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) January 2, 2003
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Hydron Technologies, Inc.
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(Exact name of registrant as specified in its charter)
New York 0-6333 13-1574215
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) file number) Identification number)
2201 West Sample Road, Building 9, Suite 7B, Pompano Beach, FL 33073
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(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code (954) 861 6400
Not Applicable
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(Former name or former address, if changed since last report)
Item 5. Other Events
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Hydron Technologies, Inc. completed a non-brokered private placement of
1,750,000 Units at $.20 per Unit ($350,000), on December 10 to several
accredited investors including its chairman, Richard Banakus. Each Unit
is comprised of one share of common stock and one three-year option to
buy one additional common share at $.20. Following completion of the
offering, Mr. Banakus owned 1,590,000 shares of the 7,050,136
outstanding shares of common stock of the Company (approximately 22.6%
of the total outstanding shares) and had the right to acquire an
additional 1,373,500 shares, including 1,250,000 shares subject to the
option included in the units, bringing Mr. Banakus' total beneficial
ownership of shares to 2,963,500 shares (approximately 34.0%).
The proceeds of the placement will be added to the Company's working
capital and enable Hydron Technologies to maintain its catalog
business, while supporting basic development of Hydron's patent pending
skin and tissue oxygenation technology and associated intellectual
property.
Signature
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.
HYDRON TECHNOLOGIES, INC.
/s/ WILLIAM A. FAGOT
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William A. Fagot
Chief Financial Officer
Dated: January 2, 2003
Exhibit Index
Exhibit No. Description
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99(i) Press Release dated December 10, 2002
99(ii) Specimen of Subscription Agreement and Investment Letter