<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
Commission File Number 0-21042
NOTIFICATION OF LATE FILING
(Check One): [ ] Form 10-K [ ] Form 11-K [ ] Form 20-F
[X] Form 10-Q [ ] Form N-SAR
For Period Ended: September 30, 1997
[ ] Transition Report on Form 10-K [ ] Transition Report on Form 10-Q
[ ] Transition Report on Form 20-F [ ] Transition Report on Form N-SAR
[ ] Transition Report on Form 11-K
For the Transition Period Ended: _______________________________________
Nothing in this form shall be construed to imply that the Commission has
verified any information contained herein.
If the notification relates to a portion of the filing checked above,
identify the item(s) to which the notification relates: _____________________
_____________________________________________________________________________
PART I
REGISTRANT INFORMATION
Full name of registrant: MOLTEN METAL TECHNOLOGY, INC.
Former name if applicable:___________________________________________________
Address of principal executive office (Street and number): 400-2 Totten Pond
Road
City, state and zip code: Waltham, Massachusetts 02154
PART II
RULE 12B-25 (b) AND (c)
If the subject report could not be filed without unreasonable effort or
expense and the registrant seeks relief pursuant to Rule 12b-25(b), the
following should be completed. (Check appropriate box.)
[X] (a) The reasons described in reasonable detail in Part III of this form
could not be eliminated without unreasonable effort or expense;
[X] (b) The subject annual report, semi-annual report, transition report on Form
10-K, 20-F, 11-K or Form N-SAR, or portion thereof will be filed on or
before the 15th calendar day following the prescribed due date; or the
subject quarterly report or transition report on Form 10-Q, or portion
thereof will be filed on or before the fifth calendar day following the
prescribed due date; and
[ ] (c) The accountant's statement or other exhibit required by Rule 12b-25(c)
has been attached if applicable.
<PAGE> 2
PART III
NARRATIVE
State below in reasonable detail the reasons why Form 10-K, 11-K, 20-F,
10-Q, N-SAR or the transition report portion thereof could not be filed within
the prescribed time period.
As noted in the press release issued by the registrant on October 29,
1997 with respect to the registrant's preliminary third quarter results, the
registrant is reviewing the carrying value of its investment in its Bay City,
Texas facility pursuant to SFAS 121. Until this review is completed, the
registrant's financial statements for the quarter ended September 30, 1997
cannot be completed. In addition, as described in the registrant's Form 10-Q
for the quarter ended June 30, 1997, the registrant has been seeking to close a
$20 million bond financing for its wholly-owned subsidiary, MMT of Tennessee
Inc. Although the registrant completed a $20 million equity financing in
September 1997 which it expected would facilitate completion of the bond
financing, to date the registrant has been unable to close this financing. No
assurances can be given as to whether the registrant will be able to close this
bond financing on acceptable terms, if at all. In addition,in order to address
both its short-term and long-term liquidity needs, the Company is pursuing
various other financing opportunities, including equity and/or debt financing
from private investors, and also is seeking a strategic partner to support one
or more of the registrant's business segments. Without the completion of the
bond financing or substantial additional financing, the Company will not have
sufficient funds to continue normal operations after November 1997. As a result
of the SFAS 121 review and the uncertainties related to the foregoing financing
requirements, the registrant will be unable, without unreasonable effort or
expense, to file its Form 10-Q for the quarter ended September 30, 1997 by the
required November 14, 1997 filing date.
PART IV
OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Ethan E. Jacks 781 487-7626
- --------------------------------------------------------------------------------
(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d) of
the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act
of 1940 during the preceding 12 months or for such shorter period that the
registrant was required to file such report(s) been filed? If the answer is no,
identify report(s).
[X] Yes [ ] No
(3) Is it anticipated that any significant change in results of operations
from the corresponding period for the last fiscal year will be reflected by the
earnings statements to be included in the subject report or portion thereof?
[X] Yes [ ] No
If so: attach an explanation of the anticipated change, both narratively
and quantitatively, and, if appropriate, state the reasons why a reasonable
estimate of the results cannot be made.
As described in the press release issued by the registrant on October 29,
1997 with respect to the registrant's preliminary third quarter results, the
registrant's preliminary net loss for the quarter ended September 30, 1997 was
materially higher than the net loss for the quarter ended September 30, 1996,
primarily due to a reduction in revenues from technology transfer fees and
construction and research and development activities. The registrant incurred a
preliminary net loss of $24.6 million for the quarter ended September 30, 1997
as compared to a net loss of $5.3 million for the nine months ended September
30, 1996, and a preliminary net loss of $73.9 million for the nine months ended
September 30, 1997 as compared to a net loss of $5.6 million for the nine months
ended September 30, 1996. Revenues for the third quarter of 1997 decreased to
$6,428,000 from $15,076,000 in the third quarter of 1996, and decreased to
$17,962,000 for the nine months ended September 30, 1997 from $55,303,000 for
the nine months ended September 30, 1996.
2
<PAGE> 3
MOLTEN METAL TECHNOLOGY, INC.
- --------------------------------------------------------------------------------
(Name of Registrant as Specified in Charter)
Has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date: November 14, 1997 By: /s/ F. Gordon Bitter
--------------------------
F. Gordon Bitter
Chief Financial Officer
3
