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<P style="font-size: 14pt" align="center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
<FONT
style="font-size: 12pt">Washington, D.C. 20549 </FONT></B>

<P style="font-size: 18pt" align="center"><B>FORM 8-K</B>

<P style="font-size: 12pt" align="center"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934</B>

<P style="font-size: 10pt" align="center"><B>Date of Report (Date of earliest event reported): December 15, 2008</B>

<P align="center">&nbsp;

<P style="font-size: 24pt" align="center"><B>ZOLTEK COMPANIES, INC.<BR>
</B><FONT style="font-size: 10pt">(Exact name
of registrant as specified in its charter) </FONT>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0" cellpadding="0" width="100%" border="0">

 <TR>
  <TD width="32%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="32%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>Missouri</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>0-20600</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>43-1311101</B></TD>
 </TR>
 <TR valign="top">
  <TD>(State or other Jurisdiction of Incorporation)</TD>
  <TD>&nbsp;</TD>
  <TD>(Commission File Number)</TD>
  <TD>&nbsp;</TD>
  <TD>(IRS Employer Identification No.)</TD>
 </TR>

</TABLE>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0" cellpadding="0" width="100%" border="0">

 <TR>
  <TD width="49%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="49%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>3101 McKelvey Road<BR>
St. Louis, Missouri<BR>
</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>63044</B></TD>
 </TR>
 <TR valign="top">
  <TD>(Address of Principal Executive Offices)</TD>
  <TD>&nbsp;</TD>
  <TD>(Zip Code)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="center">Registrant&#8217;s telephone number, including area code: <B>(314)
291-5110</B>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0" cellpadding="0" width="30%" border="0">

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  <TD width="100%">&nbsp;</TD>
 </TR>
 <TR>
  <TD style="border-bottom: #000000 1px solid" nowrap><B>Not applicable<BR>
</B></TD>
 </TR>
 <TR>
  <TD nowrap>(Former name or former address if changed since last report.)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="left">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:

<P style="font-size: 10pt" align="left"><FONT face="Wingdings">o</FONT> Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425)<BR>
<BR>
<FONT face="Wingdings">o</FONT> Soliciting material pursuant to Rule
14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>
<BR>
<FONT face="Wingdings">o</FONT> Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))<BR>


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<P style="font-size: 10pt" align="justify"><B>Item&nbsp;4.01 Changes in Registrant&#8217;s Certifying Accountant.</B>

<P style="font-size: 10pt; text-indent: 4%" align="justify">(a)&nbsp;Previous independent registered public accounting
firm:

<P style="font-size: 10pt; margin-left: 4%; text-indent: 4%" align="justify">(i)&nbsp;On December&nbsp;15, 2008, Zoltek
Companies, Inc. (the &#8220;Registrant&#8221;) dismissed Grant Thornton LLP as its independent registered public
accounting firm. The Registrant&#8217;s Audit Committee participated in and approved the decision to change its
independent registered public accounting firm.

<P style="font-size: 10pt; margin-left: 4%; text-indent: 4%" align="justify">(ii)&nbsp;The reports of Grant Thornton
LLP on the financial statements of the Registrant for the fiscal years ended September&nbsp;30, 2007 and 2008 contained
no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or
accounting principle.

<P style="font-size: 10pt; margin-left: 4%; text-indent: 4%" align="justify">(iii)&nbsp;During the fiscal years ended
September&nbsp;30, 2007 and 2008 and through December&nbsp;15, 2008, there have been no disagreements with Grant
Thornton LLP on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or
procedure, which disagreements if not resolved to the satisfaction of Grant Thornton LLP, would have caused them to
make reference thereto in their reports on the financial statements for such years.

<P style="font-size: 10pt; margin-left: 4%; text-indent: 4%" align="justify">(iv)&nbsp;During the fiscal years ended
September&nbsp;30, 2007 and 2008, and through December&nbsp;15, 2008, there were no reportable events within the
meaning of Item&nbsp;304(a)(1)(v) of Regulation&nbsp;S-K, except for the material weaknesses in internal control over
financial reporting described in the following paragraphs. The Registrant did not report any material weakness in
internal control over financial accounting in its Annual Report on Form 10-K for the fiscal year ended
September&nbsp;30, 2008.

<P style="font-size: 10pt; margin-left: 4%; text-indent: 4%" align="justify">In its Quarterly Reports on Form 10-Q for
the quarters ended December&nbsp;31, 2006, March&nbsp;31, 2007, and June 30, 2007, the Registrant reported the
following material weaknesses in its internal control over financial reporting: (1)&nbsp;the completeness and accuracy
of physical inventory quantities, and (2)&nbsp;the accuracy and valuation of inventory.

<P style="font-size: 10pt; margin-left: 4%; text-indent: 4%" align="justify">In its Annual Report on Form 10-K for the
fiscal year ended September&nbsp;30, 2007 and in its Quarterly Reports on Form 10-Q for the quarters ended
December&nbsp;31, 2007, March&nbsp;31, 2008 and June&nbsp;30, 2008, the Registrant reported the following material
weaknesses in its internal control over financial reporting: (1) entity level controls and procedures to prevent
certain accounting entries from being recorded prior to formal documentation of the arrangements being obtained, and
(2)&nbsp;the assessment of reserves for possible liability arising from certain litigation matters.

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<P style="font-size: 10pt; margin-left: 4%; text-indent: 4%" align="justify">The Audit Committee and management
discussed the material weaknesses with Grant Thornton LLP and have authorized Grant Thornton LLP to respond fully to
any inquiries about the Registrant&#8217;s material weaknesses over financial reporting as may be made by the
Registrant&#8217;s successor independent registered accounting firm, Ernst &amp; Young LLP.

<P style="font-size: 10pt; margin-left: 4%; text-indent: 4%" align="justify">(v)&nbsp;The Registrant has requested that
Grant Thornton LLP furnish it with a letter addressed to the SEC stating whether or not it agrees with the above
statements. A copy of such letter, dated December&nbsp;18, 2008, is filed as
Exhibit&nbsp;16.1 to this Form 8-K.

<P style="font-size: 10pt; text-indent: 4%" align="justify">(b)&nbsp;New independent registered public accounting firm:

<P style="font-size: 10pt; margin-left: 4%; text-indent: 4%" align="justify">(i)&nbsp;The Registrant engaged Ernst
&amp; Young LLP as its new independent registered public accounting firm as of December&nbsp;15, 2008. The
Registrant&#8217;s Audit Committee participated in and approved the decision to engage Ernst &amp; Young LLP. During
the fiscal years ended September&nbsp;30, 2007 and 2008 and through December&nbsp;15, 2008, the Registrant has not
consulted with Ernst &amp; Young LLP regarding either (i)&nbsp;the application of accounting principles to a specified
transaction, either completed or proposed; or the type of audit opinion that might be rendered on the
Registrant&#8217;s financial statements, and neither a written report was provided to the Registrant or oral advice was
provided that Ernst &amp; Young LLP concluded was an important factor considered by the Registrant in reaching a
decision as to the accounting, auditing or financial reporting issue; or (ii)&nbsp;any matter that was either the
subject of a disagreement, as that term is defined in Item&nbsp;304(a)(1)(iv) of Regulation&nbsp;S-K and the related
instructions to Item&nbsp;304 of Regulation&nbsp;S-K, or a reportable event, as that term is defined in
Item&nbsp;304(a)(1)(v) of Regulation&nbsp;S-K.

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<P style="font-size: 10pt" align="justify"><B>Item&nbsp;9.01 Financial Statements and Exhibits.</B>

<P style="font-size: 10pt; margin-left: 4%; text-indent: 4%" align="justify">(c)&nbsp;The following exhibits are filed
as part of this report:

<P>
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<TR style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000" valign="top">
  <TD style="background: none transparent scroll repeat 0% 0%" width="8%">&nbsp;</TD>
  <TD nowrap align="left" width="8%"><U>Exhibit&nbsp;Number</U></TD>
  <TD width="3%">&nbsp;</TD>
  <TD><DIV style="text-align: justify"><U>Description</U></DIV></TD>
</TR>
<TR style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000" valign="top">
  <TD style="background: none transparent scroll repeat 0% 0%" width="8%">&nbsp;</TD>
  <TD nowrap align="left" width="3%">16.1</TD>
  <TD width="1%">&nbsp;</TD>
  <TD>
<DIV style="text-align: justify">Letter to Securities and Exchange
Commission from Grant Thornton LLP, dated December&nbsp;18, 2008.</DIV>
</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="center">* * *

<P style="font-size: 10pt" align="justify">&nbsp;

<P style="font-size: 10pt" align="center">4

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<P style="font-size: 10pt" align="center">SIGNATURES

<P style="font-size: 10pt; margin-left: 3%; text-indent: 4%; margin-right: 3%" align="justify">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 style="font-size: 10pt; margin-left: 3%; margin-right: 3%" align="justify">Dated:
December&nbsp;18, 2008

<P style="font-size: 10pt; margin-left: 43%; margin-right: 3%" align="justify">ZOLTEK COMPANIES, INC.

<P style="font-size: 10pt; margin-left: 43%; margin-right: 3%" align="justify">By <U>/s/ Zsolt
Rumy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
<BR>
Zsolt Rumy <BR>
Chairman and Chief Executive Officer

<P style="font-size: 10pt" align="center">5

<P style="font-size: 10pt" align="center">

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<P style="font-size: 10pt" align="center">EXHIBIT INDEX
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%" border="0">
<!-- Begin Table Head -->

 <TR valign="bottom">
  <TD width="8%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="87%">&nbsp;</TD>
 </TR>
 <TR style="font-size: 10pt" valign="bottom">
  <TD nowrap align="left">Exhibit</TD>
  <TD>&nbsp;</TD>
  <TD nowrap align="center">&nbsp;</TD>
 </TR>
 <TR style="font-size: 10pt" valign="bottom">
  <TD style="border-bottom: #000000 1px solid" nowrap align="left">Number</TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid" nowrap align="center">Description</TD>
 </TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">16.1 </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Letter to Securities and Exchange
Commission from Grant Thornton LLP, dated December&nbsp;18, 2008.</TD>
 </TR>
<!-- End Table Body -->

</TABLE>
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<P style="font-size: 10pt" align="center">6

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Filed by Bowne Pure Compliance
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): December 15, 2008
ZOLTEK COMPANIES, INC.
(Exact name
of registrant as specified in its charter)
Missouri
0-20600
43-1311101
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
3101 McKelvey Road
St. Louis, Missouri
63044
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code:
(314)
291-5110
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:
o
Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule
14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 4.01 Changes in Registrant's Certifying Accountant.
(a) Previous independent registered public accounting
firm:
(i) On December 15, 2008, Zoltek
Companies, Inc. (the "Registrant") dismissed Grant Thornton LLP as its independent registered public
accounting firm. The Registrant's Audit Committee participated in and approved the decision to change its
independent registered public accounting firm.
(ii) The reports of Grant Thornton
LLP on the financial statements of the Registrant for the fiscal years ended September 30, 2007 and 2008 contained
no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or
accounting principle.
(iii) During the fiscal years ended
September 30, 2007 and 2008 and through December 15, 2008, there have been no disagreements with Grant
Thornton LLP on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or
procedure, which disagreements if not resolved to the satisfaction of Grant Thornton LLP, would have caused them to
make reference thereto in their reports on the financial statements for such years.
(iv) During the fiscal years ended
September 30, 2007 and 2008, and through December 15, 2008, there were no reportable events within the
meaning of Item 304(a)(1)(v) of Regulation S-K, except for the material weaknesses in internal control over
financial reporting described in the following paragraphs. The Registrant did not report any material weakness in
internal control over financial accounting in its Annual Report on Form 10-K for the fiscal year ended
September 30, 2008.
In its Quarterly Reports on Form 10-Q for
the quarters ended December 31, 2006, March 31, 2007, and June 30, 2007, the Registrant reported the
following material weaknesses in its internal control over financial reporting: (1) the completeness and accuracy
of physical inventory quantities, and (2) the accuracy and valuation of inventory.
In its Annual Report on Form 10-K for the
fiscal year ended September 30, 2007 and in its Quarterly Reports on Form 10-Q for the quarters ended
December 31, 2007, March 31, 2008 and June 30, 2008, the Registrant reported the following material
weaknesses in its internal control over financial reporting: (1) entity level controls and procedures to prevent
certain accounting entries from being recorded prior to formal documentation of the arrangements being obtained, and
(2) the assessment of reserves for possible liability arising from certain litigation matters.
2
The Audit Committee and management
discussed the material weaknesses with Grant Thornton LLP and have authorized Grant Thornton LLP to respond fully to
any inquiries about the Registrant's material weaknesses over financial reporting as may be made by the
Registrant's successor independent registered accounting firm, Ernst & Young LLP.
(v) The Registrant has requested that
Grant Thornton LLP furnish it with a letter addressed to the SEC stating whether or not it agrees with the above
statements. A copy of such letter, dated December 18, 2008, is filed as
Exhibit 16.1 to this Form 8-K.
(b) New independent registered public accounting firm:
(i) The Registrant engaged Ernst
& Young LLP as its new independent registered public accounting firm as of December 15, 2008. The
Registrant's Audit Committee participated in and approved the decision to engage Ernst & Young LLP. During
the fiscal years ended September 30, 2007 and 2008 and through December 15, 2008, the Registrant has not
consulted with Ernst & Young LLP regarding either (i) the application of accounting principles to a specified
transaction, either completed or proposed; or the type of audit opinion that might be rendered on the
Registrant's financial statements, and neither a written report was provided to the Registrant or oral advice was
provided that Ernst & Young LLP concluded was an important factor considered by the Registrant in reaching a
decision as to the accounting, auditing or financial reporting issue; or (ii) any matter that was either the
subject of a disagreement, as that term is defined in Item 304(a)(1)(iv) of Regulation S-K and the related
instructions to Item 304 of Regulation S-K, or a reportable event, as that term is defined in
Item 304(a)(1)(v) of Regulation S-K.
3
Item 9.01 Financial Statements and Exhibits.
(c) The following exhibits are filed
as part of this report:
Exhibit Number
Description
16.1
Letter to Securities and Exchange
Commission from Grant Thornton LLP, dated December 18, 2008.
* * *
4
SIGNATURES
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.
Dated:
December 18, 2008
ZOLTEK COMPANIES, INC.
By
/s/ Zsolt
Rumy
Zsolt Rumy
Chairman and Chief Executive Officer
5
EXHIBIT INDEX
Exhibit
Number
Description
16.1
Letter to Securities and Exchange
Commission from Grant Thornton LLP, dated December 18, 2008.
6