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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20459
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) July 2, 1998
CREDIT DEPOT CORPORATION
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(Exact name of registrant as specified in its charter)
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<CAPTION>
Delaware 0-19420 58-1909265
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(State or other jurisdiction of (Commission file number) (I.R.S. Employer Identification No.)
incorporation or organization)
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700 Wachovia Center
Gainesville, Georgia
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(Address of principal executive offices)
30501
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(Zip code)
(770) 531-9927
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(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS
On July 2, 1998, Credit Depot Corporation (the "Company") received a
letter from the Nasdaq Stock Market ("Nasdaq") notifying the Company that it
intended to delist the Company's common stock (the "Common Stock") from the
Nasdaq SmallCap Market (the "Market") for (a) failure to meet Nasdaq net
tangible asset requirements (b) failure to meet Nasdaq notification
requirements to shareholders regarding the recent issuance of convertible
preferred stock and warrants (as described the Company's Current Report on Form
8-K dated May 22, 1998), and (c) failure to maintain a minimum bid price of $1
on the Common Stock. The Common Stock did, in fact, maintain a minimum bid
price at or above $1 for the required number of days during the cure period.
Nasdaq has subsequently advised the Company that it has removed this reason for
delisting. Management of the Company also believes that the net tangible asset
requirement has been met and that the notification requirement can be readily
accommodated. As such, Management has requested a hearing before Nasdaq to
present the Company's position. This hearing is anticipated to occur in
mid-August of 1998. Nasdaq has advised the Company that the Common Stock will
continue to be listed pending the outcome of the hearing. While Management
believes it can successfully accommodate Nasdaq, there can be no assurance that
the Company will prevail at the hearing. If Nasdaq does not accept the
Company's position on the listing deficiencies and actually delists the Common
Stock subsequent to the hearing, then the Company believes the Common Stock
would trade on the Over-The-Counter Bulletin Board and be subject to additional
sales practices as more fully described in the Company's Current Report on Form
8-K dated February 9, 1998.
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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.
CREDIT DEPOT CORPORATION
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(Registrant)
Date: July 7, 1998 /s/ Ralph J. DeBee
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Ralph J. DeBee
(President and Chief Executive Officer)
Date: July 7, 1998 /s/ Charles D. Farrahar
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Charles D. Farrahar
(Vice President and Chief Financial Officer)
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