Common use of Company Exercise Clause in Contracts

Company Exercise. At any time following the sixty (60) day anniversary of the final Closing Date or termination of the Offering, if (i) the Company is listed on a Trading Market that is a senior exchange such as The NASDAQ Global Market, The NASDAQ Global Select Market, The NASDAQ Capital Market, or the New York Stock Exchange, (ii) the Warrant Shares are registered, which registration is and remains effective, or the Holder otherwise has the ability to trade the Warrant Shares without restriction, (iii) the daily VWAP for the prior twenty (20) consecutive Trading Days is $6.00 or more (adjusted for splits and similar distributions) and (iv) the daily trading volume is at least $1,000,000 during such twenty (20)-day period (the events set forth in clauses (i) through (iv) above, collectively, the “Conditions”), then the Company can demand, upon five (5) Business Days’ notice that the Holder exercise this Warrant, pursuant to Section 2.1 hereof and subject to the limitations of Section 10, as long as the Conditions remain in effect. The exercise referenced in this Section 2.6 shall be at the Exercise Price, including any Exercise Price modified pursuant to the provisions of Section 5 hereof (exclusive of Section 5.4). For the avoidance of doubt, in no instance may the Company demand an exercise under this Section 2.6 if there is no effective registration statement covering the shares underlying the Warrant.