NYSE Amex LLC
DETERMINATION AND NOTIFICATION OF REMOVAL FROM LISTING
AND/OR REGISTRATION UNDER SECTION 12(b) OF THE
SECURITIES EXCHANGE ACT OF 1934
Attachment to Form 25
March 16, 2010
NYSE Amex LLC (the “Exchange”), pursuant to Section 12(d) of the Securities Exchange Act of 1934 and Rule 12d2-2(b) promulgated thereunder by the Securities and Exchange Commission (the “SEC” or the “Commission”), has determined to strike from listing and registration on the Exchange, the following:
Wilshire Enterprises, Inc.
Common Stock, $1.00 Par Value
Commission File Number – 001-04673
1.
The standards of the Exchange provide, among other things, that consideration may be given to the removal of a security when: (i) the financial condition and/or operating results of the issuer appear to be unsatisfactory; (ii) the issuer has failed to comply with its listing agreements with the Exchange; or (iii) any other event shall occur or any condition shall exist which makes further dealings on the Exchange unwarranted.
In applying these standards, the Exchange gives consideration to delisting the securities of a company that is not in compliance with or is subject to:
(a)
Section 1003(a)(ii) of the Company Guide which requires a company to maintain at least $4 million in stockholders’ equity if the company has reported losses from continuing operations and/or net losses in three of its four most recent fiscal years; and
(b)
Section 1003(a)(iii) of the NYSE Amex LLC Company Guide (the “Company Guide”) which requires a company to maintain at least $6 million in stockholders’ equity if the company has reported losses from continuing operations and/or net losses in its five most recent fiscal years.
2.
The Common Stock (the “Common Stock”) of Wilshire Enterprises, Inc. (the “Company” or “Wilshire”) does not qualify for continued listing for the following reasons:
(a) The Company has incurred losses from continuing operations and net losses as follows:
Years ended December 31,
Income (Loss) from Continuing Operations
Net Income (Loss)
2008
($1,899,000)
($1,361,000)
2007
($1,368,000)
($892,000)
2006
($1,042,000)
$2,285,000
2005
($581,000)
$6,891,000
2004
($719,000)
$2,027,000
(b) At September 30, 2009, the Company reported stockholders’ equity of $2,144,000
3.
In reviewing the eligibility of the Company’s Common Stock for continued listing, the Exchange has complied with its standards and procedures as follows:
(a)
On November 30, 2009, the Company was notified by the Exchange that based on publicly available information, Wilshire was not in compliance withSections 1003(a)(ii) and 1003(a)(iii) of the Company Guide. The Company was offered the opportunity to submit a plan of compliance to the Exchange detailing actions which it had taken, or intended to take, to regain compliance with the Exchange’s continued listing standards by May 30, 2011.
(b)
On December 30, 2009, Wilshire notified the Exchange that it would not be submitting a plan of compliance.
(c)
On January 12, 2010, the Exchange notified Wilshire of its intention to initiate delisting proceedings against the Company (the “Staff Determination”). The Staff Determination was based on the fact that the Company did not submit a plan to the Exchange, nor was there any information publicly available indicating that the Company had regained compliance with Sections 1003(a)(ii) and 1003(a)(iii) of the Company Guide. The letter also informed the Company of its limited right, in accordance with Sections 1203 and 1009(d) of the Company Guide, to request a hearing before a Listing Qualifications Panel within seven days of the Staff Determination, or by January 19, 2009.
(d)
The Company did not appeal the Staff Determination within the requisite time period or thereafter and was not otherwise in compliance with the Exchange’s continued listing standards.
Accordingly, the Exchange, having complied with all of its procedures, is authorized to file this application in accordance with Section 12 of the Securities Exchange Act of 1934 and the rules promulgated thereunder.
4.
In the opinion of the Exchange, all of the material facts relating to the reasons for this application are contained herein.
5.
The Exchange official whose signature is set forth below is duly authorized to file this application.
6.
In accordance with the provisions of Rule 12d2-2, the Exchange has issued public notice of its final determination to remove the Company’s Common Stock from listing and/or registration by issuing a press release and posting notice onwww.nyse.com/regulation. Further, a copy of this application has been forwarded to Mr. Frank Elenio, Chief Financial Officer, Wilshire Enterprises, Inc.
/s/
Claudia Crowley
Sr. Vice President & Chief of Staff
Chief Regulatory Officer, NYSE Amex LLC