Common use of Conversion or Repayment Upon Acquisition Clause in Contracts

Conversion or Repayment Upon Acquisition. In the event that the Company sells, conveys or otherwise disposes of all or substantially all of its assets or is acquired by way of a merger, consolidation, reorganization or other transaction or series of transactions pursuant to which stockholders of the Company prior to such transaction own less than fifty percent (50%) of the voting interests in the surviving or resulting entity (an “Acquisition”), then all outstanding principal and unpaid accrued interest under this Note shall either (a) become immediately due and payable upon the closing of the Acquisition, or (b) at the option of Holder, immediately prior to the closing of the Acquisition, convert into shares of Common Stock of the Company at the Conversion Price.

Appears in 4 contracts

Samples: Note and Warrant Purchase Agreement (Duska Therapeutics, Inc.), Note and Warrant Purchase Agreement (Duska Therapeutics, Inc.), Promissory Note and Warrant Purchase Agreement (Hydrodynex, Inc.)

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