Amendment to the Warrants. In connection with the transactions contemplated by this Agreement, the Company shall reset the exercise price of the outstanding Warrants to the greater of $0.16 per share or the VWAP on the Closing Date. For purposes herein, “VWAP” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted for trading as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)); (b) if the OTC Bulletin Board is not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the OTC Bulletin Board; (c) if the Common Stock is not then quoted for trading on the OTC Bulletin Board and if prices for the Common Stock are then reported in the “Pink Sheets” published by Pink Sheets, LLC (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported; or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Holder and reasonably acceptable to the Company.
Amendment to the Warrants. The Issuer and Holders hereby agree that on the date hereof, each of the Warrants is hereby amended and restated so that Section 3 of each Warrant shall read as follows:
Amendment to the Warrants. (a) Warrants issued by the Company to the Investors in connection with the Additional Notes;
a. shall have exercise price of %0.36 and Section 1(b) in the Warrant shall be amended to read “For purposes of this Warrant, “Exercise Price” means $0.36, subject to adjustment as provided herein.
b. shall have an exercise term of five years.
Amendment to the Warrants. (a) Subject to Section 3.4, Section 2(b) of the Warrants is hereby amended and restated in its entirety to be and read as follows:
Amendment to the Warrants. Each Warrant shall be amended so that in Section 1(b) thereof, “$2.90” shall be deleted and replaced with “$0.4389”. Except as specifically amended hereby, each Warrant shall remain in full force and effect in accordance with its terms. The Company shall, promptly upon the request of an Investor, replace such Investor’s Warrant with an amended and restated Warrant containing the amendment effected hereby.
Amendment to the Warrants. (a) The Warrants previously issued by the Company to the Investors shall be amended as follows (it being understand that the warrants issuable in connection with any sale of the April 2019 Notes shall reflect the below amended terms):
a. The exercise price of the April 2018 Warrants shall be amended to $0.36 and Section 1(b) in each of the applicable warrant agreement shall be amended to read “For purposes of this Warrant, “Exercise Price” means $0.36, subject to adjustment as provided herein.
Amendment to the Warrants. A. The number of Warrant Shares shall be equal to two shares of common stock per one dollar ($1.00). Accordingly, any references within the Transaction Documents to Warrant Shares shall also be amended so that such references shall be equal to two shares of common stock per one dollar ($1.00).
B. Investors with existing Warrants shall receive an additional warrant for the additional shares of common stock.
Amendment to the Warrants. Section 3(b) of the Warrants is hereby amended and replaced in its entirety with the following: "[INTENTIONALLY OMITTED]".
Amendment to the Warrants. Each Warrant shall be amended to (i) fix the Purchase Price (as defined in the Warrant) in the event of a reorganization, redistribution, merger or sale of assets occurring prior to December 31, 2002, and to reduce the Purchase Price on December 31, 2002, and (ii) add a put right in favor of the Holder thereunder in certain circumstances. In order to accomplish the foregoing, each Purchaser will surrender the Warrants now held by such Purchaser for cancellation in exchange for the issuance by the Company to such Purchaser of an Amended and Restated Warrant (the "AMENDED AND RESTATED WARRANT") in the form attached hereto as EXHIBIT II entitling the Purchaser to purchase upon exercise thereof, the same number of shares of Common Stock as provided for in the Warrant now held by such Purchaser.
Amendment to the Warrants. The Exercise Price of the Warrants shall be reduced to $0.30 per share. As such, Section 2(b) of the Warrants shall be amended and restated in its entirety to read as follows: “The exercise price per share of the Common Stock under this Warrant shall be $0.30, subject to adjustment hereunder (the “Exercise Price”).”
