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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 ACT OF 1934
Date of Report (Date of Earliest Event Reported) January 11, 1999
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METAL MANAGEMENT, INC.
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(Exact Name of Registrant as Specified in its Charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
0-14836 94-2835068
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(Commission File Number) (I.R.S. Employer Identification No.)
500 N. Dearborn Street, Suite 405, Chicago, IL 60610
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(Address of Principal Executive Offices) (Zip Code)
(312) 645-0700
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(Registrant's Telephone Number, Including Area Code)
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ITEM 5. OTHER EVENTS
On January 11, 1999, Metal Management, Inc. (the "Company") announced
by press release that it has received notification from the NASDAQ Stock Market
that it intends to delist the Company's common stock from the NASDAQ Stock
Market, effective January 15, 1999, due to the Company's failure to maintain
compliance with NASDAQ's alternative listing Maintenance Standards, by failing
either to meet NASDAQ's net tangible asset requirement or to maintain the
minimum bid price of its common stock at or above $5 per share. The Company has
requested an oral hearing to appeal NASDAQ's decision. Such a hearing would
likely be scheduled during the first quarter of 1999. Until a decision is made
by NASDAQ's Listings Hearings Department, the Company's common stock will remain
listed on the National Market System of NASDAQ. The Company also intends to
explore other listing alternatives pending its appeal with NASDAQ. If the
Company is not successful in its appeal, its common stock will continue to trade
on NASDAQ's SmallCap Market or on another appropriate trading exchange or
market. There can be no assurance as to when a decision will be reached by
NASDAQ's Listings Hearings Department or that such a decision will be favorable
to the Company. An unfavorable decision will result in the immediate delisting
of the Company's common stock irrespective of the Company's ability to appeal
such a decision.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Not applicable
(b) Not applicable
(c) Exhibits
99.1 Press Release dated January 11, 1999.
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SIGNATURES
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 hereunto duly authorized.
METAL MANAGEMENT, INC.
Dated: January 11, 1999 By: /s/ David A. Carpenter
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David A. Carpenter
Vice President, General Counsel and Secretary
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EXHIBIT 99.1
METAL MANAGEMENT ANNOUNCES NASDAQ STATUS
CHICAGO, Illinois -- January 11, 1999 -- Metal Management, Inc. (NASDAQ
symbol-MTLM) ("Metal Management", "MTLM", or the "Company") today announced that
it has received notification from the NASDAQ Stock Market that it intends to
delist the Company's common stock from the NASDAQ Stock Market, effective
January 15, 1999, due to the Company's failure to maintain compliance with
NASDAQ's alternative listing Maintenance Standards, by failing either to meet
NASDAQ's net tangible asset requirement or to maintain the minimum bid price of
its common stock at or above $5 per share.
Metal Management said it will appeal NASDAQ's decision in accordance with NASDAQ
procedures, initially by requesting a hearing. Such a hearing would likely be
scheduled during the first calendar quarter of 1999. Until a decision is made by
NASDAQ's Listings Hearings Department, the Company's common stock will remain
listed on the National Market System of NASDAQ. Metal Management also intends to
explore other listing alternatives pending its appeal with NASDAQ. If Metal
Management is not successful in its appeal, its common stock will continue to
trade on the over the counter market or on another appropriate trading exchange
or market.
Metal Management has recently initiated a number of measures that are expected
to improve its ability to comply with NASDAQ's listing requirements. In
addition, Metal Management expects significant improvements to occur in the
market for scrap metal in the first calendar quarter of 1999, which it believes
would further enhance both its liquidity and its ability to comply with NASDAQ's
listing requirements.
Metal Management is one of the largest and fastest-growing full service metal
recyclers in the United States, with approximately 60 recycling facilities in 15
states and estimated annualized gross revenues of more than $1-billion. Metal
Management is primarily engaged in the collection and processing of ferrous and
non-ferrous metals for resale to metals brokers, steel producers, and producers
and processors of other metals.
This news release contains forward-looking statements. There can be no assurance
as to when a decision will be reached by NASDAQ's Listings Hearings Department
or that such decision will be favorable to the Company. An unfavorable decision
will result in the immediate delisting of the Company's common stock
irrespective of the Company's ability to appeal such a decision.
