voluntarily withdraw the Securities from listing and registration on the Exchange. In accordance with PCX Rule 3.4(b), the Company filedwith the Exchange a copy of the resolutions adopted by the Board of Directors authorizing the voluntary withdrawal from listing and a letter setting forth the reasons for the proposed withdrawal and the facts in support thereof. If making the decision to withdraw the Securities, the Board of Directors was provided with four monthly reports of the trading volume which showed two or less transactions of 200 shares or less per month. The Board of Directors considered the extremely limited trading which occurs on the Exchange and the expense of the

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listing, as compared to the substantially greater volume of trading which occurs on the Nasdaq National Market System and the expense of the qualification. In view of the limited trading activity on the Exchange, the Board of Directors determined that any advantages of maintaining the listing did not justify the expense of remaining listed on the PCX.

By letter dated October 7, 1998, the Exchange informed the Company that its Equity Listings Committee had approved the Company's request to be removed from listing and registration.

This application relates solely to the voluntary withdrawal from listing of the Company's Securities from the PCX. The Company intends to continue its qualification and listing of the Securities on the Nasdaq National Market System and will continue to file reports under the Act, as amended.

Any interested person may, on or before December 30, 1998, submit by letter to the Secretary of the Securities and Exchange Commission, 450 Fifth Street, N.W., Washington, D.C. 20549, facts bearing upon whether the application has been made in accordance with the rules of the Exchange and what terms, if any, should be imposed by the Commission for the protection of investors. The Commission, based on the information submitted to it, will issue an order granting the application after the date mentioned above, unless the Commission determines to order a hearing on the matter.

For the Commission, by the Division of Market Regulation, pursuant to delegated authority. Jonathan G. Katz, Secretary.

[FR Doc. 98-33074Filed12-11-98; 8:45 am]

BILLING CODE 8010-01-M