Solar Enertech Corp - Current report filing (8-K)
May 13 2008 - 5:03AM
Edgar (US Regulatory)
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): May 9, 2008
SOLAR
ENERTECH CORP.
(Exact
name of Company as specified in Charter)
Nevada
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000-51717
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98-0434357
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(State
or other jurisdiction of
incorporation
or organization)
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(Commission
File No.)
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(IRS
Employee Identification
No.)
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1600
Adams Drive
Menlo
Park, California 94025
(Address
of Principal Executive Offices)
(650) 688-5800
(Issuer
Telephone number)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the Company under any of the following
provisions (see General Instruction A.2 below).
o
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17
CFR240.14a-12)
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o
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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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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13(e)-4(c))
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Item
8.01
Other
Events.
On
May 9,
2008, the Compensation Committee of the Board of Directors of the Company
authorized the repricing of all outstanding options issued to current employees,
directors, officers and consultants under the Company’s 2007 Equity Incentive
Plan ("Plan") to $0.62, determined in accordance with the Plan as the closing
price for shares of Common Stock on the Over-the-Counter Bulletin Board on
the
date of the repricing.
The
Committee considered the fact that options granted in the past pursuant to
the
Company’s 2007 Equity Incentive Plan have exercise prices well-above the recent
trading prices of the Common Stock and in light of the fierce competition for
highly qualified employees in the solar industry, in order to retain quality
employees, the Compensation Committee determined that a repricing of underwater
stock options was in the best interest of the Company.
This
repricing of the exercise price described above (the "Repricing") will apply
to
all options issued pursuant to the Plan. In total, the Repricing will apply
to
an aggregate of 7,720,000 shares of Common Stock underlying outstanding options.
A copy of the form of notice sent to holders of outstanding options regarding
the Repricing is attached hereto as Exhibit 4.1, and are incorporated herein
by
reference.
The
Repricing was effected pursuant to a resolution of the Compensation Committee
of
the Company’s Board of Directors adopted on May 9, 2008.
Item
9.01
Financial
Statement and Exhibits.
(d)
Exhibits
Exhibit
No.
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Description
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4.1
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Form
of notice to option holders.
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Company has
duly
caused this Current Report to be signed on its behalf by the undersigned
hereunto duly authorized.
Dated:
May 12, 2008
SOLAR
ENERTECH CORP.
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By:
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/s/
Anthea Chung
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Anthea
Chung, Chief Financial Officer
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