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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-C
Report by Issuer of Securities Quoted on NASDAQ
Interdealer Quotation System
Filed pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934 and Rule 13a-17
or 15d-17 thereunder
Gateway Industries, Inc.
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(Exact name of issuer as specified in charter)
101-01 Foster Avenue, Brooklyn, NY 11236
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(Address of principal executive offices)
Issuer's telephone number, including area code 718-272-9700
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I. CHANGE IN NUMBER OF SHARES OUTSTANDING
Indicate any change (increase or decrease) of 5% or more in the number
of shares outstanding:
1. Title of security Common Stock, $.001 par value
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2. Number of shares outstanding before the change 1,035,013
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3. Number of shares outstanding after the change 3,603,469
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4. Effective date of change August 23, 1996
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5. Method of change:
Rights Offering
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Give brief description of transaction: The Issuer distributed three transferable
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common stock subscription rights to holders of record on June 27, 1996. Each
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right entitled the holder thereof to acquire one share of the issuer's common
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stock for a purchase price of $2.25 per share. Rights to purchase an aggregate
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of 2,568,456 shares of common stock were exercised in the rights offering which
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terminated on August 23, 1996.
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September 3, 1996
GATEWAY INDUSTRIES, INC.
By /s/ Jack Howard
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Jack Howard, Acting President
