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.
November 11, 1996
Date of Report (Date of earliest event reported)
CELTIC INVESTMENT, INC.
(Exact name of Registrant as specified in its charter)
Delaware 33-37436-C 36-3729989
State of Commission File No. IRS Employer
Incorporation Identification No.
17W220 22nd Street, Suite 420
Oakbrook Terrace, IL 60181
(Address of principal executive offices)
(630) 993-9010
(Registrant's telephone number)
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Item 5. Other Events
The Company's outstanding Class "A" and Class "B" Common Stock Purchase
Warrants were previously extended to, and scheduled to expire on, December 31,
1996. The Warrants were issued as part of the Units sold in the Company's
initial public offering. The Class "A" Warrants entitle the holders to purchase
one share of the Company's cmmon stock at $4.00 per share and the Class "B"
Warrants entitle the holders to purchase one share of common stock at $8.00 per
share. Effective November 11, 1996, the Company's Board of Directors adopted a
resolution extending the exercise period of the Class "A" Common Stock Purchase
Warrants to June 30, 1997. The Class "B" Warrants were not extended by the Board
of Directors and accordingly, all of he Class "B" Warrants will expire on
December 31, 1996. The Warrants may not be exercised until such time as the
Company files a post-effective amendment to its registration statement, which
amendment contains updated financial statements and thereafter until such
amendment is declared effective by the Securities and Exchange Commission.
There are currently outstanding various options to purchase shares of the
Company's common stock. Such options include certain stock options which were
issued in connection with a private placement of the securities of U.S.
Commercial Funding Corp. ("USCF") in 1994. Atfer such options were issued, the
Company acquired USCF and such USCF stock options were exchanged for options to
purchase a total of 716,667 shares of the Company's common stock. Such options
expire on December 31, 1996. On November 11, 1996, the Company's Board of
Directors adopted a resolution extending the expiration date of such options to
June 30, 1997.
The Company sold units of its common stock and options to purchase common
stock in a private placement during 1994 and 1995. Such options entitle the
holders thereof to purchase a total of 1,333,334 shares of the Company's common
stock. Such options expire at various times during the next 60 days. On November
11, 1996, the Company's Board of Directors adopted a resolution extending the
expiration date of such options to June 30, 1997.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, the Registrant
has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
Dated: December 26, 1996 CELTIC INVESTMENT, INC.
By /s/ Douglas P. Morris
Douglas P. Morris
President
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