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):
February 12, 1999
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SPARTA SURGICAL CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 1-11047 22-2870438
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(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
Bernal Corporate Park
7068 Koll Center Parkway,
Pleasanton, CA 94566
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(Address of principal executive offices)
Registrant's telephone number, including area code (510) 417-8812
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Not Applicable
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(Former name or former address, if changed since last report)
Item 5. OTHER EVENTS
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On February 12, 1999, CCJ Trust ("CCJ") agreed to convert the amount of
indebtedness owing to it from Sparta Surgical Corporation (the "Company") in the
amount of $159,750 (which consists of principal on a promissory note dated July
30, 1998 in the amount of $150,000 and accrued interest in the amount of $9,750)
into 39,938 shares of Series AA Preferred Stock, $4.00 par value. The Series AA
Preferred Stock yields a 7% per annum non-cumulative dividend payable
semiannually in the form of additional shares of common stock, $0.002 par value
("Common Stock") or cash, at the sole option of Sparta. The Series AA Preferred
Stock features redemption and conversion rights during the two year period
following the issuance of shares.
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.
SPARTA SURGICAL CORPORATION
(Registrant)
By: /s/ Thomas F. Reiner
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Thomas F. Reiner, Chairman of
the Board, President & CEO
Dated: February 23, 1999