SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 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): June 30, 1997 _____________________ Exact Name of Registrant as Specified in Its Charter: DDL ELECTRONICS, INC. ______________________________ DELAWARE 1-8101 33-0213512 _____________________________ ____________ _____________ State or Other Jurisdiction of Commission I.R.S. Employer Incorporation or Organization File Number Identification No. Address of Principal Executive Offices: 2151 Anchor Court Newbury Park, CA 91320 _________________________ Registrant's Telephone Number, Including Area Code: (805) 376-9415 _________________________ Former Name or Former Address, if Changed Since Last Report: Not applicable _________________________ Item 5. Other Events. In a press release dated July 2, 1997, a copy of which is attached as Exhibit 99.1, DDL Electronics, Inc. ("DDL") announced the repayment in full of its 10% Senior Secured Notes due July 1, 1997 (the "Senior Notes") in the aggregate amount of $5.3 million. Of the funds used to repay the Senior Notes, $2.0 million was borrowed from a private investor (the "Investor") on June 30, 1997 as evidenced by a convertible promissory note and term sheet, copies of which are attached as Exhibits 4.1 and 4.2, respectively. The promissory note is secured by all of the outstanding shares of SMTEK, Inc., a subsidiary of DDL, pursuant to a collateral security stock pledge agreement, a copy of which is attached as Exhibit 4.3. DDL also agreed to give the Investor two seats on its Board of Directors. Concurrently with all of the foregoing, DDL agreed to acquire all of the issued and outstanding shares of Jolt Technology, Inc., a privately-held electronics manufacturing company controlled by the Investor, for nine million shares of DDL's common stock pursuant to a term sheet, a copy of which is attached as Exhibit 2.1. The acquisition of Jolt Technology, Inc. is subject to executing a definitive agreement, obtaining a fairness opinion on the transaction, and obtaining the approval of DDL's stockholders. Item 7. Exhibits. Exhibit Description _______ ____________ 2.1 Jolt Technology Inc. Acquisition Term Sheet dated June 30, 1997. 4.1 $2.0 million secured convertible promissory note dated June 30, 1997 4.2 Convertible Debt Term Sheet 4.3 Collateral Security Stock Pledge Agreement dated June 30, 1997. 99.1 Press release dated July 2, 1997. SIGNATURE 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 thereunto duly authorized. DDL ELECTRONICS, INC. July 9, 1997 /s/ Richard K. Vitelle _________________________________ ___________________________________ Date Richard K. Vitelle Vice President - Finance (Principal Financial Officer)