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
November 7, 2000 (November 3, 2000)
Date of Report (Date of earliest event reported)
PREDICT IT, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-28263 84-1433978
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
268 W. 44th Street
New York, New York 10036
(Address of principal executive
offices including zip code)
(212) 217-1200
(Registrant's telephone number,
including area code)
N.A.
(Former name or former address, if changed since last report)
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Item 5. Other Events.
On November 3, 2000, the Registrant issued a press release (the "Press
Release") stating that it had ceased negotiations regarding its proposed merger
with Hollywood Stock Exchange and had reduced its staff from 30 full-time
employees to four. A copy of the Press Release is attached hereto as Exhibit
99.1 and incorporated herein by reference.
The Registrant further disclosed in the Press Release that it is
currently exploring alternatives, including raising additional financing, and/or
a sale of the Registrant or certain of its assets. There can be no assurance
that the Registrant will be successful in its pursuit of any of these
alternatives. If additional funds cannot be raised or a sale does not occur, the
Registrant will be required to consider alternative courses of action,
including, without limitation, winding down the operations of the Registrant or
filing a voluntary petition to seek protection under the bankruptcy laws.
Item 7. Financial Statements and Exhibits
(c) Exhibits
99.1 Press Release dated November 3, 2000
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
PREDICT IT, INC.
(Registrant)
Dated November 7, 2000 By: /s/ Andrew P. Merkatz
----------------------------
Name: Andrew P. Merkatz
Title: President
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EXHIBIT INDEX
Exhibit
Number Description
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99.1 Press Release dated November 3, 2000
