SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report: January 10, 1997
(Date of earliest event reported)
HOLLY HOLDINGS, INC.
Exact name of registrant as specified in its charter
New Jersey 1-12668 22-3172149
State of other jurisdiction Commission File No. I.R.S. Employer
of incorporation or organization ID No.
200 Monument Road, Suite 10, Bala Cynwyd, Pennsylvania 19004
(Address of principal executive offices)
Registrant's telephone number, including area code: (610) 617-0400
Holly Products, Inc.
(Former name or former address if changed since last report)
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Item 9. SALES OF EQUITY SECURITIES PURSUANT TO REGULATION S
On January 10, 1997 , Holly Holdings, Inc. ("the Company") issued to a
non-U.S. person, a warrant exercisable into 250,000 shares of the Company's
Common Stock at an exercise price of $1.00 per share. The warrant was issued
in an offshore transaction pursuant to the exemption under Regualtion S.
On January 24, 1997 , the Company closed an offering of 100,000, $10.00
Series E Convertible Preferred Stock (the "Series E Stock"), resulting in
gross proceeds of $1,000,000. The Series E Stock was offered through Baytree
Associates, Inc. acting as placement agent. Each share of Series E Preferred
Stock is convertible into shares of the Company's Common Stock at a rate
determinded by dividing $10.00 by the lesser of 75% of the closing bid price
as reported by NASDAQ, of the Company's Common Stock on the date of closing
of the subscription or 65% of the average closing bid price for the five (5)
trading days immediately preceding the date of conversion.
The offering was made only to "non-U.S. Persons" as defined in Regulation
S and the aggregate commision, expenses and legal fees related to the offering
totaled $150,000.
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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.
HOLLY HOLDINGS, INC.
By:__/s/ William H. Patrowicz__________
William H. Patrowicz, President
and Director
Date: January 24, 1997
