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): OCTOBER 14, 2002
METRETEK TECHNOLOGIES, INC.
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(Exact name of Registrant as specified in its charter)
DELAWARE 0-19793 84-11698358
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(State or other jurisdiction (Commission File Number) (I.R.S Employer
of incorporation) Identification No.)
303 EAST 17TH STREET, SUITE 660, DENVER, COLORADO 80203
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (303) 785-8080
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NOT APPLICABLE
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(Former name or former address, if changed since last report)
ITEM 5. OTHER EVENTS AND REGULATION FD DISCLOSURE.
On October 14, 2002, Metretek Technologies, Inc., a Delaware
corporation (the "Company"), issued a press release announcing that the Nasdaq
Listing Qualifications Panel has denied its request for continued listing of its
common stock, par value $.01 per share ("Common Stock"), despite its failure to
comply with the $1.00 minimum bid price requirement for continued listing on the
Nasdaq SmallCap Market, as set forth in Marketplace Rule 4310(c)(4). As a
result, the Company's Common Stock was delisted from the Nasdaq SmallCap Market
effective at the opening of business on October 15, 2002.
The Company's Common Stock became eligible for trading on the OTC
Bulletin Board on October 15, 2002. The OTC Bulletin Board is a regulated
quotation service that displays real-time quotes, last-sale prices, and volume
information in over-the counter securities. Information regarding the OTC
Bulletin Board is available at www.otcbb.com.
Despite the delisting from the Nasdaq SmallCap Market, the Company will
remain a public reporting company under Securities and Exchange Commission
rules. The Company expects to reconsider its listing options in the future,
based upon its financial condition and stock price.
As previously reported, the Company received a Nasdaq Staff
Determination letter on August 14, 2002, that the Company failed to comply with
the $1.00 minimum bid price requirement for continued listing on the Nasdaq
SmallCap Market. The Staff Determination letter informed the Company that, due
to such non-compliance, the Company's common stock was subject to delisting from
the Nasdaq SmallCap Market. As permitted by Nasdaq rules, the Company requested
a hearing before a Nasdaq Listing Qualifications Panel to review the Staff
Determination, which was held on September 26, 2002. Although the Panel
indicated continued listing might be preserved if the Company promptly effected
a reverse stock split resulting in compliance with the $1.00 minimum bid price
requirement, the Board of Directors of the Company determined that proceeding
with a reverse stock split to obtain such compliance under present circumstances
would not be in the best interests of the Company and its stockholders.
The delisting of the Company's Common Stock could have a material
adverse effect on the market price of, and the trading market for, the Common
Stock.
A copy of the Company's press release is attached to this Current
Report on Form 8-K as Exhibit 99.1 and is incorporated herein by this reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(C) EXHIBITS
99.1 Metretek Technologies, Inc. press release issued
October 14, 2002.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
METRETEK TECHNOLOGIES, INC.
By: /s/ W. Phillip Marcum
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W. Phillip Marcum
President and Chief Executive Officer
Dated: October 15, 2002