EMPIRE OF CAROLINA INC 4
4 · EMPIRE OF CAROLINA INC · Filed Oct 12, 1999
Insider Transaction Report
Form 4
MORAN TIMOTHY
Other
Transactions
- Purchase
COMMON STOCK
1999-09-21+230,769→ 1,230,769 total
Footnotes (1)
- [1]On May 28, 1998, the Issuer acquired all of the outstanding shares of Apple Sports, Inc. and Apple Golf Shoes, Inc. In consideration for his shares of Apple Sports, Inc. Reporting Person received 1,000,000 shares of the Issuer's common stock. Under the provisions of the Share Purchase Agreement, Issuer was obligated to issue additional shares to each of the sellers, including Reporting Person, if the market price of Issuer's common stock was not greater than $2.00 for a period of more than 45 days from an adjustment date as determined in the Share Purchase Agreement (see Issuer's Current Report on Form 8-K filed with the Commission on June 12, 1998 for details of the determination). This condition occurred and, on September 21, 1999, Issuer was required to issue an additional 230,769 shares to the Reporting Person. For purposes of valuation, the closing price of Issuer's common stock on the American Stock Exchange on September 21, 1999 (the date of Issuance) was $.375 per share.