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 earliest event reported: NOVEMBER 6, 1998
MIAMI SUBS CORPORATION
(Exact name of registrant as specified in its charter)
FLORIDA 0-19623 65-0249329
(State or other jurisdiction (Commission (IRS employer
of incorporation) file number) identification no.)
6300 N.W. 31ST AVENUE, FORT LAUDERDALE, FLORIDA 33309
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (954) 973-0000
ITEM 5. OTHER EVENTS
On November 6, 1998, the Registrant, Miami Subs Corporation, a Florida
corporation, in response to the Company's request for continued inclusion on
the Nasdaq National Market, received notice from a Nasdaq Listing
Qualifications Panel (the "Panel") that Nasdaq granted the Company a temporary
exception to the minimum bid price requirement and that trading in the
Company's common stock will be moved to the Nasdaq SmallCap Market effective
November 9, 1998 pursuant to the following exception. On or before December
2, 1998, the Company must effect a reverse stock split sufficient to evidence
a minimum closing bid price of at least $1.00 per share; immediately
thereafter, the Company's closing bid price must meet or exceed $1.00 per
share for a minimum of ten consecutive trading days. In order to fully comply
with this exception the Company must be able to demonstrate compliance with
all requirements for continued listing on The Nasdaq SmallCap Market,
including the payment of all fees owed by the Company to The Nasdaq Stock
Marketsm. In the event the Company fails to comply with any of the terms of
this exception, its securities will be delisted from The Nasdaq Stock Market.
The Company has taken certain steps to effect a reverse stock split and
believes that it can meet these conditions, however, there can be no assurance
that it will do so.
For the duration of the exception, the Company's Nasdaq symbol will be
"SUBSC." In the event the Company is deemed to have met the terms of this
exception and all other criteria necessary for continued listing, it would
continue to be listed on The Nasdaq SmallCap Market and the "C" would be
removed from the symbol.
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.
MIAMI SUBS CORPORATION
Date: November 10, 1998 By: /s/ Jerry W. Woda
JERRY W. WODA
Senior Vice President,
Chief Financial Officer, and
Principal Accounting and
Financial Officer
