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 Report (Date of earliest event reported) July 11, 1997
Uroplasty, Inc.
(Exact name of registrant as specified in its charter)
Minnesota 000-20989 41-1719250
(State or other juris- (Commission File (IRS Employer
diction of incorporation) Number) Identification No.)
2718 Summer Street N.E., Minneapolis, Minnesota 55413
(Address of principal executive offices) (Zip Code)
Registrant`s telephone number, including area code: (612) 378-1180
Not applicable
(Former name or former address, if changed since last report)
Item 5. Other Events.
On July 11, 1997, the Registrant's second largest shareholder, the
Bioplasty Product Claimants Trust (the "Trust"), which prior to such date
owned 640,000 shares, or 17.5% of the Registrant's outstanding shares of
common stock, sold such shares to a group of investors (the "Investors").
In connection with such transaction, the Trust sold to the Investors its
interest in that certain Promissory Note, dated March 30, 1994, which, at
March 31, 1997, had a principal balance outstanding of $496,000.
Concurrently with the sale of the 640,000 shares to the Investors, the
Registrant agreed to convert and did convert the Note into 496,000 shares
of Common Stock, at a conversion ratio of $1.00 per share.
The Investors consisted of 34 individuals, retirement accounts and
corporations located primarily in the Minneapolis/St. Paul, Minnesota area.
Except for 36,480 shares sold by the Trust under Rule 144, each of the stock
certificates representing shares delivered to the Investors bore a restrictive
legend and was made subject to a Stop Transfer Order.
As a result of this transaction, the Company will have 4,145,525 shares of
common stock outstanding.
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.
UROPLASTY, INC.
Dated: July 18, 1997 By: /s/ Daniel G. Holman
Daniel G. Holman, President, CEO
