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) April 14, 1997
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AVITAR, INC.
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(Exact name of registrant as specified in its charter)
Delaware 0-20316 06-1174053
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
65 Dan Road, Canton, MA 02021
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (617) 821-2440
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Item 5. Other Events.
Extension and Reduced Exercise Price of Redeemable Warrants
The Company has extended the expiration date of its Redeemable
Warrants (Nasdaq SmallCap Market: AVITW) from April 30, 1997 to June 30, 1997.
Further, the Company reduced the exercise price of the Redeemable Warrants so
that each Redeemable Warrant entitles the holder to purchase 4 shares of
Common Stock (subject to further adjustment) for $0.60 per share. This
offering will be made only by means of a prospectus.
The Company has approximately 2.7 million Redeemable Warrants
outstanding. If all of these warrants were exercised, approximately 11
million shares of Common Stock would be issued in exchange for the aggregate
exercise price of approximately $6.5 million. To the extent that any
Redeemable Warrants are exercised, the funds would be used to provide working
capital and to expand the Company's business.
There can be no assurance that any or all of the Redeemable
Warrants will be exercised.
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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.
AVITAR, INC.
(Registrant)
Date: April 23, 1997 By: /S/J.C. LEATHERMAN, Jr.
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J.C. LEATHERMAN, JR.,
Chief Financial Officer
