U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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): November 4, 1999
CTI INDUSTRIES CORPORATION
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(Exact Name of Registrant as Specified in its Charter)
Delaware 0-23115 36-2848943
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(State or Other (Commission File Number) (IRS Employer
Jurisdiction of Identification No.)
Incorporation)
2216 North Pepper Road, Barrington, Illinois 60010
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(Address of Principal Executive Offices) (Zip Code)
(847) - 382-1000
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(Registrant's Telephone Number, including Area Code)
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Item 5. Other Events
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On November 5, 1999, the Registrant announced that, at the close of
business (Eastern time) on November 4, 1999 (the "Effective Date"), a
one-for-three reverse split of the Company's Common Stock, par value $.065
became effective. Outstanding shares of the Company's Common Stock, par value
$.065 per share, were reduced to approximately 878,610 shares from 2,635,831
shares outstanding before the reverse split. Post-reverse split shares of the
Company's Common Stock will have a par value of $.195 per share, and will bear
the revised trading symbol CTIBD on the NASDAQ SmallCap market.
In addition, the Registrant announced that any holder of fractional
shares resulting from this reverse split will be paid an amount based upon the
closing price of the Company's Common Stock on the NASDAQ SmallCap Market on the
Effective Date multiplied by the amount of the fractional share.
The Registrant further stated that following the reverse split,
previously outstanding certificates representing shares of the Company's Common
Stock may be delivered to the Company's transfer agent, Continental Stock
Transfer and Trust Co., 2 Broadway, New York, New York, New York 10004, in
effecting sales through a broker, or otherwise, and all necessary adjustments to
the number of pre-reverse split shares of the Company's Common Stock held will
be made at the time of sale or transfer. Consequently, it will not be necessary
for shareholders of the Company to exchange their existing stock certificates
for post-reverse split stock certificates.
Item 7(c). Exhibits
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A copy of press release dated November 5, 1999.
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<PAGE>
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.
CTI Industries Corporation
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(Registrant)
Date: November 5, 1999 By: /s/ Howard W. Schwan
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Howard W. Schwan, President
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FOR IMMEDIATE RELEASE
PRESS RELEASE
CTI INDUSTRIES CORPORATION (NASDAQ-CTIB)
ANNOUNCES ONE-FOR-THREE REVERSE SPLIT OF ITS COMMON STOCK
Barrington, Illinois,
November 5, 1999
CTI Industries Corporation (NASDAQ Symbol: "CTIB") announced that, at
the close of business (Eastern time) on November 4, 1999 (the "Effective Date"),
a one-for-three reverse split of its common stock became effective. Thus, three
current shares of common stock, par value $.065, were changed into one share of
the Company's common stock, with a new par value of $.195. The Company stated
that any holder of fractional shares resulting from this reverse split will be
paid an amount of money based on the closing price of the Company's Common Stock
on the NASDAQ SmallCap Market on the Effective Date multiplied by the amount of
the fractional share. Outstanding shares of common stock of the Company were
reduced to approximately 878,610 shares from 2,635,831 shares outstanding before
the reverse split. The Company's new trading symbol on the NASDAQ SmallCap
market, beginning November 5, 1999, is CTIBD .
The Company further stated that following the reverse split, previously
outstanding certificates representing shares of the Company's Common Stock may
be delivered to the Company's transfer agent, Continental Stock Transfer and
Trust Co., 2 Broadway, New York, New York, 10004 (212) 509-1000 in effecting
sales through a broker, or otherwise, and all necessary adjustments to the
number of pre-reverse split shares held will be made at the time of sale or
transfer. Consequently, it will not be necessary for shareholders of the Company
to exchange their existing stock certificates for post-reverse split stock
certificates.
For further information contact:
Stephen M. Merrick
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CTI INDUSTRIES CORPORATION
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2216 North Pepper Road
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Barrington, Illinois 60010
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(847) 382-1000
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