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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): SEPTEMBER 5, 1996
AURA SYSTEMS, INC.
(Exact Name of Registrant as Specified in its Charter)
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DELAWARE 0-17249 95-4106894
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation or Organization) File Number) Identification No.)
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2335 ALASKA AVENUE, EL SEGUNDO, CALIFORNIA 90245
(Address of principal executive offices)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (310) 643-5300
FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT: NOT APPLICABLE
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
On September 5, 1996, Aura Systems, Inc. (the "Registrant") completed the
acquisition of 100% of MYS Corporation, a Japanese corporation ("MYS"), pursuant
to the previously executed Stock and Investment Purchase Agreement dated April
30, 1996, by and among the Registrant, MYS, and Yoshikazu Masayoshi, Sadao
Masayoshi, Sachie Masayoshi and Kazuaki Masayoshi, the shareholders of MYS (the
shareholders of MYS are referred to herein as the "Sellers"). The Registrant
previously reported entering into the Stock and Investment Purchase Agreement
with MYS and the Sellers in its Form 10-K/A for the fiscal year ended February
29, 1996.
Pursuant to the terms of the Stock and Investment Purchase Agreement, on
September 5, 1996 (the "Closing Date") the Sellers received the aggregate
purchase price of 640,000 shares of the Registrant's restricted Common Stock in
exchange for all of the outstanding MYS common stock and equity interests in
certain of MYS's subcontractors. The Stock and Investment Purchase Agreement
called for an aggregate purchase price of Two Million Dollars, payable in the
Registrant's restricted Common Stock, valued at the closing price of the
Registrant's Common Stock on the Closing Date. The purchase price was determined
through arms' length negotiations between the Sellers and the Registrant. Prior
to entering into the Stock and Investment Purchase Agreement there was no
material relationship between MYS or the Sellers, and the Registrant or any of
its officers, directors, affiliates or associates.
MYS is engaged in the research, design, development, manufacture and sale
of speakers. MYS maintains its corporate offices in Japan, with manufacturing
facilities in Malaysia and the United States.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a ) Financial Statements of Business Acquired; Pro Forma Financial
Information.
Audited financial statements of MYS for the periods required under
Regulation S-X are not presently available to the Registrant, as the
Registrant's auditors are in the process of completing their audit of MYS.
Accordingly, the Registrant will file the applicable audited financial
statements and related pro forma financial information required under Article 11
of Regulation S-X as soon as is practicable, but in no event later than November
4, 1996, in accordance with the Commission's rules.
(c) Exhibits.
2.1 Stock and Investment Purchase Agreement dated April 30, 1996, by
and among the Registrant, Sellers and MYS is hereby incorporated by reference
from Exhibit 10.36 to the Registrant's Report on Form 10-K/A for the fiscal year
ended February 29, 1996.
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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 thereunto duly authorized.
AURA SYSTEMS, INC.
(Registrant)
Date: September 20, 1996 By: /s/ Steven C. Veen
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Steven C. Veen,
Chief Financial Officer
(Chief Financial and Accounting
Officer)
