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): November 17, 2000
LECTEC CORPORATION
(Exact name of registrant as specified in its charter)
Minnesota 0-16159 41-1301878
(State or other (Commission file (I.R.S. Employer
jurisdiction of number) Identification No.)
incorporation)
10701 Red Circle Drive, Minnetonka, Minnesota 55343
(Address of principal executive offices)
Registrant's telephone number, including area code: (952) 933-2291
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Item 5. Other Events.
On November 17, 2000, LecTec Corporation ("LecTec") entered into an
asset purchase agreement with The Ludlow Company LP and Sherwood
Services AG, pursuant to which Ludlow and Sherwood will purchase
certain assets of LecTec. Under the agreement, LecTec will receive
$7,250,000 in cash upon closing of the transaction, subject to
adjustment for changes in the net assets at the time of closing. The
agreement is subject to approval by the shareholders of LecTec and
other customary closing conditions. LecTec anticipates that the closing
will occur in January 2001 immediately following its Annual Meeting of
Shareholders.
The foregoing is a summary of certain terms and conditions and is not
intended to be complete. The press release filed as Exhibit 99 to this
Form 8-K is hereby incorporated herein by reference.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
Exhibit Description of Exhibit
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99 Press release dated November 21, 2000
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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 hereunto duly authorized.
Date: November 21, 2000
LECTEC CORPORATION
/s/ Douglas J. Nesbit
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Douglas J. Nesbit
Chief Financial Officer
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EXHIBIT INDEX
Exhibit Description of Exhibit
------- ----------------------
99 Press release dated November 21, 2000
