SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (date of earliest event reported): November 26, 1996 AUDIOVOX CORPORATION (Exact name of registrant as specified in its charter) DELAWARE 1-9532 13-1964841 (State or other jurisdiction (Commission (I.R.S. Employer of Incorporation or File Number) Identification organization) Number) 150 Marcus Boulevard, Hauppauge, New York 11788 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code:(516) 231-7750 NONE (Former name, former address and former fiscal year, if changed since last report)Item 5. Other Events On November 26, 1996, Audiovox Corporation (the "Company") announced that it completed the exchange offer for its 6 1/4% Convertible Subordinated Debentures due 2001 ("Debentures") for Class A Common Stock. Approximately $41.2 million of the Debentures were exchanged for approximately 6.8 million shares of the Company's Class A Common Stock. Item 7. Exhibits. 1. Press release dated November 26, 1996. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on it behalf by the undersigned hereunto duly authorized. AUDIOVOX CORPORATION Dated: December 2, 1996 By:s/Charles M. Stoehr Charles M. Stoehr Senior Vice President and Chief Financial Officer FOR IMMEDIATE RELEASE Michael Stoehr Audiovox Corporation (516) 231-7750 Joe Kist Edelman Financial (212) 704-8239 AUDIOVOX ANNOUNCE $35.8 MILLION NET EQUITY INCREASE Bond Exchange Offer completed at 63% HAUPPAUGE, New York, November 26, 1996-- Audiovox Corporation (AMEX: VOX) today announced a net increase in stockholders' equity of approximately $35.8 million as a result of the successful completion of the Company's Exchange Offer. Approximately $41.2 million of the Company's $65 million 6 1/4% Convertible Subordinated Debentures due 2001 exchanged for approximately 6.8 million shares of the Company's Class A Common Stock. As a result of this transaction, the total number of Class A and Class B Common shares outstanding will be 16,291,303. As previously reported, the accounting of this exchange results in a non-cash charge of approximately $24.8 million and a current tax liability of approximately $2.9 million. The Company indicated that this non-cash charge is offset by an increase in paid in capital. John J. Shalam, Chairman, President and CEO, stated, "We are pleased that nearly 63% of our Bondholders responded to the Company's Exchange Offer. We appreciate the Bondholders' confidence in Audiovox and their willingness to become stockholders in our Company. This increase in the Company's equity will further strengthen our balance sheet and should give us a solid foundation to continue participation in the growth of the wireless and automotive industries." Audiovox Corporation markets cellular telephones and accessories, automotive aftermarket sound and security equipment, as well as other aftermarket automotive accessories. ####