UNITED STATES
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
JUNE 10, 2010 (JUNE 4, 2010)
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED)
COMPETITIVE TECHNOLOGIES, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE
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(STATE OR OTHER JURISDICTION OF INCORPORATION)
1-8696 36-2664428
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(COMMISSION FILE NUMBER) (IRS EMPLOYER IDENTIFICATION NO.)
777 COMMERCE DRIVE, FAIRFIELD, CONNECTICUT 06825
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)(ZIP CODE)
(203) 368-6044
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REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE:
N/A
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions
[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 3.01. NOTICE OF DELISTING OR FAILURE TO SATISFY A CONTINUED LISTING RULE
OR STANDARD; TRANSFER OF LISTING
As expected by Competitive Technologies, Inc. ("CTT") and as required by the
rules of the NYSE Amex, LLC (the "Exchange"), on June 4, 2010 the Exchange
notified CTT that the Exchange intended to file a delisting application with the
Securities and Exchange Commission ("SEC") to strike the listing of CTT's
securities from the Exchange pursuant to Section 1009(d) of the NYSE Amex
Company Guide. As anticipated, however, CTT has filed an appeal of the
delisting determination and is seeking an oral hearing before a Listing
Qualifications Panel of the Exchange (the "Panel"). CTT's request for an oral
hearing has stayed the scheduled delisting of the Company's securities pending
the Panel's determination.
As referenced by CTT in a press release dated June 2, 2010 (and as filed on Form
8-K), and advised to the Exchange, CTT has a signed stock purchase agreement to
raise over $5 million and has filed a registration statement with the SEC to
sell 2 million shares of equity to Crisnic Fund, S.A. based on a 15% discount
from the volume weighted average price on the date the SEC declares the
registration effective. The Exchange approved the new shares for listing on
June 9, 2010. In its notification letter, the Exchange advised the Company that
the delisting determination was based upon the Company's noncompliance with
Sections 1003(a)(i) and (ii) of the Company Guide relating to the low
stockholders' equity in light of prior losses from continued operations.
Specifically, CTT is not in compliance with stockholders' equity of not less
than $4,000,000 given CTT's net losses in three of its four most recent fiscal
years. Staff from the Exchange noted in their letter that under their rules
they were not permitted to extend the compliance period further. Closing on the
funds in the pending Crisnic Fund, S.A. transaction is expected to resolve this
stockholders' equity deficiency.
The Panel will determine the time and place of the oral appeal hearing. There
can be no assurance that the Panel will grant the Company's request for
continued listing. If the Panel does not grant the relief sought by the
Company, its securities will be delisted from the Exchange in which event the
Company would expect them be quoted on the OTC or on another exchange upon
application by the Company and approval by any such exchange.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits.
99.1 Press Release.
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.
COMPETITIVE TECHNOLOGIES, INC.
(Registrant)
Dated: June 10, 2010 By: \s\ John B. Nano
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John B. Nano
Chairman and Chief Executive Officer