Examples of Series B Preferred Stock in a sentence
Following the date of the Stockholder Approval and the filing of the Certificate of Designations with the Secretary of State of the State of Delaware, all of the Outstanding Amount shall, without any further action by the Investor, be automatically converted into fully paid and nonassessable shares of the Company’s Series B Preferred Stock (the “Preferred Shares”) at a price per share equal to $2.38, with any fractional shares rounded down (the “Automatic Preferred Shares Conversion”).
Dividends shall be payable to holders of record of the Series B Preferred Stock as they appear on the stock books of the Corporation on the Dividend Date.
The principal amount outstanding hereunder shall bear interest at the rate of 8.5% per annum, which shall be payable quarterly by the Company to the Investor in either in cash or in shares of the Company’s common stock at the Conversion Price (as such term is defined in the Company’s Certificate of Designations, Rights and Limitations of Series B Preferred Stock filed with the Secretary of State of Delaware or, prior to such filing, in the form attached as an exhibit to the Purchase Agreement).
If any shares of Preferred Stock shall be converted, redeemed or reacquired by the Corporation, such shares shall resume the status of authorized but unissued shares of preferred stock and shall no longer be designated as Series B Preferred Stock.
The undersigned hereby elects to convert the number of shares of Series B Preferred Stock indicated below into shares of common stock, par value $0.001 per share (the “Common Stock”), of Neuraxis, Inc., a Delaware corporation (the “Corporation”), according to the conditions hereof, as of the date written below.