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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>CURRENT
REPORT </B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Pursuant to
Section 13 or 15(d) of the </B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Securities
Exchange Act of 1934</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">Date
of report (Date of earliest event reported) <U> April 20, 2012&#9;</U></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.75pt solid"><B>ACCELR8
TECHNOLOGY CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its
charter)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.75pt solid"><B>COLORADO</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt">(State
or other jurisdiction</FONT> <FONT STYLE="letter-spacing: -0.15pt">of incorporation)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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    <TH STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0-11485&nbsp;</FONT></TH>
    <TH STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">84-1072256&nbsp;</FONT></TH></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;(Commission File Number)</FONT></TD>
    <TD STYLE="width: 50%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;(IRS Employer Identification No.)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom; text-align: center">
    <TH STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">7000 North Broadway, Building 3-307, Denver, CO&#9;&nbsp;</FONT></TH>
    <TH STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;80221</FONT></TH></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;(Address of principal executive offices)&#9;</FONT></TD>
    <TD STYLE="width: 50%; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;(Zip Code)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.75pt solid"><B>(303)
863-8808</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt">(</FONT>Registrant&rsquo;s
telephone number, including area code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.75pt solid"><B>Not applicable</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt">(Former
name or former address, if changed since last report)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="letter-spacing: -0.15pt">Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (<U>see</U><I> </I>General Instruction A.2. below):</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;<FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></FONT>&#9;Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;<FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings 2">&#83;</FONT></FONT>&#9;Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt"></FONT></P>
<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;<FONT STYLE="font-family: Wingdings 2">&#163;</FONT>&#9;
</FONT><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;<FONT STYLE="font-family: Wingdings 2">&#163;</FONT>&#9;Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in; border-bottom: Black 1pt solid">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 1.01 Entry into a Material Definitive Agreement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">On April 20, 2012, Accelr8 Technology Corporation (the &ldquo;Company&rdquo;)
entered into a Securities Purchase Agreement with Abeja Ventures, LLC (&ldquo;Investor&rdquo;) pursuant to which the Company agreed
to sell and issue to Investor (1) 14,000,000 shares of the Company&rsquo;s common stock at a purchase price of $1.03 per share
for an aggregate purchase price of $14,420,000 (the &ldquo;Purchase Price&rdquo;); (2) a warrant to purchase 7,000,000 shares of
the Company&rsquo;s common stock at an exercise price of $1.03 per share; and (3) another warrant to purchase 7,000,000 shares
of the Company&rsquo;s common stock at an exercise price of $2.00 per share, with each warrant exercisable prior to the fifth anniversary
of the closing of the transactions contemplated by the Securities Purchase Agreement (collectively, the &ldquo;Investment&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The principals of the Investor include Jack Schuler, John Patience
and Lawrence Mehren, among others. &nbsp;Each has decades of life sciences expertise in senior management positions. Jack Schuler
was formerly President of Abbott Laboratories, John Patience led McKinsey &amp; Company's global healthcare team, and Larry Mehren
was Head of Global Business of Roche Tissue Diagnostics and CFO of Ventana Medical Systems.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #222222">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Also on April 20, 2012, the Company, Investor and Alliance Bank
of Arizona, as escrow agent, entered into an Escrow Agreement pursuant to which Investor agreed to deposit the Purchase Price in
an escrow account until the closing of the Investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Under the terms of the Securities Purchase Agreement, the shares
of the Company&rsquo;s common stock, and the warrants to purchase additional shares of the Company&rsquo;s common stock, to be
issued and purchased in the Investment, and the shares of the Company&rsquo;s common stock issuable upon exercise of the warrants
(collectively, the &ldquo;Securities&rdquo;), will be issued in a transaction not involving any public offering and will not be
registered under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">In connection with the closing of the Investment, the Company will
enter into a Registration Rights Agreement with Investor pursuant to which the Investor and certain other parties will be granted
certain demand and piggy-back registration rights, including for shelf registrations, with respect to the resale of the securities
to be issued in connection with the Investment (the &ldquo;Securities&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The closing of the Investment is subject to certain conditions,
including the Company&rsquo;s receipt of all required approvals from the Company&rsquo;s stockholders, the NYSE Amex Stock Market
and other third parties. In particular, the closing is conditioned upon the Company&rsquo;s receipt of the requisite stockholder
approval to increase the number of authorized shares of the Company&rsquo;s common stock to cover the Securities (the &ldquo;Charter
Amendment&rdquo;). Under Section 7-110-103 of the Colorado Business Corporation Act, the Charter Amendment is required to be approved
by holders of at least a majority of the shares present in person or by proxy at a meeting of the stockholders at which a quorum
is present. In addition, under Section 713 of the NYSE Amex Company Guide, the issuance of the Securities must be approved by holders
of at least a majority of the shares present in person or by proxy at a meeting of the stockholders at which a quorum is present.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Under the terms of the Securities Purchase Agreement, the Company
is required to promptly file with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) and mail to its stockholders of
record a Definitive Proxy Statement on Schedule 14A relating to a special meeting of the Company&rsquo;s stockholders (the &ldquo;Special
Meeting&rdquo;), which is scheduled to be held on June 26, 2012 for the purpose of, among other things, approving the Investment
and the Charter Amendment as well as certain related matters to be set forth and described in detail in such Definitive Proxy Statement
on Schedule 14A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Certain stockholders of the Company, holding approximately 32% of
the Company&rsquo;s issued and outstanding shares of common stock, have entered into Voting Agreements with Investor pursuant to
which they have agreed to vote their shares in favor of the Securities Purchase Agreement, the Investment and the transactions
contemplated thereby and certain related matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1pt solid">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Pursuant to the Securities Purchase Agreement, the Company is required
to pay the Investor a break-up fee equal to two percent of the equity value of the Company if (i) the Investor terminates the Securities
Purchase Agreement because the Board (a) changes its recommendation to the shareholders to approve the transactions contemplated
by the Securities Purchase Agreement (the &ldquo;Company Board Recommendation&rdquo;), (b) refuses to confirm the Company Board
Recommendation when a takeover proposal from a person other than the Investor is announced, or (c) does not oppose a takeover proposal
from a person other than the Investor, or (ii) the Company terminates the Securities Purchase Agreement because, prior to the Company&rsquo;s
stockholders approving the Securities Purchase Agreement, the Board authorizes the Company to enter into a alternative transaction
that is superior to the Securities Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Additionally, pursuant to the Securities Purchase Agreement, the
Company is required to pay the Investor a break-up fee equal to two percent of the equity value of the Company if (i) the Investor
terminates the Securities Purchase Agreement because the Company breaches any representation, warrant or covenant and the stockholders
did not approve the Securities Purchase Agreement at the Stockholders Meeting or (ii) the Company or Investor terminates the Securities
Purchase Agreement (A) because the Securities Purchase Agreement did not close by July 2, 2012, as may be extended pursuant to
the terms of the Securities Purchase Agreement, and the Company&rsquo;s stockholders did not approve the Securities Purchase Agreement
or (B) because the Company&rsquo;s stockholders did not approve the Securities Purchase Agreement at the Special Meeting, provided
that prior to such terminations described in clauses (i) and (ii) of this paragraph, a takeover proposal from a person other than
the Investor has been publicly disclosed or communicated to the Company or Board and not withdrawn and within 12 months following
the termination of the Securities Purchase Agreement the Company enters into a definitive agreement with respect to such takeover
proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The payment of the foregoing break-up fees is subject to certain
exceptions set forth in the Securities Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">In addition to the termination rights described above, the Securities
Purchase Agreement provides for certain other termination rights in favor of the Company and Investor. The Company will have a
right to terminate the Securities Purchase Agreement without penalty if Investor does not fund the escrow account described above
on or before April 27, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">In connection with the Securities Purchase
Agreement, the current members of the Board, other than Thomas Geimer, intend to resign and the Board proposes to appoint Jack
Schuler, John Patience, and Lawrence Mehren, to the Board, effective as of the closing of the Investment. Also in connection with
the Securities Purchase Agreement, the officers of the Company will resign, including Thomas Geimer and Lawrence Mehren will be
appointed Chief Executive Officer, effective as of the closing of the Investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The closing of the Investment is expected to occur promptly after
such time, if any, as all required stockholder approvals are obtained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The foregoing description of the Securities Purchase Agreement is
a summary and is qualified in its entirety by the terms of the Securities Purchase Agreement, a copy of which will be filed as
an exhibit to the Definitive Proxy Statement on Schedule 14A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 3.02 Unregistered Sales of Equity Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The information disclosed under Item 1.01 of this Current Report
on Form 8&minus;K is incorporated into this Item 3.02 in its entirety. The Company has agreed to the Investment in reliance upon
the exemption from registration under Section 4(2) of the Securities Act and Rule 506 promulgated thereunder, and in reliance upon
the Investment being a transaction by the Company not involving any public offering. The Securities will be deemed &ldquo;restricted
securities&rdquo; under Rule 144 promulgated under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1pt solid">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 5.02 Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">On April 20, 2012, the compensation committee of the Board granted
Mr. Geimer an option to purchase 25,000 shares of the Company&rsquo;s common stock. Such option, which was granted pursuant to
the Company&rsquo;s 2004 Omnibus Stock Option Plan, was fully vested and exercisable as of the grant date for an exercise price
equal to $1.03 per share, which was equal to the closing price of the Company&rsquo;s common stock on April 19, 2012 as reported
by NYSE Amex. If not exercised, the option will expire on April 20, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 9.01 Financial Statements and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>(d) Exhibits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Exhibit 99.1 &ndash; Press Release, dated April 23, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Important Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">This Current Report on Form 8&minus;K shall not constitute an offer
to sell or the solicitation of an offer to buy any security. The shares of the Company&rsquo;s common stock, and the warrants to
purchase additional shares of the Company&rsquo;s common stock, to be issued and purchased in the Investment, and the shares of
the Company&rsquo;s common stock issuable upon exercise of the warrants are being so issued and purchased pursuant to an applicable
exemption from the registration requirements of the Securities Act and applicable state securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">As described above, in connection with its efforts to obtain stockholder
approval of the Investment and certain related matters, the Company will file with the SEC and mail to its stockholders of record
a Definitive Proxy Statement on Schedule 14A, which will contain information about the Company, the Investment and the related
matters to be voted upon by the Company&rsquo;s stockholders at the Special Meeting. <B>STOCKHOLDERS ARE URGED TO READ THE DEFINITIVE
PROXY STATEMENT ON SCHEDULE 14A CAREFULLY WHEN IT IS AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">In addition to receiving the Definitive Proxy Statement on Schedule
14A from the Company by mail, the Definitive</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Proxy Statement on Schedule 14A, as well as other filings containing
information about the Company, may also be obtained, without charge, from the SEC&rsquo;s website at www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Company and its directors and executive officers may be deemed
to be participants in the solicitation of proxies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Information concerning the interests of the Company&rsquo;s directors
and executive officers in the Investment will be set forth in the Definitive Proxy Statement on Schedule 14A. Other information
concerning the Company and its directors and executive officers is contained in the Company&rsquo;s other filings with the SEC,
including the Company&rsquo;s</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Annual Report on Form 10&minus;K for the year ended July 31, 2011,
which was filed with the SEC on October 27, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-right: 0; margin-bottom: 0.25in; margin-left: 0">Pursuant
to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.</P>

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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Date: April 23, 2012</P></TD>
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">ACCELR8 TECHNOLOGY CORPORATION</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(Registrant)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/ Thomas V. Geimer</U>___________________<U> </U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Thomas V. Geimer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Chief Executive Officer and Chief Financial Officer</P></TD></TR>
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[{"type": "8-K", "sequence": "1", "filename": "accelr84202012.htm", "description": "FORM 8-K", "secsgml_size_bytes": 28902}]
{"company-data": {"conformed-name": "ACCELR8 TECHNOLOGY CORP", "cik": "0000727207", "assigned-sic": "3826", "irs-number": "841072256", "state-of-incorporation": "CO", "fiscal-year-end": "0731"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-31822", "film-number": "12774212"}, "business-address": {"street1": "303 E 17TH AVE", "street2": "SUITE 108", "city": "DENVER", "state": "CO", "zip": "80203", "phone": "303-863-8088"}, "mail-address": {"street1": "7000 NORTH BROADWAY", "street2": "BUILDING 3-307", "city": "DENVER", "state": "CO", "zip": "80221"}, "former-company": {"former-conformed-name": "HYDRO SEEK INC", "date-changed": "19880802"}}
UNITED STATES
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)
April 20, 2012
ACCELR8
TECHNOLOGY CORPORATION
(Exact name of registrant as specified in its
charter)
COLORADO
(State
or other jurisdiction
of incorporation)
0-11485
84-1072256
(Commission File Number)
(IRS Employer Identification No.)
7000 North Broadway, Building 3-307, Denver, CO
80221
(Address of principal executive offices)
(Zip Code)
(303)
863-8808
(
Registrant's
telephone number, including area code)
Not applicable
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (
see
General Instruction A.2. below):
£
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
S
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
£
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
£
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement.
On April 20, 2012, Accelr8 Technology Corporation (the "Company")
entered into a Securities Purchase Agreement with Abeja Ventures, LLC ("Investor") pursuant to which the Company agreed
to sell and issue to Investor (1) 14,000,000 shares of the Company's common stock at a purchase price of $1.03 per share
for an aggregate purchase price of $14,420,000 (the "Purchase Price"); (2) a warrant to purchase 7,000,000 shares of
the Company's common stock at an exercise price of $1.03 per share; and (3) another warrant to purchase 7,000,000 shares
of the Company's common stock at an exercise price of $2.00 per share, with each warrant exercisable prior to the fifth anniversary
of the closing of the transactions contemplated by the Securities Purchase Agreement (collectively, the "Investment").
The principals of the Investor include Jack Schuler, John Patience
and Lawrence Mehren, among others.  Each has decades of life sciences expertise in senior management positions. Jack Schuler
was formerly President of Abbott Laboratories, John Patience led McKinsey & Company's global healthcare team, and Larry Mehren
was Head of Global Business of Roche Tissue Diagnostics and CFO of Ventana Medical Systems.
Also on April 20, 2012, the Company, Investor and Alliance Bank
of Arizona, as escrow agent, entered into an Escrow Agreement pursuant to which Investor agreed to deposit the Purchase Price in
an escrow account until the closing of the Investment.
Under the terms of the Securities Purchase Agreement, the shares
of the Company's common stock, and the warrants to purchase additional shares of the Company's common stock, to be
issued and purchased in the Investment, and the shares of the Company's common stock issuable upon exercise of the warrants
(collectively, the "Securities"), will be issued in a transaction not involving any public offering and will not be
registered under the Securities Act of 1933, as amended (the "Securities Act").
In connection with the closing of the Investment, the Company will
enter into a Registration Rights Agreement with Investor pursuant to which the Investor and certain other parties will be granted
certain demand and piggy-back registration rights, including for shelf registrations, with respect to the resale of the securities
to be issued in connection with the Investment (the "Securities").
The closing of the Investment is subject to certain conditions,
including the Company's receipt of all required approvals from the Company's stockholders, the NYSE Amex Stock Market
and other third parties. In particular, the closing is conditioned upon the Company's receipt of the requisite stockholder
approval to increase the number of authorized shares of the Company's common stock to cover the Securities (the "Charter
Amendment"). Under Section 7-110-103 of the Colorado Business Corporation Act, the Charter Amendment is required to be approved
by holders of at least a majority of the shares present in person or by proxy at a meeting of the stockholders at which a quorum
is present. In addition, under Section 713 of the NYSE Amex Company Guide, the issuance of the Securities must be approved by holders
of at least a majority of the shares present in person or by proxy at a meeting of the stockholders at which a quorum is present.
Under the terms of the Securities Purchase Agreement, the Company
is required to promptly file with the Securities and Exchange Commission (the "SEC") and mail to its stockholders of
record a Definitive Proxy Statement on Schedule 14A relating to a special meeting of the Company's stockholders (the "Special
Meeting"), which is scheduled to be held on June 26, 2012 for the purpose of, among other things, approving the Investment
and the Charter Amendment as well as certain related matters to be set forth and described in detail in such Definitive Proxy Statement
on Schedule 14A.
Certain stockholders of the Company, holding approximately 32% of
the Company's issued and outstanding shares of common stock, have entered into Voting Agreements with Investor pursuant to
which they have agreed to vote their shares in favor of the Securities Purchase Agreement, the Investment and the transactions
contemplated thereby and certain related matters.
Pursuant to the Securities Purchase Agreement, the Company is required
to pay the Investor a break-up fee equal to two percent of the equity value of the Company if (i) the Investor terminates the Securities
Purchase Agreement because the Board (a) changes its recommendation to the shareholders to approve the transactions contemplated
by the Securities Purchase Agreement (the "Company Board Recommendation"), (b) refuses to confirm the Company Board
Recommendation when a takeover proposal from a person other than the Investor is announced, or (c) does not oppose a takeover proposal
from a person other than the Investor, or (ii) the Company terminates the Securities Purchase Agreement because, prior to the Company's
stockholders approving the Securities Purchase Agreement, the Board authorizes the Company to enter into a alternative transaction
that is superior to the Securities Purchase Agreement.
Additionally, pursuant to the Securities Purchase Agreement, the
Company is required to pay the Investor a break-up fee equal to two percent of the equity value of the Company if (i) the Investor
terminates the Securities Purchase Agreement because the Company breaches any representation, warrant or covenant and the stockholders
did not approve the Securities Purchase Agreement at the Stockholders Meeting or (ii) the Company or Investor terminates the Securities
Purchase Agreement (A) because the Securities Purchase Agreement did not close by July 2, 2012, as may be extended pursuant to
the terms of the Securities Purchase Agreement, and the Company's stockholders did not approve the Securities Purchase Agreement
or (B) because the Company's stockholders did not approve the Securities Purchase Agreement at the Special Meeting, provided
that prior to such terminations described in clauses (i) and (ii) of this paragraph, a takeover proposal from a person other than
the Investor has been publicly disclosed or communicated to the Company or Board and not withdrawn and within 12 months following
the termination of the Securities Purchase Agreement the Company enters into a definitive agreement with respect to such takeover
proposal.
The payment of the foregoing break-up fees is subject to certain
exceptions set forth in the Securities Purchase Agreement.
In addition to the termination rights described above, the Securities
Purchase Agreement provides for certain other termination rights in favor of the Company and Investor. The Company will have a
right to terminate the Securities Purchase Agreement without penalty if Investor does not fund the escrow account described above
on or before April 27, 2012.
In connection with the Securities Purchase
Agreement, the current members of the Board, other than Thomas Geimer, intend to resign and the Board proposes to appoint Jack
Schuler, John Patience, and Lawrence Mehren, to the Board, effective as of the closing of the Investment. Also in connection with
the Securities Purchase Agreement, the officers of the Company will resign, including Thomas Geimer and Lawrence Mehren will be
appointed Chief Executive Officer, effective as of the closing of the Investment.
The closing of the Investment is expected to occur promptly after
such time, if any, as all required stockholder approvals are obtained.
The foregoing description of the Securities Purchase Agreement is
a summary and is qualified in its entirety by the terms of the Securities Purchase Agreement, a copy of which will be filed as
an exhibit to the Definitive Proxy Statement on Schedule 14A.
Item 3.02 Unregistered Sales of Equity Securities
The information disclosed under Item 1.01 of this Current Report
on Form 8−K is incorporated into this Item 3.02 in its entirety. The Company has agreed to the Investment in reliance upon
the exemption from registration under Section 4(2) of the Securities Act and Rule 506 promulgated thereunder, and in reliance upon
the Investment being a transaction by the Company not involving any public offering. The Securities will be deemed "restricted
securities" under Rule 144 promulgated under the Securities Act.
Item 5.02 Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 20, 2012, the compensation committee of the Board granted
Mr. Geimer an option to purchase 25,000 shares of the Company's common stock. Such option, which was granted pursuant to
the Company's 2004 Omnibus Stock Option Plan, was fully vested and exercisable as of the grant date for an exercise price
equal to $1.03 per share, which was equal to the closing price of the Company's common stock on April 19, 2012 as reported
by NYSE Amex. If not exercised, the option will expire on April 20, 2022.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit 99.1 – Press Release, dated April 23, 2012
Important Information
This Current Report on Form 8−K shall not constitute an offer
to sell or the solicitation of an offer to buy any security. The shares of the Company's common stock, and the warrants to
purchase additional shares of the Company's common stock, to be issued and purchased in the Investment, and the shares of
the Company's common stock issuable upon exercise of the warrants are being so issued and purchased pursuant to an applicable
exemption from the registration requirements of the Securities Act and applicable state securities laws.
As described above, in connection with its efforts to obtain stockholder
approval of the Investment and certain related matters, the Company will file with the SEC and mail to its stockholders of record
a Definitive Proxy Statement on Schedule 14A, which will contain information about the Company, the Investment and the related
matters to be voted upon by the Company's stockholders at the Special Meeting.
STOCKHOLDERS ARE URGED TO READ THE DEFINITIVE
PROXY STATEMENT ON SCHEDULE 14A CAREFULLY WHEN IT IS AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION.
In addition to receiving the Definitive Proxy Statement on Schedule
14A from the Company by mail, the Definitive
Proxy Statement on Schedule 14A, as well as other filings containing
information about the Company, may also be obtained, without charge, from the SEC's website at www.sec.gov.
The Company and its directors and executive officers may be deemed
to be participants in the solicitation of proxies.
Information concerning the interests of the Company's directors
and executive officers in the Investment will be set forth in the Definitive Proxy Statement on Schedule 14A. Other information
concerning the Company and its directors and executive officers is contained in the Company's other filings with the SEC,
including the Company's
Annual Report on Form 10−K for the year ended July 31, 2011,
which was filed with the SEC on October 27, 2011.
SIGNATURES
Pursuant
to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
Date: April 23, 2012
ACCELR8 TECHNOLOGY CORPORATION
(Registrant)
/s/ Thomas V. Geimer
___________________
Thomas V. Geimer
Chief Executive Officer and Chief Financial Officer