Pen Inc. – ‘10-C’ for 5/24/96

As of:  Monday, 6/3/96   ·   For:  5/24/96   ·   Accession #:  899243-96-643   ·   File #:  1-11602

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Report by Issuer of Securities Quoted on NASDAQ   —   Form 10-C
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-C        Report by Issuer of Securities Quoted on NASDAQ        2      7K 

10-C
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SECURITIES AND EXCHANGE COMMISSION  
WASHINGTON, D.C. 20549

FORM 10-C 

          REPORT BY ISSUER OF SECURITIES QUOTED ON NASDAQ INTER-DEALER
           QUOTATION SYSTEM FILED PURSUANT TO SECTION 13 OR 15(D) OF THE
       SECURITIES EXCHANGE ACT OF 1934 AND RULE 13A-17 OR 15D-17
THEREUNDER.                                       

SI DIAMOND TECHNOLOGY, INC. 
(Exact Name of Issuer as Specified in Charter)

2435 North Boulevard
Houston, Texas 77098
(Address of Principal Executive Offices)

(713) 529-9040
    ----------------------
(Issuer's telephone number, including area code)

============================= 

10-C
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I. CHANGE IN NUMBER OF SHARES OUTSTANDING 
Indicate any change (increase or decrease) of five percent or more in the number
of shares outstanding:                                                          

1.   Title of security: COMMON STOCK, PAR VALUE $.001 PER SHARE                 

2.   Number of shares outstanding before the change: 10,854,235                 

3.   Number of shares outstanding after the change: 11,758,942                  

4.   Effective date of change: MAY 24, 1996                                     

5.   Method of change:                                                          

        As of May 24, 1996, 327 shares of the Company's Series E Convertible
Preferred Stock ("Series E Preferred") had been converted into 852,063
   shares of Common Stock.  The conversions began on May 14, 1996, and as of
     June 3, 1996 a total of 367 shares of Series E Preferred had been converted
into 904,707 shares of Common Stock.                                  

       Each share of Series E Preferred is convertible into that number of
    shares of Common Stock determined by dividing (i) the original issue price
     of the Series E Preferred plus an amount equal to 8% of the issue price per
   annum from the date of escrow agent first had in its possession the funds
  representing payment of the Series E Preferred to the conversion date by
(ii) the conversion price, which is the lesser of $6.575 or 85% of the
average closing bid price for the Company's Common Stock for the five 
trading days immediately preceding the conversion date.               

SIGNATURES

  Pursuant to the Securities Exchange Act of 1934, the Registrant has duly
caused this Report to be signed on its behalf by the undersigned, thereunto duly
authorized.                                                                     

                           SI DIAMOND TECHNOLOGY, INC.

Date: June 3, 1996                 By:  //s// Anthony N. Davies                 
                       -----------------------
                 Anthony N. Davies
                        Controller and Principal
                  Accounting Officer

Dates Referenced Herein

				Referenced-On Page
This ‘10-C’ Filing		Date		First		Last			Other Filings
Filed on:		6/3/96		2					None on these Dates
For Period End:		5/24/96		2
		5/14/96		2
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