Mathstar Inc - Current report filing (8-K)
May 27 2008 - 1:01PM
Edgar (US Regulatory)
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UNITED
STATES
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OMB APPROVAL
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SECURITIES
AND EXCHANGE COMMISSION
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OMB Number: 3235-0060
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hours per response. ....38.0
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Washington,
D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 Or 15(d) of
The Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported)
May 20, 2008
MathStar, Inc.
(Exact
name of registrant as specified in its charter)
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Delaware
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000-51560
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41-1881957
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(State
or other jurisdiction
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(Commission
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(IRS
Employer
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of
incorporation)
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File
Number)
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Identification
No.)
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19075 N.W. Tanasbourne Drive, Suite 200
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97124
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant
’s telephone number, including area code
(503) 726-5500
(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 (see General Instructions A.2. below):
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Written communications pursuant to
Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to
Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Section 2 – Financial Information
Item 2.05. Costs Associated with Exit or Disposal
Activities.
On May 20, 2008, MathStar, Inc. (the “Company”) committed to
a plan to discontinue its field programmable object array (FPOA) chip
development and its board-level systems development segments of its business. The Company decided to do so to preserve the
Company’s assets while it considers strategic alternatives. As previously reported on May 21, 2008,
the Company has decided to engage an investment banker to explore strategic
alternatives.
As a result of these initiatives, the Company
expects to incur aggregate pre-tax costs and charges of approximately $4.1
million consisting of the following: approximately $1.1 million in employee
severance and benefit costs; approximately $1.4 million in asset write-off and
accelerated depreciation of property, plant and equipment; approximately $1.1
million in accelerated payment of future rent and operating lease payments; and
approximately $500,000 in other exit costs.
The Company expects to incur these charges primarily in the second and
third quarters of the year ended December 31, 2008.
Section 7
– Regulation FD
Item. 7.01. Regulation FD Disclosure.
The information set forth in the press
release attached hereto as Exhibit 99.1 is hereby incorporated by
reference.
Section 9
– Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
The
following exhibit is being furnished as part of this Current Report on Form 8-K:
99.1 Press release dated May 27, 2008.
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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.
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MathStar, Inc.
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Date: May 27, 2008.
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By
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/s/ Douglas M. Pihl
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Chief Executive Officer
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and Chief Financial Officer
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(Principal Executive Officer and
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Principal Financial Officer)
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