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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 AND EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): February 11, 1998
SI DIAMOND TECHNOLOGY, INC.
(Exact Name of Registrant as Specified in its Charter)
Texas
(State or Other Jurisdiction of Incorporation)
1-11602 76-0273345
(Commission File No.) (I.R.S. Employer Identification No.)
12100 Technology Boulevard
Austin, Texas 78727
(Address of Principal Executive Offices)
(512) 331-6200
(Registrant's Telephone Number, Including Area Code)
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Item 5. Other Events
On February 11, 1998, SI Diamond Technology, Inc. (the "Company")
announced that it received notification from the NASDAQ Stock Market that the
Company's common stock was delisted as of the close of business on February 10,
1998. NASDAQ's delisting notification was based on its review of the Company's
share price data, capital and surplus deficiencies. As a result of its
delisting, the Company expects its common stock to trade in the
over-the-counter market on the electronic bulletin board of the National
Association of Securities Dealers, Inc. The Company's trading symbol will
remain SIDT.
Item 7. Financial Statements and Exhibits.
(c) Exhibits:
99.1 Press Release of SI Diamond Technology, Inc. dated
February 11, 1998.
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.
SI DIAMOND TECHNOLOGY, INC.
By /s/ Douglas P. Baker
---------------------------------
Douglas P. Baker
Vice President and
Chief Financial Officer
Dated: February 13, 1998
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NEWS RELEASE
COMPANY CONTACT: MEDIA & INVESTOR RELATIONS:
Sara Breuer, Corporate Communications Manager Greg Facktor, Director
SI Diamond Technology, Inc. Jo Bandy, Vice President
512.250.2702 Market Pathways
714.955.1860
SIGNATURE FOR APPROVAL:
FOR IMMEDIATE RELEASE ---------------------------
2/10/98 3:24 PM
SI DIAMOND TO TRADE OVER-THE-COUNTER ON
ELECTRONIC BULLETIN BOARD OF NASD
AUSTIN, Texas, Feb. 11, 1998 - SI Diamond Technology, Inc. (OTCBB:SIDT)
announced today that it has received notification from the Nasdaq Stock Market
that the company's common stock was delisted as of the close of business on
February 10, 1998. Nasdaq's delisting notification was based on its review of
the company's share price data, capital and surplus deficiencies.
For continued listing on the Nasdaq SmallCap Market(TM), the common stock must
maintain a minimum bid of $1.00 or, as an alternative if the bid is less than
$1.00, maintain net tangible assets of $4 million and a market value of the
public float of at least $3 million. Nasdaq's determination noted that as of
February 6, 1998, the company's common stock had failed to maintain a closing
bid price of greater than, or equal to, $1.00, with its closing bid price on
February 6, 1998, of $0.34375. Consequently, the market capitalization and
market value of public float as of that date, were $6,254,811 and $3,529,428
respectively.
Further, the Form 10-Q for the quarter ended September 30, 1997, reported
$3,249,110 in total assets and $10,540 in capital and surplus, below the
requirement as stated above. Following its delisting, the company expects its
common stock to trade in the over-the-counter market on the electronic bulletin
board of the National Association of Securities Dealers, Inc. Its trading
symbol will remain SIDT.
SI Diamond Technology is a holding company consisting of three wholly owned
subsidiaries. SIDT's Diamond Tech One subsidiary provides wafer bumping and
other micro-interconnect services for the semi-conductor and display
industries. The Field Emission Picture Element Technology subsidiary is
developing products for applications utilizing SIDT's proprietary field
emission technology. The Electronic Billboard Technology subsidiary is geared
toward the commercialization of SIDT's digitized sign technology.
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