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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
September 29, 1998
Date of Report (Date of earliest event reported)
BOREALIS TECHNOLOGY CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 0-28556 88-0238203
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(State or other jurisdiction of (Commission File Number) (I.R.S. Employer Identification
incorporation) No.)
4070 Silver Sage Drive
Carson City, Nevada 89701
(Address of principal executive offices)
(702) 888-3200
(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS.
Borealis Technology Corporation (the "Company") has raised $2,310,000 in
connection with a private placement of shares of Preferred Stock of the Company
("Preferred Stock") and warrants to purchase Common Stock of the Company
("Warrants"). The shares of Preferred Stock were sold at a purchase price of
$1000.00 per share (the "Stated Value"), and are convertible into such number of
shares of Common Stock as is determined by dividing the Stated Value thereof by
the lesser of (i) $2.50 and (ii) 80% of the average of the closing bid prices of
the Common Stock on the Nasdaq Stock Market or other market on which the Common
Stock is then trading for the five consecutive trading days prior to the date of
conversion. For each share of Preferred Stock sold, the Company issued a Warrant
to purchase 50 shares of Common Stock exercisable at a price of $1.50 per share.
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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.
BOREALIS TECHNOLOGY CORPORATION
Dated: September 29, 1998 By: /s/ Elizabeth Gasper
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Elizabeth Gasper
Chief Financial Officer