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 21, 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.
           ------------ 
  
  Private Placement
  -----------------
  
            On December 22, 1998, P-Com, Inc. (the "Company") entered into an
  agreement to sell a $15 million equity investment to three investors, Castle
  Creek Partners, LLC, Marshall Capital Management and Heights Capital
  Management. A copy of the press release dated December 22, 1998 relating thereto
  is attached to this Current Report as Exhibit 99.1 and is incorporated herein.
  
  Item 7.  Exhibits.       
           --------        
  
           Exhibit No.     Description                                      
           ----------      -----------    
  
              99.1         Press Release dated December 22, 1998
  <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 22, 1998                By: /s/ Michael J. Sophie
                                             ---------------------------------
                                          Name:  Michael J. Sophie
                                          Title:  Chief Financial Officer
  
                                         3
  <PAGE>
   
                                   EXHIBIT INDEX
                                          
           EXHIBIT  
           NUMBER          DOCUMENT DESCRIPTION
           ------          --------------------
  
            99.1           Press Release dated December 22, 1998
  
                                         4
metadata_documents: [{"type": "8-K", "sequence": "1", "description": "FORM 8-K", "secsgml_size_bytes": 3320}]
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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 21, 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.
           ------------ 
  
  Private Placement
  -----------------
  
            On December 22, 1998, P-Com, Inc. (the "Company") entered into an
  agreement to sell a $15 million equity investment to three investors, Castle
  Creek Partners, LLC, Marshall Capital Management and Heights Capital
  Management. A copy of the press release dated December 22, 1998 relating thereto
  is attached to this Current Report as Exhibit 99.1 and is incorporated herein.
  
  Item 7.  Exhibits.       
           --------        
  
           Exhibit No.     Description                                      
           ----------      -----------    
  
              99.1         Press Release dated December 22, 1998
  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 22, 1998                By: /s/ Michael J. Sophie
                                             ---------------------------------
                                          Name:  Michael J. Sophie
                                          Title:  Chief Financial Officer
  
                                         3
  EXHIBIT INDEX
                                          
           EXHIBIT  
           NUMBER          DOCUMENT DESCRIPTION
           ------          --------------------
  
            99.1           Press Release dated December 22, 1998
  
                                         4