Adjustment of Conversion Price upon Issuance of New Securities. In the event of an issuance of New Securities for a consideration per Share (as adjusted by the then applicable ADS-to-Share ratio if the consideration per Share for the issuance of New Securities is expressed as an amount per ADS) received by the Company less than the Conversion Price in effect immediately prior to such issue, then and in such event, such Conversion Price shall be reduced, concurrently with such issue, to a price determined as set forth below: NCP = OCP * (OS + (NP/OCP))/(OS + NS) WHERE: (A) NCP = the new Conversion Price, (B) OCP = the Conversion Price in effect immediately before the issuance of the New Securities, (C) OS = the total outstanding Shares immediately before the issuance of the New Securities, (D) NP = the total consideration received for the issuance or sale of the New Securities and (E) NS = the number of New Securities issued or sold or deemed issued or sold.
Appears in 3 contracts
Samples: Convertible Note and Warrant Purchase Agreement, Convertible Note and Warrant Purchase Agreement (The9 LTD), Convertible Note and Warrant Purchase Agreement (Ark Pacific Investment Management LTD)
Adjustment of Conversion Price upon Issuance of New Securities. In the event of an issuance of New Securities for a consideration per Share (as adjusted by the then applicable ADS-to-Share ratio if the consideration per Share for the issuance of New Securities is expressed as an amount per ADS) received by the Company less than the Conversion Price in effect immediately prior to such issue, then and in such event, such Conversion Price shall be reduced, concurrently with such issue, to a price determined as set forth below: NCP = OCP * (OS + (NP/OCP))/(OS + NS) WHERE:
(A) NCP = the new Conversion Price,
(B) OCP = the Conversion Price in effect immediately before the issuance of the New Securities,
(C) OS = the total outstanding Shares immediately before the issuance of the New Securities,
(D) NP = the total consideration received for the issuance or sale of the New Securities Securities, and
(E) NS = the number of New Securities issued or sold or deemed issued or sold.
Appears in 1 contract
Samples: Securities Purchase Agreement (Xinyuan Real Estate Co., Ltd.)
