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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACTO OF 1934
Date of Report (Date of earliest event reported): March 14, 2000
HALSEY DRUG CO., INC.
695 Perryville Road, Rockford, Illinois
(815-399-2060)
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Incorporated under the laws of Commission File Number I.R.S. Employer Identification Number
State of New York 1-10113 11-0853640
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ITEM 5 OTHER EVENTS
On March 10, 2000, the Company was informed by the American Stock Exchange
("Amex") that it has determined to delist the Common Stock of the Company as it
does not meet the Amex's criteria for continued listing. Such criteria include
minimum levels of shareholders equity and the absence of years of net losses
from continuing operations. The Company has exercised its right to appeal the
Amex's decision and has requested a formal hearing in order to further consider
the decision. There can be no assurance that the Company's Common Stock will
remain listed on the Amex. In the event the Company is unsuccessful in its
appeal to maintain the listing of the Company's Common Stock on the Amex, it is
anticipated that the Company's Common Stock will trade on the Over the Counter
Bulletin Board.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits
Exhibit No. Description
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99.1 Press Release dated March 14, 2000 announcing receipt
of the Amex delisting notification
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
HALSEY DRUG CO., INC.
By: /s/ Michael Reicher
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Michael Reicher
President and Chief Executive Officer
Date: March 14, 2000
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Contact: Halsey Drug Co., Inc.
Investor Relations - Peter A. Clemens, Vice President and CFO
(815) 399-2060
FOR IMMEDIATE RELEASE
HALSEY DRUG CO., INC.
ANNOUNCES AMEX REVIEW OF CONTINUED LISTING
Rockford, IL, March 14, 2000, Halsey Drug Co., Inc. (AMEX:HDG) announced today
that it has been advised by the American Stock Exchange ("Amex") that the Amex
has determined to delist the Common Stock of the Company as it does not meet the
Amex's criteria for continued listing. Such criteria include minimum levels of
shareholders equity and the absence of years of net losses from continuing
operations. In response to the Amex notice, the Company has exercised its right
to appeal the Amex's decision and has requested a formal hearing in order to
further consider the decision. There can be no assurance that the Company's
common stock will remain listed on the Amex. In the event the Company is
unsuccessful in its appeal to maintain the listing of the Company's Common Stock
on the Amex, it is anticipated that the Company's Common Stock will trade on the
Over the Counter Bulletin Board.
Except for the historical matters contained herein, the statements in this press
release are forward looking and are made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. Investors are cautioned
that forward looking statements involve risks and uncertainties which may affect
Halsey's business and prospects, including economic, competitive, governmental,
technological and other factors discussed in filings with the Securities and
Exchange Commission.
Halsey Drug Co., Inc., together with its subsidiaries, is a leading manufacturer
of generic drugs in solid and liquid dosage forms sold to distributors,
wholesalers, drugstore chains, institutions, government agencies and other
pharmaceutical manufacturers nationwide, as well as a manufacturer of active
pharmaceutical ingredients.
