-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, D34AtugVqrK9VN5bUzzZzkyn7tN4HkO9UkZgo+3iCoaSnn7PHr9rcP1ANrd98J0y jDa3N2kGSrG53XGF3N5TSQ== 0000950117-96-000521.txt : 19960523 0000950117-96-000521.hdr.sgml : 19960523 ACCESSION NUMBER: 0000950117-96-000521 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19960509 ITEM INFORMATION: Other events FILED AS OF DATE: 19960522 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: NAI TECHNOLOGIES INC CENTRAL INDEX KEY: 0000072575 STANDARD INDUSTRIAL CLASSIFICATION: COMPUTER TERMINALS [3575] IRS NUMBER: 111798773 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-03704 FILM NUMBER: 96570768 BUSINESS ADDRESS: STREET 1: 1000 WOODBURY RD STREET 2: SUITE 412 CITY: WOODBURY STATE: NY ZIP: 11797-2530 BUSINESS PHONE: 5163644433 MAIL ADDRESS: STREET 1: 1000 WOODBURY ROAD STE 412 STREET 2: 1000 WOODBURY ROAD STE 412 CITY: WOODBURY STATE: NY ZIP: 11797-2530 FORMER COMPANY: FORMER CONFORMED NAME: NORTH ATLANTIC INDUSTRIES INC DATE OF NAME CHANGE: 19920703 8-K 1 NAI TECHNOLOGIES, INC. FORM 8-K 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): May 9, 1996 ------------------- NAI Technologies, Inc. ----------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) 0-3704 ---------------------------------- (Commission File Number) New York 11-1798773 ---------------------------------- ---------------------- (State or other jurisdiction (I.R.S. Employer of incorporation or organization) Identification Number) 2405 Trade Centre Avenue Longmont, Colorado 80503 ---------------------------------- ---------------------- (Address of principal (Zip Code) executive offices) Registrant's telephone number, including area code (303) 776-5674 ------------------- ----------------------------------------------------------------------------- (Former name or former address, if changed since last report) Page 1 of 7 Pages Exhibit Index on Page 4 Item 5. Other Events On May 9, 1996, NAI Technologies, Inc., a New York corporation (the "Company"), entered into an agreement with Charles S. Holmes, a member of the Company's Board of Directors ("Mr. Holmes"), that in consideration of his converting the 12% Convertible Subordinated Promissory Note due 2001 of the Company in the aggregate unpaid principal amount of $2,000,000 held by him (the "Note") into 1,000,000 shares of common stock, par value $.10 per share (the "Common Stock"), of the Company as provided in Section 6 of the Note (the "Conversion") which enabled the Company to achieve recompliance with the Net Tangible Asset Requirement of The Nasdaq Stock Market, the Company would immediately grant him warrants to purchase 300,000 shares of Common Stock at any time and from time to time on or before February 15, 2002 at an exercise price of $3.00 per share, subject to adjustment in certain events (the "Additional Warrants"). Mr. Holmes had previously received warrants to purchase 1,700,000 shares of Common Stock before February 15, 2002 at an exercise price of $2.50 per share (subject to adjustment in certain events) from the Company in connection with the Company's private placement of Notes and warrants in the first quarter of 1996. The foregoing description of the Conversion of the Note and the issuance of the Additional Warrants is a summary of certain of the provisions contained in a Letter Agreement with respect thereto and reference is made to a copy of such agreement which is attached hereto as Exhibit 1 and is incorporated herein by reference for all of its terms and conditions. The Company has prepared and is filing herewith Pro Forma Consolidated Balance Sheets as of April 27, 1996 showing the balance sheet effect of the Conversion of the Note and the issuance of the Additional Warrants and reference is made to a copy of such Pro Forma Consolidated Balance Sheets which is attached hereto as Exhibit 2 and is incorporated herein by reference. -2- 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 hereunto duly authorized. NAI TECHNOLOGIES, INC. By:/s/ Richard A. Schneider -------------------------- Name: Richard A. Schneider Title: Executive Vice President and Chief Financial Officer Date: May 20, 1996 -3- EXHIBIT INDEX
Exhibit No. Description - ----------- ----------- 1. Letter Agreement, dated May 9, 1996, between Charles S. Holmes and the Company. 2. Pro Forma Consolidated Balance Sheets as of April 27, 1996 of NAI Technologies, Inc. and Subsidiaries.
-4- EX-99 2 EXHIBIT 1 Exhibit 1 NAI TECHNOLOGIES, INC. 2405 Trade Centre Avenue Longmont, Colorado 80503 May 9, 1996 Mr. Charles S. Holmes P.O. Box 2850 Southampton, New York 11969 Re: NAI Technologies, Inc. 12% Convertible Subordinated Promissory Notes --------------------------- Dear Charlie: Reference is made to the 12% Convertible Subordinated Promissory Note due 2001 of NAI Technologies, Inc. (the "Company") in the aggregate unpaid principal amount of $2,000,000 (the "Note") held by you. In consideration of your converting such Note into 1,000,000 shares (the "Conversion Shares") of common stock, par value $.10 per share (the "Common Stock"), of the Company as provided in Section 6 of the Note which will enable the Company to achieve recompliance with the Net Tangible Asset Requirement of The Nasdaq Stock Market ("Nasdaq"), the Company agrees to immediately grant you warrants to purchase 300,000 shares of Common Stock at any time and from time to time on or before February 15, 2002 at an exercise price of $3.00 per share, subject to adjustment in certain events. Such warrants will not contain the EBITDA adjustment to the exercise price but will otherwise be similar to the warrants purchased by you with your Note and will be delivered to you as soon as practicable. If the foregoing is acceptable to you, please so indicate by signing your name in the space provided below. Very truly yours, NAI TECHNOLOGIES, INC. By: /s/ Robert A. Carlson ---------------------- Robert A. Carlson Chairman and Chief Executive Officer Accepted and agreed as of the date first above written: /s/ Charles S. Holmes - --------------------- Charles S. Holmes -5- EX-99 3 EXHIBIT 2 Exhibit 2 NAI TECHNOLOGIES, INC. AND SUBSIDIARIES Pro Forma Consolidated Balance Sheets As of April 27, 1996 (in thousands)
- ---------------------------------------------------------------------------------------- As Pro Reported Adjustments Forma - ---------------------------------------------------------------------------------------- ASSETS Current Assets: Cash and cash equivalents 1,552 1,552 Accounts receivable, net 11,510 11,510 Inventories, net 14,133 14,133 Deferred tax asset 384 384 Other current assets 644 644 - ----------------------------------------------------------------------------------------- Total current assets 28,223 0 28,223 - ----------------------------------------------------------------------------------------- Property, plant and equipment, net 5,124 5,124 Excess of cost over fair value of assets acquired, net 10,128 10,128 Notes receivable -- -- Other assets 3,044 150 3,194 - ----------------------------------------------------------------------------------------- Total assets 46,519 150 46,669 - ----------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------- LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable 8,048 8,048 Current installments of long-term debt 2,671 2,671 Accrued payroll and commissions 419 419 Other accrued expenses 3,891 3,891 Income taxes payable 420 420 - ----------------------------------------------------------------------------------------- Total current liabilities 15,449 0 15,449 - ----------------------------------------------------------------------------------------- Long-term debt 17,573 (1,750) 15,823 Other accrued expenses 2,506 2,506 Deferred income taxes 384 384 - ----------------------------------------------------------------------------------------- Total liabilities 35,912 (1,750) 34,162 - -----------------------------------------------------------------------------------------
-6-
- ---------------------------------------------------------------------------------------- As Pro Reported Adjustments Forma - ---------------------------------------------------------------------------------------- Shareholders' Equity: Capital Stock: Preferred stock, no par value, 2,000,000 shares authorized and unissued -- -- Common stock, $.10 par value, 25,000,000 shares authorized; shares issued: 7,459,437 746 100 846 Capital in excess of par value 17,305 1,800 19,105 Foreign currency translation adjustment (14) (14) Retained earnings (7,430) (7,430) - ----------------------------------------------------------------------------------------- Total shareholders' equity 10,607 1,900 12,507 - ----------------------------------------------------------------------------------------- Total liabilities and shareholders' equity 46,519 150 46,669 - ----------------------------------------------------------------------------------------- - -----------------------------------------------------------------------------------------
-7- -----END PRIVACY-ENHANCED MESSAGE-----