SECURITIES AND EXCHANGE COMMISSION
Washington, DC
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report: July 19, 1999
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 of other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
Bernal Corporate Park
7068 Koll Center Parkway, Pleasanton, CA 94566
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (925) 417-8812
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 July 9, 1999, the Registrant borrowed $200,000 from Spags, NV for
working capital purposes. Under the terms of the loan, the note bears interest
at a rate of seven percent (7%) per annum, and shall become due and payable on
September 3, 1999. As a consideration for this loan, the Registration issued
260,000 restricted shares of the Company's common stock, par value $0.002. In
addition, in the event the Registrant defaults under the note, the Company shall
be required to issue to Spags, NV, 100,000 warrants to purchase the Company's
common shares, par value $0.002, until September 2003, at an exercise price of
the fair market value trading price on September 3, 1999.
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 thereunto duly authorized.
Date: July 19, 1999 SPARTA SURGICAL CORPORATION
(Registrant)
By: /s/ Thomas F. Reiner
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Thomas F. Reiner, Chairman of
the Board, President & CEO