Conversion of Bridge Note Clause Samples
Conversion of Bridge Note. On the Recapitalization Date immediately following the Recapitalization, the Bridge Note shall be converted into shares of Common Stock of the Company at a price equal to $0.45 per share of Common Stock, subject to adjustment as provided in the Bridge Note (the “Conversion”). The shares of Common Stock to be issued by the Company upon the Conversion shall be issued to the Holder in the name of the Holder.
Conversion of Bridge Note. The obligations of the Company under Bridge Note are hereby converted into obligations of the Company under the Amended and Restated Notes, with the unpaid principal amount and accrued and unpaid interest under the Bridge Note converted into advances under the Amended and Restated Notes. Such advances shall be reflected on Schedule 1 to each Amended and Restated Note as a drawdown hereunder on the date hereof. Promptly following the execution hereof, the Investors shall deliver the Bridge Note to the Company to reflect such conversion and cancellation.