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: November 7, 1997
BIOMUNE SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
Commission File Number: 0-11472
Nevada 87-0380088
(State of Incorporation) (I.R.S. Employer
Identification No.)
2401 South Foothill Drive, Salt Lake City, UT 84109
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:(801) 466-3441
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ITEM 5. OTHER EVENTS
On November 7, 1997, the Registrant announced a reverse split of its Common
Stock issued and outstanding, to become effective November 10, 1997. The
action reduces the number of issued and outstanding shares of the Registrant's
Common Stock at a ratio of 10 for one. Prior to the reverse split, the
Registrant had a total of 32,377,388.63 shares of Common Stock issued and
outstanding. After giving effect to the reverse split, there are
3,237,736.863 shares of Common Stock issued and outstanding.
The reverse split as adopted by the Company's board of directors did not
require a change in the par value of the Company's Common Stock. Therefore,
both before and after the reverse split, the par value of the Company's Common
Stock is $.0001 per share. In addition, the Board of Directors has not
authorized a change in the authorized number of shares of Common Stock or any
other class of securities of the Company. Therefore, both before and after
the reverse split, the authorized number of shares of Common Stock would
continue to be 500,000,000 shares.
Outstanding options, warrants and preferred stock convertible to Common Stock
will be adjusted according to the terms of the instruments evidencing such
rights and shares, reducing the number of shares that may be acquired by
exercise or conversion, as the case may be, by the same 10 for 1 ratio and
increasing the exercise price in the case of the options and warrants, by 10
times the current price. No other rights or interests are affected by the
change.
The primary reason for the change was an effort by the Registrant's board of
directors to bring the Company's minimum bid price into compliance with the
minimum price allowed by Nasdaq ($1.00 per share) in order to retain the
listing of the Registrant's Common Stock on the Nasdaq SmallCap Stock
Market.
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SIGNATURE
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 thereunto duly authorized.
BIOMUNE SYSTEMS, INC.
(Registrant)
By /S/ Michael G. Acton
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Date: November 10, 1997 Michael G. Acton
Chief Financial Officer
(Principal financial and accounting
officer)
