content: <PAGE>
   
                         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)   DECEMBER 31, 1998
                                                  --------------------------------
  
  
                                   P-COM, INC. 
  --------------------------------------------------------------------------------
                 (Exact name of registrant as specified in charter)
  
  
           DELAWARE                     0-25356              77-0289371
  --------------------------------------------------------------------------------
  (State or other jurisdiction        (Commission        (IRS Employer
       of incorporation)               File Number)      Identification No.)
   
  
  3175 S. WINCHESTER BOULEVARD, CAMPBELL, CALIFORNIA          95008
  --------------------------------------------------------------------------------
  (Address of principal executive offices)                  (Zip Code)
  
  
  
  Registrant's telephone number, including area code    (408) 866-3666
                                                        --------------------------
  
  
                                     NONE
  --------------------------------------------------------------------------------
           (Former name or former address, if changed since last report.)
  
  <PAGE>
   
  Item 5.  Other Events.
           ------------ 
  
            On December 31, 1998, the Registrant exchanged an aggregate of
  $5,200,000 of its 4 1/4% Convertible Subordinated Notes due 2002 for an
  aggregate of 797,000 shares of common stock. The Registrant may engage in
  similar transactions in the future.
  
  
  <PAGE>
   
                                     SIGNATURE
  
    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 thereunto duly authorized.
  
  
  
                                P-COM, INC.
  
  
  
  DATE: December 31, 1998       By:   /s/ Michael J. Sophie
                                     ---------------------------------------
                                          Name:  Michael J. Sophie
                                          Title:  Chief Financial Officer
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metadata_filer: {"company-data": {"conformed-name": "P COM INC", "cik": "0000935493", "assigned-sic": "3663", "irs-number": "770289371", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-25356", "film-number": "99500280"}, "business-address": {"street1": "3175 S WINCHESTER BLVD", "city": "CAMPBELL", "state": "CA", "zip": "95008", "phone": "4088663666"}, "mail-address": {"street1": "3175 S WINCHESTER BLVD", "street2": "P-COM INC", "city": "CAMPBELL", "state": "CA", "zip": "95008"}}
text: 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)   DECEMBER 31, 1998
                                                  --------------------------------
  
                                   P-COM, INC. 
  --------------------------------------------------------------------------------
                 (Exact name of registrant as specified in charter)
  
           DELAWARE                     0-25356              77-0289371
  --------------------------------------------------------------------------------
  (State or other jurisdiction        (Commission        (IRS Employer
       of incorporation)               File Number)      Identification No.)
   
  
  3175 S. WINCHESTER BOULEVARD, CAMPBELL, CALIFORNIA          95008
  --------------------------------------------------------------------------------
  (Address of principal executive offices)                  (Zip Code)
  
  Registrant's telephone number, including area code    (408) 866-3666
                                                        --------------------------
  
                                     NONE
  --------------------------------------------------------------------------------
           (Former name or former address, if changed since last report.)
  Item 5.  Other Events.
           ------------ 
  
            On December 31, 1998, the Registrant exchanged an aggregate of
  $5,200,000 of its 4 1/4% Convertible Subordinated Notes due 2002 for an
  aggregate of 797,000 shares of common stock. The Registrant may engage in
  similar transactions in the future.
  SIGNATURE
  
    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 thereunto duly authorized.
  
                                P-COM, INC.
  
  DATE: December 31, 1998       By:   /s/ Michael J. Sophie
                                     ---------------------------------------
                                          Name:  Michael J. Sophie
                                          Title:  Chief Financial Officer