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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
June 30, 2000
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Date of Report (Date of earliest event reported)
Illinois Superconductor Corporation
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(Exact name of registrant as specified in its charter)
Delaware 0-22302 36-3688459
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
451 Kingston Court, Mt. Prospect, Illinois 60056
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(Address of principal executive offices) (Zip Code)
(847) 391-9400
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(Registrant's telephone number)
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ITEM 5. OTHER EVENTS.
1. On June 30, 2000, Illinois Superconductor Corporation issued a press
release announcing that it was adjourning its Annual Meeting until July 18,
2000. A copy of the June 30, 2000 press release is attached hereto as Exhibit
99.1.
2. On June 30, 2000, the Company received a letter (the "Extension Letter")
from Elliott Associates, L.P., Westgate International, L.P. and Alexander
Finance, LP (collectively, the "Investors") in which each Investor severally
agreed to refrain from exercising its right pursuant to certain convertible
notes (the "Notes") to cause such Notes to be redeemed until July 18, 2000. As
described in the Company's definitive proxy statement filed with the Securities
and Exchange Commission on April 7, 2000, on July 18, in the absence of another
extension, the Investors would have the right to have their outstanding Notes
redeemed for an amount equal to the greater of (i) the outstanding principal
amount at the time the Notes are tendered to the Company (the "Tender Date"),
plus accrued and unpaid cash interest on the tendered Notes or (ii) the average
closing bid price per share of the Company's common stock for the 5 trading days
preceding the Tender Date multiplied by the number of shares the Investors would
have received if they had been able to convert the outstanding aggregate
principal amount of such Notes into shares of common stock at a conversion price
of $0.25, as provided under the terms of the Notes. The Company, at this time,
does not have sufficient liquid assets to comply with such a redemption demand.
A copy of the Extension Letter is attached hereto as Exhibit 99.2
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
Items (a) and (b) are inapplicable.
(c) Exhibits.
99.1 Press Release issued by Illinois Superconductor Corporation on June
30, 2000 announcing the adjournment of the Company's Annual Meeting
until July 18, 2000.
99.2 Letter dated June 30, 2000 from Elliott Associates, L.P., Westgate
International, L.P. and Alexander Finance, LP to the Company.
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SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ILLINOIS SUPERCONDUCTOR CORPORATION
By: /s/ CYNTHIA QUIGLEY
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Cynthia Quigley, Chief Financial Officer
Dated: June 30, 2000
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EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
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99.1 Press Release issued by Illinois Superconductor
Corporation on June 30, 2000 announcing the
adjournment of the Company's Annual Meeting until
July 18, 2000.
99.2 Letter dated June 30, 2000 from Elliott Associates,
L.P., Westgate International, L.P. and Alexander
Finance, LP to the Company.
