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):
March 24, 2000
SPARTA SURGICAL CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 1-11047 22-2870438
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(State or other juris- (Commission (I.R.S. Employer ID
diction of incorpor- File Number) Number)
tion)
Olsen Centre
2100 Meridian Park Blvd., Concord, CA 94520
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(Address of principal executive offices)
Registrant's telephone number, including area code (925) 417-8812
not applicable
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(Former name or former address, if changed since last report)
<PAGE>
ITEM 5. OTHER EVENTS
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On March 23, 2000, the Registrant completed equity financing of $2,548,125
from a group of private investors. The equity financing consisted of a combined
conversion of $1,285,000 of debt to share of Common Stock, par value $0.002, and
the purchase of 1,137,000 shares of Common Stock in the amount of $1,263,125. As
part of the restructuring transaction, the Company eliminated various notes and
indebtedness accruing at an average of 9% interest resulting in the issuance of
2,540,665 shares of the Company's Common Stock. In addition, in connection with
the transaction, 262,000 shares of the Company's Common Stock were issued for
finder's fee. All of the shares issued in connection with the equity financing
require the Company to register the shares. In addition, under the terms of the
transaction, Thomas F. Reiner, Co-Founder, Chairman, President and CEO is
appointed as Trustee with full authority and voting power over 3,639,665 shares,
subject to an irrevocable voting trust.
On March 22, 2000, the Registrant terminated its non-binding letter of
intent to purchase substantially or all of the assets of Home-Med Equip Co.
On March 19, 2000, the Registrant announced the appointment of John
O'Hanlon as its Chief Financial Officer. Mr. O'Hanlon is a C.P.A. and earned his
B.S. degree from Cal State University Hayward and an M.B.A. from the University
of Texas.
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.
SPARTA SURGICAL CORPORATION
(Registrant)
by: /s/ Thomas F. Reiner
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Thomas F. Reiner
Chairman of the Board
President & CEO
Dated: March 24, 2000
