UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(D) of the
Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): January 15, 2004
PAID, INC.
(Exact name of Registrant as Specified in Charter)
Delaware 0-28720 73-1479833
(State or other (Commission File Number) (IRS Employer
Jurisdiction of Identification No.)
Incorporation)
4 Brussels Street, Worcester, Massachusetts 01610
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: (508) 791-6710
SALES ONLINE DIRECT, INC.
(Former Name, if Changed Since Last Report)
Item 5. Other Events and Required FD Disclosure.
Paid, Inc. has set a second mandatory exchange date of its stock
certificates. The new mandatory exchange date is January 16, 2004. Paid, Inc.
announced its original mandatory stock certificate exchange date for December 8,
2003, the effective date of Paid, Inc.'s name change, CUSIP number change and
trading symbol change. The Company also had announced an amendment to its bylaws
to require that all stock certificates held in street name or otherwise must now
include the name of the beneficial owner. The operational processing by the
industry for a mandatory exchange that the Company had intended upon its
announcement did not occur. Instead, the industry treated the announcements
solely as a name and CUSIP change without a mandatory exchange of stock
certificates. After discussing the matter with representatives of Nasdaq and
others in the industry, and to facilitate and comply with the Company's bylaws,
the Company has determined to set a second mandatory stock certificate exchange
date of January 16, 2004, and, as of that date, will use a new CUSIP number of
69561N204. To effectuate the Company's bylaws change to reflect the name of
beneficial owners on all certificates, and as part of the mandatory exchange,
the Company anticipates that NASDAQ will announce separately that it will
temporarily change trading and quotation of Paid Inc.'s securities on the OTC
Bulletin Board ("OTCBB") to a "when-issued" basis, effective January 16, 2004,
until such time as Nasdaq determines certificates representing a sufficient
number of shares have been exchanged. Paid, Inc.'s stock symbol during the "when
issued" period is expected to be PAYDV. The effect of the "when-issued" basis is
to take the clearing and settlement of trades temporarily outside of the T+3
rule. The change to a "when-issued" status will prevent clearing and settling
trades of Paid, Inc.'s stock during the time that the "when-issued" status is in
effect. The Company expects that the settlement of all trades made after the new
effective date will be through physical delivery of stock certificates rather
than through DTC. The Company's Press Release that announces the mandatory
exchange and related matters described herein is attached as Exhibit 99.
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.
PAID, INC.
Date: January 15, 2004 By: /s/ Gregory Rotman
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Gregory Rotman, President and Chief
Executive Officer
Exhibit Index
99 Press Release dated January 15, 2004.