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): April 15, 2003
PARADIGM MEDICAL INDUSTRIES, INC.
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(Exact name of registrant as specified in this Charter)
Delaware 0-28498 87-0459536
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(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
2355 South 1070 West, Salt Lake City, Utah 84119
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(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (801) 977-8970
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Does Not Apply
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(Former name or former address, if changed since last report)
ITEM 5. Other Events.
On April 15, 2003, Paradigm Medical Industries, Inc. (the "Company")
received notice of a determination by Nasdaq's Listing Qualifications staff that
the Company fails to comply with the minimum bid price rules for continued
listing set forth in Marketplace Rules 4310(c)(4) and does not meet Rule
4310(c)(2)(A) inclusion requirements. Separately, Nasdaq has informed the
Company that listing fees of $22,500 and $18,000 under Rule 4310(c)(13) are owed
to the Nasdaq SmallCap Market.
The Company has requested an oral hearing before a Nasdaq Listing
Qualifications Panel to review the staff's determination. The request
automatically stays the delisting of the Company's common stock. Until the
panel's final decision, Paradigm stock will continue to be traded on the
SmallCap Market. Hearings with the Panel generally transpire within 30 days of a
Company's request. The Company intends to present a plan to the Nasdaq Listing
Qualifications Panel for achieving sustaining compliance with the Nasdaq
SmallCap Marketplace Rules, though there can be no assurance that the Panel will
grant the Company's request for continued listing.
On April 23, 2003, the Company received formal notice from Nasdaq that
a hearing to consider its appeal would be held on May 29, 2003. If the planned
appeal is unsuccessful, the Company may apply for a transfer to the OTC Bulletin
Board.
The Company has recently hired Dr. Jeffrey F. Poore as its President
and Chief Executive Officer to assist in the process of a major company
restructuring. In conjunction with that restructuring, Dr. Poore will present to
the panel a definitive plan both for increasing distribution and for expanding
corporate opportunities.
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.
PARADIGM MEDICAL INDUSTRIES, INC.
(Registrant)
Date: April 25, 2003. By: /s/ Jeffrey F. Poore
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Jeffrey F. Poore
President and Chief Executive Officer