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Friday, April 25, 2008 2:59:09 AM
http://biz.yahoo.com/e/080423/trph.pk8-k.html
ITEM 3.02 UNREGISTERED SALES OF EQUITY SECURITIES
Pursuant to the order issued by the bankruptcy court in connection with the approval of the Plan of Reorganization, as of the effective date of the merger, Tripath issued 5,000,000 shares in the aggregate of its common stock to its secured creditors and 10,000 shares in the aggregate to its unsecured creditors. The issuance of such shares of common stock was exempt from registration under the Securities Act of 1933 pursuant to
Section 3(a)(7) thereof.
In addition, in connection with the merger, Tripath issued 17,690,634 shares of its common stock in the aggregate to the holders of Etelos capital stock. The issuance of such shares of common stock was exempt from registration under the Securities Act of 1933 pursuant to Section 4(2) thereof. Such shares of common stock are restricted shares, and the holders thereof may not sell, transfer or otherwise dispose of such shares without registration under the Securities Act of 1933 or an exemption therefrom.
Immediately following the closing of the merger, Tripath had 22,700,634 shares issued and outstanding, with the former stockholders of Etelos holding approximately 78% of such issued and outstanding shares.
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