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): AUGUST 20, 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
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (303) 785-8080
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(Former name or former address, if changed since last report)
ITEM 5. OTHER EVENTS AND REGULATION FD DISCLOSURE.
On August 20, 2002, Metretek Technologies, Inc., a Delaware corporation
(the "Company"), issued a press release announcing that it received a Nasdaq
Staff Determination letter on August 14, 2002, indicating that the Company was
not in compliance with the $1.00 minimum bid price requirement for continued
listing on the Nasdaq SmallCap Market, set forth in Marketplace Rule
4410(c)(8)(D), and that the Company was not eligible for an additional grace
period because it did not meet the $5 million stockholders' equity requirement
under Marketplace Rule 4310(c)(2)(A).
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. The Company has requested a hearing before a Nasdaq
Listing Qualifications Panel to review the Staff Determination. The Company has
been advised by Nasdaq that the hearing request will stay the delisting pending
the outcome of the hearing, the date of which has not yet been set. There can be
no assurance that the Panel will grant the Company's request for continued
listing. If the Panel upholds the Staff Determination, the Company's Common
Stock will be delisted from the Nasdaq Small Cap Market. If the Common Stock is
delisted, it is expected to be traded on the Over-the-Counter (OTC) Bulletin
Board.
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 August 20,
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: August 20, 2002