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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
Date of Report (Date of earliest event reported):
March 13, 2001
SPARTA SURGICAL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 1-11047 22-2870438
(State or other juris- (Commission (I.R.S. Employer ID
diction of incorpor- File Number) Number)
tion)
Olsen Centre
2100 Meridian Park Blvd., Concord, CA 94520
(Address of principal executive offices)
Registrant's telephone number, including area code (925) 417-8812
not applicable
(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
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OTHER EVENTS:
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On March 6, 2004, the Registrant completed its equity and debt financing from a
group of private investors. The equity financing consisted of the sale of the
483,034 unregistered shares of the Registrant's common stock, par value $0.002
at an average share price of $0.2245. In addition, the Registrant borrowed
$150,000 ("Note"). The Note is due and payable on August 20, 2001. The Note
bears an interest rate of eight (8%) per annum and can be prepaid at any time
without any fee or penalty. In connection with the financing transaction, the
Registrant paid a finder's fee. All of the shares issued in connection with the
equity financing, Thomas F. Reiner, Chairman, President/CEO is appointed as
Trustee over the shares with authority and irrevocable voting power.
In addition, the Registrant terminated its non-binding letter of intent (which
was subject to satisfactory completion of due diligence and financing), to
purchase substantially or all of the assets of Weck Surgical.
On February 23, 2001, the Registrant accepted the resignation of Joseph Barbrie,
VP of Sales. Mr. Barbrie resigned from his position to pursue other business
opportunities. Robert Phillips assumed the duties of VP of Sales. With Mr.
Phillips healthcare industry experience, and his ability to lead healthcare
supply organizations, is extremely results oriented and commands respect from
customers, employees and our senior leadership team.
On February 13, 2001, J & C Resources exercised its option to convert 39,938
Series AA Convertible Preferred Shares into 179,721 shares of Common Stock, par
value $0.002.
On January 31, 2001, at the Registrant's Annual Meeting of Shareholders, all
nominees for directors were elected, and all proposals were approved, including
(i) the election of four directors, Thomas F. Reiner, Chairman of the Board,
Michael Granger, Allan Korn and Joel Flig, (ii) the increase of the number of
shares reserved under the Registrant's 1987 Employee Stock Option Plan from
250,000 shares to 950,000 shares, (iii) the ratification of the appointment of
Angell and Deering, LLP, CPA for the fiscal year ending February 27, 2001, (iv)
the change in the name from Sparta Surgical Corporation to Sparta Olsen Medical
Corp.
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: March 13, 2001