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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. ____)*
M-WAVE, INC.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
554034 10 8
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(CUSIP Number)
December 31, 1999
-----------------
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
// Rule 13d-1(b)
// Rule 13d-1(c)
// Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
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CUSIP NO. 554034 10 8 13G PAGE 2 OF 9 PAGES
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1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
First Chicago Equity Corporation 36-2464372
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Illinois
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5 SOLE VOTING POWER
694,464 shares
NUMBER OF
SHARES
-----------------------------------------------------------
6 SHARED VOTING POWER
BENEFICIALLY -0-
OWNED BY
-----------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
694,464 shares
REPORTING
-----------------------------------------------------------
PERSON
8 SHARED DISPOSITIVE POWER
WITH -0-
- ------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
694,464 shares
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[_]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
23.4%
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12 TYPE OF REPORTING PERSON*
CO
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CUSIP NO. 554034 10 8 13G PAGE 3 OF 9 PAGES
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1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
BANK ONE CORPORATION
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF 5 SOLE VOTING POWER
-0-
SHARES
-----------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
-0-
OWNED BY
-----------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
-0-
REPORTING
------------------------------------------------------------
PERSON 8 SHARED DISPOSITIVE POWER
-0-
WITH
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
None except indirectly through one or more subsidiaries as reported
herein. See Item 4.
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[_]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
-0-
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12 TYPE OF REPORTING PERSON*
CO HC
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CUSIP NO. 554034 10 8 13G PAGE 4 OF 9 PAGES
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1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
First Chicago Financial Corporation
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF 5 SOLE VOTING POWER
-0-
SHARES
-----------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
-0-
OWNED BY
-----------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
-0-
REPORTING
-----------------------------------------------------------
PERSON 8 SHARED DISPOSITIVE POWER
-0-
WITH
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
None except indirectly through one or more subsidiaries as reported
herein. See Item 4.
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[_]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
-0-
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12 TYPE OF REPORTING PERSON*
CO
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Item 1(a). Name of Issuer:
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M-Wave, Inc. (the "Company")
Item 1(b). Address of Issuer's Principal Executive Offices:
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216 Evergreen Street
Bensenville, Illinois 60106
Item 2(a). Name of Person Filing:
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BANK ONE CORPORATION ("ONE") is filing this statement on behalf of
itself and First Chicago Equity Corporation ("FCEC") and First
Chicago Financial Corporation ("FCFC"), both wholly owned
subsidiaries. FCFC is the direct parent corporation of FCEC. The
agreement of ONE, FCFC and FCEC to file joint disclosure statements
on Schedule 13G is filed as Exhibit A hereto.
Item 2(b). Address of Principal Business Office:
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For ONE, FCFC and FCEC:
One First National Plaza
Chicago, Illinois 60670
Item 2(c). Citizenship:
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FCEC is a corporation organized under the laws of the State of
Illinois. ONE and FCFC are corporations organized under the laws of
the State of Delaware.
Item 2(d). Title of Class of Securities:
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Common Stock (the "Common")
Item 2(e). CUSIP Number
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554034 10 8
Item 3. Type of Person Filing:
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Not applicable.
Item 4. Ownership:
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(a)-(b) FCEC owns warrants (the "Warrants") which are exercisable on
a one-for-one basis into 694,464 shares of Common under the terms
and conditions described herein. The Warrants are exercisable at any
time prior to the fifth anniversary of the date of issuance (the
"Issue Date") in the event that the Company publicly announces its
intention to enter into an Extraordinary Transaction. For purposes
of the Warrants, "Extraordinary Transaction" is defined to include
any of the following involving the Company or any of its material
subsidiaries: (i) any merger, consolidation, share exchange,
recapitalization, business combination or other similar transaction,
which in each case is effected in such a way that the holders of
shares of Common are entitled to receive stock, securities or assets
with respect to or in exchange for shares of Common; (ii) any sale,
lease, exchange, transfer or other disposition of 60% or more of the
assets of the Company and its subsidiaries, taken as a whole, in a
single transaction or series of transactions; (iii) any tender offer
or exchange for 50% or more of the outstanding shares of capital
stock of the Company; (iv) any voluntary or
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involuntary dissolution, liquidation
or other winding up of the Company or any of its material subsidiaries;
(v) any "person" or "group" (as such term is used in Section 13(d)(3)
and 14(d) of the Securities Exchange Act of 1934, as amended (the
"Exchange Act")) (other than Joseph A. Turek) solely by virtue of any
voting agreements he may have with FCEC or Cross Creek Partners II, an
Illinois general partnership ("Cross Creek") and their affiliates
becomes, directly or indirectly, the "beneficial owner" (as defined in
Rule 13(d)(3) and 13(d)(5) under the Exchange Act) of more than 50% of
the combined voting power of the then outstanding securities of the
Company entitled to vote generally in the election of directors of the
Company ("Voting Power"); or (vi) the sale by the Company of shares of
Common or other capital stock (or securities convertible into Common or
other capital stock) that represent greater than 25% of the outstanding
Voting Power before such issuance.
Upon consummation of any Extraordinary Transaction of the type set
forth in clause (i) or (iv) of the preceding paragraph and without any
action on the part of the holders of the Warrants, the Warrants will be
automatically canceled with respect to any remaining shares of Common
for which the holder has not properly exercised.
The exercise price per share of Common (the "Exercise Price") subject
to the Warrants is equal to:
Date of Exercise Exercise Price
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<TABLE>
<CAPTION>
<S> <C>
Before the First Anniversary of the Issue Date $1.00
From the First Anniversary until the day pre- $1.05
ceding the Second Anniversary of the Issue
Date
From the Second Anniversary until the day pre- $1.10
ceding the Third Anniversary of the Issue Date
From the Third Anniversary until the day pre- $1.15
ceding the Fourth Anniversary of the Issue Date
From the Fourth Anniversary until the day pre- $1.20
ceding the Fifth Anniversary of the Issue Date
</TABLE>
ONE may be deemed to own the shares deemed to be beneficially owned by
FCEC solely through its ownership of FCEC. FCFC may be deemed to own
the shares deemed to be beneficially owned by FCEC solely through its
ownership of FCEC.
Cross Creek is a general partnership composed of individual
officers of The First National Bank of Chicago, a subsidiary of ONE.
ONE, FCFC AND FCEC DISCLAIM ANY GROUP STATUS WITH CROSS CREEK AND
FURTHER DISCLAIM ANY BENEFICIAL OWNERSHIP OF SHARES OF COMMON HELD BY
CROSS CREEK.
(c) See items 5 through 9 and item 11 on pages two through four
hereof.
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Item 5. Ownership of Five Percent or Less of a Class:
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Not applicable.
Item 6. Ownership of More Than Five Percent on Behalf of Another Person:
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Not applicable.
Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported On by the Parent Holding Company:
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Not applicable.
Item 8. Identification and Classification of Member of the Group:
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Not applicable.
Item 9. Notice of Dissolution of Group:
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Not applicable.
Item 10. Certification:
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Not applicable.
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Signature:
- ---------
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: February 10, 1999
BANK ONE CORPORATION
By: /s/ M. Eileen Kennedy
__________________________________
M. Eileen Kennedy
Treasurer
FIRST CHICAGO FINANCIAL CORPORATION
By: /s/ M. Eileen Kennedy
__________________________________
M. Eileen Kennedy
Assistant Treasurer
FIRST CHICAGO EQUITY CORPORATION
By: /s/ M. Eileen Kennedy
__________________________________
M. Eileen Kennedy
Treasurer
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<PAGE>
EXHIBIT A
AGREEMENT
The undersigned hereby agree, pursuant to Section 240.13d-1(f)(1), that the
statement on Schedule 13G (including all amendments thereto) to which this
Agreement is attached is to be filed on behalf of each of the undersigned and
that BANK ONE CORPORATION may file a Schedule 13G under the Securities Exchange
Act of 1934, as amended, and all amendments to such Schedule, with respect to
the shares of Common Stock of M-Wave, Inc. on behalf of the undersigned.
Dated: February 10, 1999
BANK ONE CORPORATION
By: /s/ M. Eileen Kennedy
____________________________________
M. Eileen Kennedy
Treasurer
FIRST CHICAGO FINANCIAL CORPORATION
By: /s/ M. Eileen Kennedy
______________________________________
M. Eileen Kennedy
Assistant Treasurer
FIRST CHICAGO EQUITY CORPORATION
By: /s/ M. Eileen Kennedy
______________________________________
M. Eileen Kennedy
Treasurer
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