SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) January 15, 1998
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Tubby's, Inc.
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(Exact name of registrant as specified in its charter)
New Jersey 0-12706 22-2166602
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(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification No.)
incorporation)
6029 East Fourteen Mile Road, Sterling Heights, Michigan 48312
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(Address of principal executive offices)
(Registrant's telephone number, including area code) 810/978-8829
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ITEM 5 - OTHER EVENTS
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On January 15, 1998, Tubby's, Inc. (the "Company"), by its Board of
Directors, declared a one for 10 reverse stock split effective January 21,
1998, whereby each 10 shares of it's issued and outstanding common stock was
changed into one share of unissued and outstanding common stock. As a result,
the amount of its outstanding shares has been reduced from 25, 831,131 to
2,583,114.
In connection with this share combination, the Company amended its
Articles of Incorporation to reduce the amount of its authorized shares from
60 million to six million. Therefore, the percentage of authorized shares
that remains unissued does not exceed the percentage of authorized shares
that was unissued before the share combination. The rights of holders of
outstanding shares remain unchanged.
The primary reason for the reverse stock split is to comply with the
recently amended listing criteria for the Nasdaq SmallCap Market which now
requires, among other things, a $1.00 minimum bid price in order to qualify
for continued listing. The Company believes that it meets all of the other
amended listing criteria and will continue to be listed on the Nasdaq
SmallCap Market.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused to be signed on its behalf by the undersigned
hereunto duly authorized.
TUBBY'S, INC.
(Registrant)
By: /s/ Mel Erdos
Mel Erdos
Treasurer, Chief Financial Officer
Date: January 21, 1998
