FORM 4 OMB APPROVAL ---------------------------- OMB NUMBER: 3235-0287 Expires: February 1, 2001 Estimated average burden hours per response.....1.0 ---------------------------- U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 4 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See instruction 1(b). Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940 ________________________________________________________________________________ 1. Name and Address of Reporting Person Reicher Michael K. - -------------------------------------------------------------------------------- (Last) (First) (Middle) C/o Halsey Drug Co., Inc. 695 N. Perryville Rd. Bldg. 2 - -------------------------------------------------------------------------------- (Street) Rockford, Illinois 61107 - -------------------------------------------------------------------------------- (City) (State) (Zip) ________________________________________________________________________________ 2. Issuer Name and Ticker or Trading Symbol Halsey Drug Co., Inc. Symbol: HDGC ________________________________________________________________________________ 3. IRS or Social Security Number of Reporting Person, (Voluntary) ________________________________________________________________________________ 4. Statement for Month/Year 07/02 ________________________________________________________________________________ 5. If Amendment, Date of Original (Month/Year) ________________________________________________________________________________ 6. Relationship of Reporting Person to Issuer (Check all applicable) [X] Director [_] 10% Owner [X] Officer (give title below) [_] Other (specify below) Chairman & Chief Executive Officer ________________________________________________________________________________ ================================================================================ Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned ================================================================================ Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. (over) * See footnote 2 on Table II. (Print or Type Responses) SFL 1474 (3/91)
6. 4. 5. Owner- Securities Acquired (A) or Amount of ship 3. Disposed of (D) Securities Form: 7. Transaction (Instr. 3, 4, and 5) Beneficially Direct Nature of 2. Code ------------------------------- Owned at End (D) or Indirect 1. Transaction (Instr. 8) (A) of Month Indirect Beneficial Title of Security Date ------------ Amount or Price (Instr. 3 (I) Ownership (Instr. 3) (mm/dd/yy) Code V (D) and 4) (Instr.4) (Instr. 4) - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ ==================================================================================================================================== FORM 4 (continued) Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) ================================================================================
10. 9. Owner- Number ship of Form 2. Deriv- of Conver- 5. 7. ative Deriv- 11. sion Number of Title and Amount Secur- ative Nature or Derivative 6. of Underlying 8. ities Secur- of Exer- 4. Securities Date Securities Price Bene- ity: In- cise 3. Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of ficially Direct direct Price Trans- action or Disposed Expiration Date ---------------- Deriv- Owned (D) or Bene- 1. of action Code of(D) (Month/Day/Year) Amount ative at End In- ficial Title of Deriv- Date (Instr. (Instr. 3, ---------------- or Secur- of direct Owner- Derivative ative (Month/ 8) 4 and 5) Date Expira- Number ity Month (I) ship Security Secur- Day/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr. (Instr. 3) ity Year) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4) - ------------------------------------------------------------------------------------------------------------------------------------ 5% Convertible Senior Secured $1.34 Common 223,880 Debentures (8) 3/10/98 A (1) 3/10/98 3/15/03 Stock (8) D - ------------------------------------------------------------------------------------------------------------------------------------ $1.34 Common 33,921 Warrants (8) 3/10/98 A (1) 3/10/98 3/15/05 Stock (8) D - ------------------------------------------------------------------------------------------------------------------------------------ Common Warrants $2.279 3/10/98 A (1) 3/10/98 3/15/05 Stock 31,579 D - ------------------------------------------------------------------------------------------------------------------------------------ 5% Convertible Senior Secured $1.34 Common 53,816 Debentures (8) 6/12/98 A (2) 6/12/98 3/15/03 Stock (8) D - ------------------------------------------------------------------------------------------------------------------------------------ $1.34 Common 8,153 Warrants (8) 6/12/98 A (2) 6/12/98 3/15/05 Stock (8) D - ------------------------------------------------------------------------------------------------------------------------------------ Common Warrants $2.279 6/12/98 A (2) 6/12/98 3/15/05 Stock 7,590 D - ------------------------------------------------------------------------------------------------------------------------------------ Non-qualified Common Stock Options $2.375 2/19/98 A (3) 2/19/08 Stock 1,000,000 D - ------------------------------------------------------------------------------------------------------------------------------------ 5% Convertible Senior Secured Common 3,560 Debentures $1.1312 4/1/99 A (4) 4/1/99 3/15/03 Stock (8) D - ------------------------------------------------------------------------------------------------------------------------------------ Non-qualified Common Stock Options $1.125 4/12/99 A (5) 4/12/00 4/12/09 Stock 100,000 D - ------------------------------------------------------------------------------------------------------------------------------------ 5% Convertible Senior Secured Common 1,681 Debentures $2.4250 7/1/99 A (4) 7/1/99 3/15/03 Stock (8) D - ------------------------------------------------------------------------------------------------------------------------------------ 5% Convertible Senior Secured Common Debentures $2.3063 10/1/99 A (4) 10/1/99 3/15/03 Stock 1,789 D - ------------------------------------------------------------------------------------------------------------------------------------ Non-qualified Common Stock Options $1.875 2/17/00 A (5) 2/17/01 2/17/10 Stock 125,000 D - ------------------------------------------------------------------------------------------------------------------------------------ 5% Convertible Senior Secured Common Debentures $1.722 4/1/00 A (4) 4/1/00 3/15/03 Stock 1,440 D - ------------------------------------------------------------------------------------------------------------------------------------ 5% Convertible Senior Secured $1.34 Common (111,939) Debentures (8) 3/10/98 A (6) 3/10/98 3/15/03 Stock (8) D - ------------------------------------------------------------------------------------------------------------------------------------ $1.34 Common (16,960) Warrants (8) 3/10/98 A (6) 3/10/98 3/15/05 Stock (8) D - ------------------------------------------------------------------------------------------------------------------------------------ Common Warrants $2.279 3/10/98 A (6) 3/10/98 3/15/05 Stock (15,789) D - ------------------------------------------------------------------------------------------------------------------------------------ 5% Convertible Senior Secured $1.34 Common (26,907) Debentures (8) 6/12/98 A (6) 6/12/98 3/15/03 Stock (8) D EXPLANATION OF RESPONSES: (1) Purchased in connection with a private offering on March 10, 1998 consisting of a Convertible Debenture convertible at any time and Stock Purchase Warrants (33,921 shares of which are presently exercisable at $1.34 per share and 31,579 shares of which are presently exercisable at $2.279 per share). (2) Acquired pursuant to an option exercise in June 1998, consisting of: (i) a Convertible Debenture, convertible at any time, (ii) Warrants to purchase shares of common stock (8,153 shares of which are presently exercisable at $1.34 per share and 7,590 shares of which are presently exercisable at $2.279 per share) (3) Options vest quarterly, with 62,500 options vesting every quarter effective May 1, 1998. (4) Certain quarterly interest payments are paid in the form of convertible debentures.
- ------------------------------------------------------------------------------------------------------------------------------------ $1.34 Common (4,076) Warrants (8) 6/12/98 A (6) 6/12/98 3/15/05 Stock (8) D - ------------------------------------------------------------------------------------------------------------------------------------ Common Warrants $2.279 6/12/98 A (6) 6/12/98 3/15/05 Stock (3,795) D - ------------------------------------------------------------------------------------------------------------------------------------ Non-qualified Common Stock Options $1.1125 6/29/00 A (5) 6/29/01 6/29/10 Stock 200,000 D - ------------------------------------------------------------------------------------------------------------------------------------ 5% Convertible Senior Secured Common Debentures $1.1125 7/1/00 A (4) 7/01/00 3/15/03 Stock 2,087 D - ------------------------------------------------------------------------------------------------------------------------------------ 5% Convertible Senior Secured $1.34 Common (3,731) Debentures (8) 6/12/98 A (7) 6/12/98 3/15/03 Stock (8) D - ------------------------------------------------------------------------------------------------------------------------------------ 5% Convertible Senior Secured $1.34 Common (3,731) Debentures (8) 6/12/98 A (7) 6/12/98 3/15/03 Stock (8) D - ------------------------------------------------------------------------------------------------------------------------------------ 5% Convertible Senior Secured $1.34 Common (3,731) Debentures (8) 6/12/98 A (7) 6/12/98 3/15/03 Stock (8) D - ------------------------------------------------------------------------------------------------------------------------------------ 5% Convertible Senior Secured Common Debentures $ .9071 10/1/00 A (4) 10/01/00 3/15/03 Stock 2,592 D - ------------------------------------------------------------------------------------------------------------------------------------ 5% Convertible Senior Secured $1.34 Common (3,731) Debentures (8) 6/12/98 A (7) 6/12/98 3/15/03 Stock (8) D - ------------------------------------------------------------------------------------------------------------------------------------ 5% Convertible Senior Secured $1.34 Common (3,731) Debentures (8) 6/12/98 A (7) 6/12/98 3/15/03 Stock (8) D - ------------------------------------------------------------------------------------------------------------------------------------ 5% Convertible Senior Secured $1.34 Common (3,731) Debentures (8) 6/12/98 A (7) 6/12/98 3/15/03 Stock (8) D - ------------------------------------------------------------------------------------------------------------------------------------ 5% Convertible Senior Secured Common Debentures $ .6258 01/01/01 A (4) 01/01/01 3/15/03 Stock 3,503 D - ------------------------------------------------------------------------------------------------------------------------------------ 5% Convertible Senior Secured Common Debentures $1.03 04/01/01 A (4) 04/01/01 3/15/03 Stock 2,156 D - ------------------------------------------------------------------------------------------------------------------------------------ 5% Convertible Senior Secured Common Debentures $2.22 07/01/01 A (4) 07/01/01 3/15/03 Stock 1,013 D - ------------------------------------------------------------------------------------------------------------------------------------ 5% Convertible Senior Secured Common Debentures $2.22 10/01/01 A (4) 10/01/01 3/15/03 Stock 1,026 D - ------------------------------------------------------------------------------------------------------------------------------------ 5% Convertible Senior Secured Common Debentures $1.86 01/01/02 A (4) 01/01/02 3/15/03 Stock 1,239 D - ------------------------------------------------------------------------------------------------------------------------------------ 5% Convertible Senior Secured Common Debentures $2.02 04/01/02 A (4) 04/01/02 3/15/03 Stock 1,155 D - ------------------------------------------------------------------------------------------------------------------------------------ 5% Convertible Senior Secured Common Debentures $1.72 07/01/02 A (4) 07/01/02 3/15/03 Stock 1,373 1,606,701 D ==================================================================================================================================== (5) Options vest 25% annually. (6) Transferred without consideration as part of a settlement agreement contained within a QDRO. (7) Transferred as gift without consideration. (8) Adjusted to reflect results of an anti-dilution calculation contained in the instrument. /s/ Michael K. Reicher July 20, 2002 - --------------------------------------------- ----------------------- **Signature of Reporting Person Date ** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). Note: File three copies of this Form, one of which must be manually signed. If space provided is insufficient, see Instruction 6 for procedure. Page 2