-----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, ETe/MSm+KQsNOJ1L1gYBYjfEj4EUHknnNe2yD6agsN4hfeD3JhFiXslBY3PFGpmU SPLNaqcafh+72ExFEMRfBQ== 0000912057-97-032352.txt : 19971002 0000912057-97-032352.hdr.sgml : 19971002 ACCESSION NUMBER: 0000912057-97-032352 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970930 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19971001 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: INTERLEAF INC /MA/ CENTRAL INDEX KEY: 0000793604 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 042729042 STATE OF INCORPORATION: MA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-14713 FILM NUMBER: 97689235 BUSINESS ADDRESS: STREET 1: PROSPECT PLACE STREET 2: 9 HILLSIDE AVE CITY: WALTHAM STATE: MA ZIP: 02154 BUSINESS PHONE: 6172900710 8-K 1 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: SEPTEMBER 30, 1997 (Date of earliest event reported) COMMISSION FILE NUMBER 0-14713 [LOGO] INTERLEAF, INC. (exact name of registrant as specified in its charter) Massachusetts 04-2729042 (State or other jurisdiction (I.R.S. employer of incorporation or organization) identification number) 62 FOURTH AVENUE, WALTHAM, MA 02154 (Address of principal executive offices) (Zip Code) - ----------------------------------------------------------------------------- - ----------------------------------------------------------------------------- INTERLEAF, INC. ITEM 5. OTHER EVENTS 1997 PRIVATE PLACEMENT On September 30, 1997, Interleaf, Inc. (the "Company") completed a private placement transaction pursuant to which it received aggregate net proceeds of approximately $6.8 million (after cash fees to the placement agent and estimated transaction expenses) from the issuance of shares of the Company's 6% Convertible Preferred Stock ("Convertible Preferred Stock") and related placement agent warrants. Such transaction is referred to in this Form 8-K as the "1997 Private Placement," and the related securities issuances (including shares of the Company's Common Stock ("Common Stock") issuable upon the conversion of shares of Convertible Preferred Stock, as dividends thereon and upon exercise of the placement agent warrants) are referred to as the "1997 Private Placement Issuances." All of the securities sold in the 1997 Private Placement were sold in a private placement solely to accredited investors. The offering is complete and all shares of Convertible Preferred Stock have been placed. Certain provisions relating to the conversion of the Convertible Preferred Stock allow for their conversion at prices discounted to the trading price from time to time of the Common Stock on the Nasdaq Stock Market, Inc. ("Nasdaq") national market. Upon such conversion, these provisions will result in dilution to holders of outstanding shares of Common Stock. However, under the terms of the Convertible Preferred Stock, no conversion of the Convertible Preferred Stock into Common Stock is permitted for a period of 90 days from and after the closing of the 1997 Private Placement on September 30, 1997, so that no such dilution can take place for at least this period. SUBSEQUENT FILINGS In accordance with Exchange Act Release No. 37801 (October 10, 1996), the Company will make the disclosures required under Item 701 of Regulation S-K in its quarterly report on Form 10-Q to be filed on or before November 14, 1997. COMMUNICATIONS WITH NASDAQ In letters dated September 5, 1997 and September 25, 1997, Nasdaq informed the Company that in order to prevent delisting the Company would need to complete the 1997 Private Placement and file this Form 8-K demonstrating compliance with Nasdaq Marketplace Rule 4450(a)(3)(C) using pro-forma information with June 30, 1997 as the base on or prior to October 1, 1997. As a result of the 1997 Private Placement, the Company is able to demonstrate such pro-forma compliance as shown in the financial statements included under Item 7 of this Form 8-K. Thus, the Common Stock of the Company will continue to be listed on the Nasdaq National Market from and after October 1, 1997 on the same basis as previously. The Company has made the following commitments to Nasdaq in connection with such continued listing: S The Company will seek stockholder approval of the 1997 Private Placement in a special meeting to be held not more than 90 days after the closing of the transaction. S The Company will reserve $1 million dollars from the proceeds of the 1997 Private Placement for a period of 18 months after the closing to be used solely for purposes of funding the "Green Floor" which permits the Company to make cash payments in lieu of certain 1997 Private Placement Issuances. The Company will use the full $1 million to exercise the "Green Floor" in order to prevent to the extent possible dilution equaling or exceeding 20% of the total shares of Common Stock outstanding prior to completion of the 1997 Private Placement. S Common Stock issued upon the conversion of the Convertible Preferred Stock will not be allowed to vote in the shareholder vote on the 1997 Private Placement. STOCKHOLDER APPROVAL The Company intends to seek stockholder approval of the 1997 Private Placement at a special meeting called solely for this purpose to be held at the Company's principal executive offices at 62 Fourth Avenue, Waltham, Massachusetts on or about November 15, 1997. The record date for this special meeting has been set at October 15, 1997. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (c) Exhibits. Exhibit No. Exhibit 99 Pro Forma Balance Sheet of the Company, at June 30, 1997, including the 1997 Private Placement. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized. INTERLEAF, INC. September 30, 1997 /s/ Jaime W. Ellertson --------------------------- Jaime W. Ellertson President EX-99 2 EXHIBIT 99 Exhibit 99 Interleaf, Inc. Consolidated Balance Sheets (In thousands)
JUNE 30, 1997 PROFORMA ADJUSTMENTS JUNE 30, 1997 ------------- ----------- ------------- ASSETS (UNAUDITED) (UNAUDITED) Current Assets Cash and cash equivalents.............................................. $ 18,031 $ 6,848 $ 24,879 Accounts receivable, net of reserve for doubtful accounts 7,922 of $1,377 at June 30, 1997............................................. 7,922 0 Prepaid expenses and other current assets.............................. 1,532 1,532 ------------- ----------- ------------- Total Current Assets................................................... 27,485 6,848 34,333 Property and equipment, net............................................ 4,423 4,423 Intangible assets...................................................... 1,946 1,946 Other assets........................................................... 444 444 ------------- ----------- ------------- Total Assets........................................................... 34,298 6,848 41,146 ------------- ----------- ------------- ------------- ----------- ------------- LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) Current Liabilities Accounts payable....................................................... 2,544 703 3,247 Accrued expenses....................................................... 11,845 11,845 Unearned revenue....................................................... 13,819 13,819 Accrued restructuring.................................................. 3,598 3,598 ------------- ----------- ------------- Total Current Liabilities.............................................. 31,806 703 32,509 Long-term restructuring................................................ 2,744 2,744 ------------- ----------- ------------- Total Liabilities...................................................... 34,550 703 35,253 ------------- ----------- ------------- ------------- ----------- ------------- Shareholders' Equity (Deficit) Preferred stock, par value $.10 per authorized 5,000,000 shares: Series A Junior Participating, none issued and outstanding Senior Series B convertible, issued and outstanding, 861,911 at June 30, 1997........................................................ 86 86 Senior Series C convertible, issued and outstanding, 1,006,480 at June 30, 1997; 1,013,980 issued and outstanding (proforma)................ 101 -- 101 Common stock, par value $.01 per share, authorized 30,000,000 shares, issued and outstanding, 17,709,719 at June 30, 1997.................. 177 177 Additional paid-in capital............................................. 85,747 6,145 91,892 Retained earnings(deficit)............................................. (86,122) (86,122) Cumulative translation adjustment...................................... (241) (241) 0 ------------- ----------- ------------- Total Shareholders' Equity (Deficit)................................... (252) 6,145 5,893 ------------- ----------- ------------- Total Liabilities and Shareholders' Equity (Deficit)................... $ 34,298 $ 6,848 $ 41,146 ------------- ----------- ------------- ------------- ----------- -------------
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