[Federal Register Volume 69, Number 66 (Tuesday, April 6, 2004)]
[Notices]
[Page 18145]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-7690]


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SECURITIES AND EXCHANGE COMMISSION

[File No. 1-03552]


Issuer Delisting; Notice of Application of Scope Industries To 
Withdraw its Common Stock, No Par Value, From Listing and Registration 
on the American Stock Exchange LLC

March 31, 2004.
    Scope Industries, a California corporation (``Issuer''), has 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(d) thereunder,\2\ to withdraw 
its Common Stock, no par value (``Security''), from listing and 
registration on the American Stock Exchange LLC (``Amex'' or 
``Exchange'').
    The Board of Directors (``Board'') of the Issuer unanimously 
approved a resolution on March 17, 2004 to withdraw the Issuer's 
Security from listing and registration on the Amex and to seek 
quotation of the Security on OTC Pink Sheets (``OTC'') by a market 
maker. The Board of the Issuer states that the reasons for delisting 
its Security from the Amex are as follows: (i) As of December 31, 2003, 
the number of record holders of the Issuer's Security has declined to 
approximately 70 with approximately 70% of the outstanding Security 
being held by officers and members of the Board or their immediate 
families; (ii) in the quarter ending December 31, 2003, the average 
daily trading volume in the Security on the Amex declined to 
approximately 150 shares per day; (iii) the Board has become 
increasingly concerned with the increasing costs (as opposed to the 
benefits) associated with maintaining the Amex listing to support such 
an inactive trading market for the Security including, without 
limitation, the costs associated with compliance with the rules 
promulgated by Commission; (iv) the Board believes that an adequate 
market for those persons who want to buy or sell the Issuer's Security 
will develop in the OTC market; and (v) overall, the Board believes it 
would be in the best interest of the Issuer and its shareholders to 
withdraw the Security from listing on the Amex and to take steps to 
cooperate with the establishment of an OTC market for its Security.
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    \1\ 15 U.S.C. 78l(d).
    \2\ 17 CFR 240.12d2-2(d).
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    The Issuer stated in its application that it has met the 
requirements of Amex Rule l8 by complying with all applicable laws in 
the State of California, in which it is incorporated, and with the 
Amex's rules governing an issuer's voluntary withdrawal of a security 
from listing and registration.
    The Issuer's application relates solely to the withdrawal of the 
Security from listing on the Amex and from registration under section 
12(b) of the Act \3\ shall not affect its obligation to be registered 
under section 12(g) of the Act.\4\
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    \3\ 15 U.S.C. 78l(b).
    \4\ 15 U.S.C. 78l(g).
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    Any interested person may, on or before April 21, 2004, submit by 
letter to the Secretary of the Securities and Exchange Commission, 450 
Fifth Street, NW, Washington, DC 20549-0609, facts bearing upon whether 
the application has been made in accordance with the rules of the Amex 
and what terms, if any, should be imposed by the Commission for the 
protection of investors. All comment letters should refer to File No. 
1-03552. 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.\5\
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    \5\ 17 CFR 200.30-3(a)(1).
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Jonathan G. Katz,
Secretary.
[FR Doc. 04-7690 Filed 4-5-04; 8:45 am]
BILLING CODE 8010-01-P