UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 14, 2010
Patriot Scientific Corporation
(Exact name of registrant as specified in its charter)
| Delaware | | 0-22182 | | 84-1070278 |
(State of other jurisdiction of incorporation) | | (Commission File Number) | | (IRS Employer Identification No.) |
| | | | | |
Carlsbad Corporate Plaza 6183 Paseo Del Norte, Suite 180 Carlsbad, CA 92011 |
| (Address of Principal Executive Offices) |
| | | | | |
Registrant’s telephone number, including area code: (760) 547-2700 |
| |
| Not Applicable |
| (Former name or former address, if changed since last report) |
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 (see General Instruction A.2 below):
| o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425). |
| o | Soliciting material pursuant to Rule 14A-12 under the Exchange Act (17 CFR 240.14a-12) |
| o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR.14d-2(b)) |
| o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Effective September 14, 2010, Patriot Scientific Corporation (the “Registrant”) settled its outstanding arbitration and litigation with Deutsche Bank (the “Bank”). Under the terms of the Confidential Settlement Agreement, the Registrant transferred $5.2 million in illiquid auction rate securities instruments to the Bank in exchange for the payment of a substantial portion of the face value of the securities, and if the instruments are redeemed by a certain date, then the Registrant we will receive the full face amount of the instruments.
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.
| | Patriot Scientific Corporation | |
| | | |
| | | | |
| Date: September 15, 2010 | By: | /s/ Clifford L. Flowers | |
| | | Clifford L. Flowers | |
| | | Chief Financial Officer | |
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