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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OF 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
October 14, 1998 (Date of earliest event reported)
CRAGAR INDUSTRIES, INC.
(Exact Name of Registrant as Specified in its Charter)
DELAWARE 1-12559 86-0721001
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
4636 North 43rd Avenue, Phoenix, Arizona 85031
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (602) 247-1300
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
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ITEM 5. OTHER EVENTS.
After the close of the market on October 14, 1998, Cragar Industries,
Inc. (the "Company") received correspondence from Nasdaq indicating that the
Nasdaq Listing Qualifications Panel had decided to immediately delist the
Company's Common Stock and Warrants from the Nasdaq SmallCap Market. The
Company's Common Stock and Warrants will become immediately eligible for
trading on the OTC Bulletin Board.
This delisting followed a decision by the Nasdaq Listing Qualifications
Panel regarding the Company's appeal for an exemption from the recently
adopted requirements for continued listing on the Nasdaq SmallCap Market.
The Company was unable to obtain this exemption because it failed to meet the
net tangible asset/market capitalization/net income requirements.
The Company's Common Stock and Warrants continue to be listed on the
Boston Stock Exchange under the symbols "CWH" and "CWHW," respectively.
There can be no assurance that the Company will continue to maintain
compliance with the requirements for continued listing of its Common Stock
and Warrants on the Boston Stock Exchange.
On October 15, 1998, the Company issued a press release relating to the
Nasdaq Listing Qualifications Panel's decision. A copy of the press release
is filed herewith as Exhibit 99.1 and is hereby incorporated herein by
reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits
EXHIBIT
NUMBER DESCRIPTION
99.1 Press Release dated October 15, 1998
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CRAGAR INDUSTRIES, INC.
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(Registrant)
Date: October 19, 1998 By /s/ MICHAEL L. HARTZMARK
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(Signature)
Michael L. Hartzmark
President, Treasurer & CEO
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EXHIBIT 99.1
PRESS RELEASE
CRAGAR ANNOUNCES NASDAQ LISTING STATUS
October 15, 1998 -- Phoenix, Arizona -- CRAGAR Industries, Inc. today
announced that it received correspondence from Nasdaq after the close of the
market on October 14, 1998 indicating a decision by the Nasdaq Listing
Qualifications Panel to immediately delist the Company's Common Stock and
Warrants from the Nasdaq SmallCap Market. Nasdaq has notified the Company
that the Common Stock and Warrants will become eligible for trading on the
OTC Bulletin Board.
This event followed a decision by the Nasdaq Listing Qualifications
Panel regarding the Company's appeal for an exemption from the recently
adopted requirements for continued listing on the Nasdaq SmallCap Market.
The Company was unable to obtain such an exemption because of its failure to
meet the net tangible asset/market capitalization/net income requirements.
The Company's Common Stock and Warrants continue to be listed on the
Boston Stock Exchange under the symbols "CWH" and "CWHW", respectively.
There can be no assurance the Company will continue to maintain compliance
with the requirements for continued listing on the Boston Stock Exchange with
respect to the Common Stock and Warrants.
CRAGAR Industries, Inc. is an international designer, producer, and
seller of custom wheels and wheel accessories for cars, trucks, vans, sport
utility vehicles, racing vehicles, and motorcycles.
For additional information, contact Michael L. Hartzmark, President and
CEO, 602-247-1300. Internet address: http:\\www.prnewswire.com/cnoc. To
obtain hard copies, call Fax-On-Demand at 800-758-5804.
This release includes statements, which may constitute forward-looking
statements, made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Such forward-looking statements
include, among other items, statements regarding the Company's business
strategy, growth strategy, anticipated synergies and benefits resulting from
potential acquisitions and future acquisition plans, and anticipated trends
in the Company's business. Forward-looking statements are inherently subject
to risks and uncertainties, some of which cannot be predicted or quantified.
Future events and actual results could differ materially from those set forth
in, contemplated by, or underlying the forward-looking statements. Please
refer to the Risk Factors in the Company's filings with the Securities and
Exchange Commission which identify certain important factors that could cause
the actual results to differ materially from those contained in our
forward-looking statements. These factors include, but are not limited to,
the bankruptcy of the Company's primary customer, dependence on external
financing, product availability, market conditions, as well as general
economic conditions. In view of the significant uncertainties inherent in
the forward-looking statements discussed above, the inclusion of such
information should not be regarded as a representation by the Company or any
other person that the objectives and plans of the Company will be achieved.
