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): July 30, 1999
Interactive Magic, Inc.
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(Exact name of registrant as specified in its charter)
North Carolina
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(State or other jurisdiction of incorporation)
0-29750 56-2092059
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(Commission file Number) (IRS Employer ID Number)
215 Southport Drive, Suite 1000, Morrisville, North Carolina 27560
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 919-461-0722
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NA
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
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On July 30, 1999, the Registrant issued a press release stating as
follows:
RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)--July 30, 1999--Interactive Magic,
Inc. (Nasdaq: IMGK - news), now operating under the name iEntertainment Network,
has requested a hearing and is scheduled to appear before a Nasdaq panel to
review Nasdaq's recent decision to deny the Company's request for continued
listing on the Nasdaq National Market. Nasdaq had notified the Company that the
Company was not in compliance with the net tangible asset requirement for
continued listing on the Nasdaq National Market, which requires minimum net
tangible assets of $4 million for all listed companies. The Company has
submitted a plan to Nasdaq setting forth the manner in which it intends to
achieve and sustain compliance with all listing requirements.
One step in the plan was taken when, on June 30, 1999, the Company sold its
CD-ROM operations. However, Nasdaq determined that the Company's plan did not
provide sufficient evidence of its ability to achieve and sustain compliance
with Nasdaq's listing requirements. The Company is in the process of
supplementing its compliance plan in preparation for the hearing. The Company
believes that iEntertainment Network will be able to comply with Nasdaq listing
requirements after implementation of the revised plan. The company cautioned,
however, that there can be no assurance that the Nasdaq will not delist the
Company prior to implementation of the new plan or that the Company will be able
to implement all aspects of the plan.
If this revised plan is denied or a temporary exception is not granted, it is
expected that Interactive Magic's common stock would be delisted from the Nasdaq
National Market at or following the hearing. If this occurs, the Company intends
to apply for listing on the Nasdaq SmallCap Market. If the Company does not
qualify for listing on the Nasdaq SmallCap Market, it is likely that quotes for
its shares would be available on the OTC Bulletin Board.
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SIGNATURES
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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.
INTERACTIVE MAGIC, INC.
Date: August 3 , 1999 /s/ Michael W. Oliver
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Michael W. Oliver,
Chief Financial Officer
