Application for Nasdaq Listing Sample Clauses

Application for Nasdaq Listing. The Company shall use its best efforts to file an initial listing application for its Common Stock to be listed on The Nasdaq Capital Market no later than June 30, 2006 and the Company shall use its best efforts to cause its shares of Common Stock to be listed on The Nasdaq Capital Market as soon as practicable, but in no event later than October 31, 2006. In the event that the Company does not file the initial listing application by June 30, 2006 or the Company’s shares of Common Stock, including the Conversion Shares and the Warrant Shares, are not listed on The Nasdaq Capital Market by October 31, 2006, the Company shall pay a penalty to each Purchaser on a monthly basis equal to one percent (1%) of each Purchaser’s portion of the Purchase Price, but in no event shall such penalties exceed more than ten percent (10%) of each Purchaser’s portion of the Purchase Price.