Common use of Current Market Price Clause in Contracts

Current Market Price. For the purpose of any computation under Section 6, the "Current Market Price" per share of Common Stock at any date shall be the average of the daily closing prices for the 15 consecutive trading days commencing 20 trading days before such date. The closing price for each day shall be the last reported sale price, regular way or, in case no such reported sale takes place on such day, the average of the closing bid and asked prices, regular way, for such day, in either case on the principal national securities exchange on which the shares are listed or admitted to trading, or if they are not listed or admitted to trading on any national securities exchange, but are traded in the Nasdaq National Market ("NNM"), or if the shares are otherwise securities for which transaction reports are required to be made on a real-time basis pursuant to an effective transaction reporting plan under Rule 11a3-1 of the Rules of the Commission under the Exchange Act, the last reported sales price or, if they are not listed or admitted to trade, and if last sale data is not then available from NNM, but are traded in the over-the-counter market, the average of the representative closing bid and asked quotations for the Common Stock on NNM or any comparable system, or if the Common Stock is not listed on NNM or a comparable system, the average of the closing bid and asked prices as furnished by two members of the National Association of Securities Dealers, Inc. selected from time to time by the independent members of the Board of Directors of the Company for that purpose.

Appears in 4 contracts

Samples: Warrant Agreement (U S Liquids Inc), Warrant Agreement (U S Liquids Inc), Warrant Agreement (U S Liquids Inc)

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Current Market Price. For the purpose all purposes of any computation under Section 6this Agreement, the "Current Market Price" Price per share of Common Stock at on any date shall be deemed to be the average of the daily closing prices for the 15 thirty consecutive trading business days commencing 20 trading days before such date. The closing price for each day shall be (a) if the Common Stock shall be listed or admitted to trading on the New York Stock Exchange, the closing price on the NYSE-Consolidated Tape (or any successor composite tape recording transactions on the New York Stock Exchange) or, if such a composite tape shall not be in use or shall not report transactions in the Common Stock, or if the Common Stock shall be listed on a stock exchange other than the New York Stock Exchange, the last reported sale price, sales price regular way on the principal national securities exchange on which the Common Stock shall be listed or admitted to trading (which shall be the national securities exchange on which the greatest number of shares of the Common Stock has been traded during such thirty consecutive business days), or, in case either case, if there is no transaction on any such reported sale takes place day, the average of the bid and asked prices regular way on such day, or (b) if the Common Stock shall not be listed or admitted to trading on any national securities exchange, the closing price, if reported, or, if the closing price is not reported, the average of the closing bid and asked prices, regular way, for such day, in either case on the principal national securities exchange on which the shares are listed or admitted to trading, or if they are not listed or admitted to trading on any national securities exchange, but are traded in the Nasdaq National Market ("NNM"), or if the shares are otherwise securities for which transaction reports are required to be made on a real-time basis pursuant to an effective transaction reporting plan under Rule 11a3-1 of the Rules of the Commission under the Exchange Act, the last as reported sales price or, if they are not listed or admitted to trade, and if last sale data is not then available from NNM, but are traded in the over-the-counter market, the average of the representative closing bid and asked quotations for the Common Stock on NNM or any comparable system, or if the Common Stock is not listed on NNM or a comparable system, the average of the closing bid and asked prices as furnished by two members of the National Association of Securities Dealers, Inc. Dealers Automated Quotation (Nasdaq) National Market or a similar source selected from time to time by the independent members Company for the purpose. If on any such date the shares of Common Stock are not quoted by any such source, the fair value of such shares on such date, as determined by the Board of Directors of the Company for that purposeCompany, shall be used.

Appears in 4 contracts

Samples: Warrant Agreement (Derma Sciences Inc), Warrant Agreement (Derma Sciences Inc), Warrant Agreement (Derma Sciences Inc)

Current Market Price. For the purpose of any computation of current market price under Section 6this Agreement, the "Current Market Price" current market price per share of Common Stock at any date shall be the average daily closing price the last full trading day on the exchange or market specified in the second succeeding sentence prior to the Time of Determination (as defined below). The term "Time of Determination" as used herein shall be the time and date of the daily closing prices for earlier to occur of (A) the 15 consecutive date as of which the current market price is to be computed and (B) the last full trading days commencing 20 day on such exchange or market before the commencement of "ex-dividend" trading days before such datein the Common Stock relating to the event giving rise to the adjustment required by paragraph (a) or (b) above. The closing price for each any day shall be the last reported sale price, price regular way or, in case no such reported sale takes place on such day, the average of the closing bid and asked prices, prices regular way, way for such day, in either each case (1) on the principal national securities exchange on which the shares of Common Stock are listed or to which such shares are admitted to trading, trading or (2) if they are the Common Stock is not listed or admitted to trading on any a national securities exchange, but are traded in the Nasdaq National Market ("NNM"), or if the shares are otherwise securities for which transaction reports are required to be made on a real-time basis pursuant to an effective transaction reporting plan under Rule 11a3-1 of the Rules of the Commission under the Exchange Act, the last reported sales price or, if they are not listed or admitted to trade, and if last sale data is not then available from NNM, but are traded in the over-the-counter market, the average of the representative closing bid and asked quotations for the Common Stock on NNM market as reported by Nasdaq National or SmallCap Markets or any comparable system, system or (3) if the Common Stock is not listed on NNM Nasdaq National or SmallCap Markets or a comparable systemsystem but a public market for the Common Stock exists, the average of the closing bid and asked prices as furnished by two members of the National Association of Securities Dealers, Inc. NASD selected from time to time in good faith by the independent members of the Board of Directors of the Company for that purpose.. In the absence of all of the foregoing, or if for any other reason the current market price per share cannot be determined pursuant to the foregoing provisions of this paragraph (c), the current market price per share shall be the fair market value thereof as determined in good faith by the Board of Directors of the Company and evidenced by a resolution of such Board, subject to the following dispute resolution right of the Holders of the Warrants. In the event that Holders of a majority of the Warrants dispute the determination of the Board of Directors, such Holders shall notify the Company and the current market price shall be determined in a reasonably prompt manner as follows:

Appears in 2 contracts

Samples: Warrant Agreement (Cryocon Inc), Warrant Agreement (Cryocon Inc)

Current Market Price. For the purpose of any computation of current market price under Section 6this Agreement, the "Current Market Price" current market price per share of Common Stock at any date shall be the average daily closing price the last full trading day on the exchange or market specified in the second succeeding sentence prior to the Time of Determination (as defined below). The term "TIME OF DETERMINATION" as used herein shall be the time and date of the daily closing prices for earlier to occur of (A) the 15 consecutive date as of which the current market price is to be computed and (B) the last full trading days commencing 20 day on such exchange or market before the commencement of "ex-dividend" trading days before such datein the Common Stock relating to the event giving rise to the adjustment required by PARAGRAPH (a), (b), (c), (d) OR (e) above. The closing price for each any day shall be the last reported sale price, price regular way or, in case no such reported sale takes place on such day, the average of the closing bid and asked prices, prices regular way, way for such day, in either each case (1) on the principal national securities exchange on which the shares of Common Stock are listed or to which such shares are admitted to trading, trading or (2) if they are the Common Stock is not listed or admitted to trading on any a national securities exchange, but are traded in the Nasdaq National Market ("NNM"), or if the shares are otherwise securities for which transaction reports are required to be made on a real-time basis pursuant to an effective transaction reporting plan under Rule 11a3-1 of the Rules of the Commission under the Exchange Act, the last reported sales price or, if they are not listed or admitted to trade, and if last sale data is not then available from NNM, but are traded in the over-the-counter market, the average of the representative closing bid and asked quotations for the Common Stock on NNM market as reported by Nasdaq National or SmallCap Markets or any comparable system, system or (3) if the Common Stock is not listed on NNM Nasdaq National or SmallCap Markets or a comparable systemsystem but a public market for the Common Stock exists, the average of the closing bid and asked prices as furnished by two members of the National Association of Securities Dealers, Inc. NASD selected from time to time in good faith by the independent members of the Board of Directors of the Company for that purpose.. In the absence of all of the foregoing, or if for any other reason the current market price per share cannot be determined pursuant to the foregoing provisions of this PARAGRAPH (f), the current market price per share shall be the fair market value thereof as determined in good faith by the Board of Directors of the Company and evidenced by a resolution of such Board, subject to the following dispute resolution right of the Holders of the Warrants. In the event that Holders of a majority of the Warrants dispute the determination of the Board of Directors, such Holders shall notify the Company and the current market price shall be determined in a reasonably prompt manner as follows:

Appears in 2 contracts

Samples: Warrant Agreement (Digitalconvergence Com Inc), Warrant Agreement (Digitalconvergence Com Inc)

Current Market Price. For the purpose of any computation under Section 6, the The "Current Market Price" per share of Common Stock at any date shall be the average of the daily closing prices for the 15 10 consecutive trading days commencing 20 ending on the last full trading days before such dateday on the exchange or market specified in the second succeeding sentence, prior to the time and date as of which the Current Market Price is to be computed. The closing price for each any day shall be the last reported sale price, price regular way or, in case if no such reported sale takes place on such day, the average of the closing bid and asked prices, prices regular way, way for such day, in either each case (1) on the principal national securities exchange on which the shares of Common Stock are listed or to which such shares are admitted to trading, trading or (2) if they are the Common Stock is not listed or admitted to trading on any a national securities exchange, but are traded in the Nasdaq National Market ("NNM"), or if the shares are otherwise securities for which transaction reports are required to be made on a real-time basis pursuant to an effective transaction reporting plan under Rule 11a3-1 of the Rules of the Commission under the Exchange Act, the last reported sales price or, if they are not listed or admitted to trade, and if last sale data is not then available from NNM, but are traded in the over-the-counter marketmarket as reported by the National Association of Securities Dealers, the average of the representative closing bid and asked quotations for the Common Stock on NNM Inc. Automated Quotation System ("Nasdaq") or any comparable system, system or (3) if the Common Stock is not listed on NNM Nasdaq or a comparable system, the average of the closing bid and asked prices as furnished by two members of the National Association of Securities Dealers, Inc. ("NASD") selected from time to time in good faith by the independent members of the Board of Directors of the Company for that purpose.. In the absence of all of the foregoing, or if for any other reason the Current Market Price per share cannot be determined pursuant to the foregoing provisions of this Section 5, the Current Market Price per share shall be the fair market value thereof as determined in good faith by the Board of Directors of the Company

Appears in 2 contracts

Samples: Option Agreement (Genesisintermedia Inc), Option Agreement (Genesisintermedia Inc)

Current Market Price. (i) For the purpose of any computation under hereunder, other than computations made pursuant to Section 611(a)(iii) (Adjustment of Purchase Price; Number and Kind of Shares or Number of Rights -- Certain Adjustments), the "Current Market Price" Price per share of Common Stock at on any date shall be deemed to be the average of the daily closing prices per share of such Common Stock for the 15 thirty (30) consecutive trading days commencing 20 trading days before Trading Days immediately prior to such date, and for purposes of computations made pursuant to Section 11(a)(iii), the Current Market Price per share of Common Stock on any date shall be deemed to be the average of the daily closing prices per share of such Common Stock for the ten (10) consecutive Trading Days immediately following such date; provided, however, that in the event that the Current Market Price per share of the Common Stock is determined during a period following the announcement by the issuer of such Common Stock of (A) a dividend or distribution on such Common Stock payable in shares of such Common Stock or securities convertible into shares of such Common Stock (other than the Rights), or (B) any subdivision, combination or reclassification of such Common Stock and the ex-dividend date for such dividend or distribution, or the record date for such subdivision, combination or reclassification shall not have occurred prior to the commencement of the requisite thirty (30) Trading Day or ten (10) Trading Day period, as set forth above, then, and in each such case, the Current Market Price shall be properly adjusted to take into account ex-dividend trading. The closing price for each day Trading Day shall be the last reported sale price, regular way way, or, in case no such reported sale takes place on such dayTrading Day, the average of the closing bid and asked prices, regular way, for such day, in either case as reported in the principal consolidated transaction reporting system with respect to securities listed or admitted to trading on the New York Stock Exchange or, if the shares of Common Stock are not listed or admitted to trading on the New York Stock Exchange, as reported in the principal consolidated transaction reporting system with respect to securities listed on the principal national securities exchange on which the shares of Common Stock are listed or admitted to tradingtrading or, or if they the shares of Common Stock are not listed or admitted to trading on any national securities exchange, but are traded in the Nasdaq National Market ("NNM"), or if the shares are otherwise securities for which transaction reports are required to be made on a real-time basis pursuant to an effective transaction reporting plan under Rule 11a3-1 of the Rules of the Commission under the Exchange Act, the last reported sales quoted price or, if they are not listed or admitted to tradeso quoted, the average of the high bid and if last sale data is not then available from NNM, but are traded low asked prices in the over-the-counter market, as reported on the average Nasdaq National Market, the Nasdaq Small Cap Market or such other system then in use, or, if on any such date the shares of the representative closing bid and asked quotations for the Common Stock on NNM or are not quoted by any comparable system, or if the Common Stock is not listed on NNM or a comparable systemsuch organization, the average of the closing bid and asked prices as furnished by two members of a professional market maker making a market in the National Association of Securities Dealers, Inc. Common Stock selected from time to time by the independent members Board. If on any such date no market maker is making a market in the Common Stock, the fair value of such shares on such date as determined in good faith by the Board shall be used. The term "Trading Day" shall mean a day on which the principal national securities exchange on which the shares of Directors Common Stock are listed or admitted to trading is open for the transaction of business or, if the Company shares of Common Stock are not listed or admitted to trading on any national securities exchange, a Business Day. If the Common Stock is not publicly held or not so listed or traded, Current Market Price per share shall mean the fair value per share as determined in good faith by the Board, whose determination shall be described in a statement filed with the Rights Agent and shall be conclusive for that purposeall purposes.

Appears in 2 contracts

Samples: Rights Agreement (Pegasus Systems Inc), Rights Agreement (Pegasus Systems Inc)

Current Market Price. For the purpose of any computation under In Sections 7(b), (c), (d) and (e) and Section 610, the "Current Market Price" current market price per share of Common Stock at on any date shall be is the average of the daily closing prices Closing Prices (as defined below) of the Common Stock for the 15 20 consecutive trading days commencing 20 30 trading days before such datethe date in question. The closing price term “Closing Price” shall mean, for each day shall be trading day, (A) in the case of a security listed or admitted for trading on any United States national securities exchange or quotation system, the last reported sale priceprice regular way, regular way oron such day, in case or if no such reported sale takes place on such day, the average of the closing bid and asked prices, regular way, for such day, in either case on the principal national securities exchange on which the shares are listed or admitted to trading, or if they are not listed or admitted to trading on any national securities exchange, but are traded in the Nasdaq National Market ("NNM"), or if the shares are otherwise securities for which transaction reports are required to be made on a real-time basis pursuant to an effective transaction reporting plan under Rule 11a3-1 of the Rules of the Commission under the Exchange Act, the last reported sales price or, if they are not listed or admitted to trade, and if last sale data is not then available from NNM, but are traded prices in the over-the-counter market, the average of the representative closing bid and asked quotations for the Common Stock on NNM or any comparable system, or if the Common Stock is not listed on NNM or a comparable system, the average of the closing bid and asked prices market as furnished by two members of the National Association of Securities Dealers, Inc. any New York Stock Exchange member firm selected from time to time by the independent members of the Board of Directors of the Company for that purpose, (B) in the case of a security not then listed or admitted for trading on any United States national securities exchange or quotation system and as to which no such reported sale price or bid or asked prices are available, the average or the reported high bid and low asked prices on such day, as reported by a reputable quotation service, or a newspaper of general circulation in the Borough of Manhattan, City and State of New York, customarily published on each Business Day, designated by the Company, or if there shall be no bid and asked prices on such day, the average of the high bid and low asked prices, as so reported, on the most recent day (not more than thirty (30) days prior to the date in question) for which prices have been so reported and (C) if there are not bid and asked prices reported during the thirty (30) days prior to the date in question, the Closing Price will be the Fair Market Value. “Fair Market Value” means, as to any share of Common Stock, the cash price at which a willing seller would sell and a willing buyer would buy such share of Common Stock in an arm’s length negotiated transaction without time constraints, as determined by a nationally recognized valuation firm selected by mutual agreement of the Initial Holders and the Company, whose determination shall be final and binding on the parties hereto. The fees and expenses of such valuation firm shall be paid by the Company.

Appears in 2 contracts

Samples: Warrant Agreement (Virgin America Inc.), Warrant Agreement (Virgin America Inc.)

Current Market Price. (i) For the purpose of any computation under hereunder, other than computations made pursuant to Section 611(a)(iii) (Adjustment of Purchase Price; Number and Kind of Shares or Number of Rights -- Certain Adjustments), the "Current Market Price" Price per share of Common Stock at on any date shall be deemed to be the average of the daily closing prices per share of such Common Stock for the 15 thirty (30) consecutive trading days commencing 20 trading days before Trading Days immediately prior to such date, and for purposes of computations made pursuant to Section 11(a)(iii), the Current Market Price per share of Common Stock on any date shall be deemed to be the average of the daily closing prices per share of such Common Stock for the ten (10) consecutive Trading Days immediately following such date; provided, however, that in the event that the Current Market Price per share of the Common Stock is determined during a period following the announcement by the issuer of such Common Stock of (A) a dividend or distribution on such Common Stock payable in shares of such Common Stock or securities convertible into shares of such Common Stock (other than the Rights), or (B) any subdivision, combination or reclassification of such Common Stock and the ex-dividend date for such dividend or distribution, or the record date for such subdivision, combination or reclassification shall not have occurred prior to the commencement of the requisite thirty (30) Trading Day or ten (10) Trading Day period, as set forth above, then, and in each such case, the Current Market Price shall be properly adjusted to take into account ex-dividend trading. The closing price for each day Trading Day shall be the last reported sale price, regular way way, or, in case no such reported sale takes place on such dayTrading Day, the average of the closing bid and asked prices, regular way, for such day, in either case on as reported in the principal national consolidated transaction reporting system with respect to securities exchange on which the shares are listed or admitted to trading, or if they are not listed or admitted to trading on any national securities exchangethe New York Stock Exchange or, but are traded in the Nasdaq National Market ("NNM"), or if the shares are otherwise securities for which transaction reports are required to be made on a real-time basis pursuant to an effective transaction reporting plan under Rule 11a3-1 of the Rules of the Commission under the Exchange Act, the last reported sales price or, if they are not listed or admitted to trade, and if last sale data is not then available from NNM, but are traded in the over-the-counter market, the average of the representative closing bid and asked quotations for the Common Stock on NNM or any comparable system, or if the Common Stock is not listed on NNM or a comparable system, the average of the closing bid and asked prices as furnished by two members of the National Association of Securities Dealers, Inc. selected from time to time by the independent members of the Board of Directors of the Company for that purpose.Common

Appears in 2 contracts

Samples: Rights Agreement (Comstock Resources Inc), Rights Agreement (Comstock Resources Inc)

Current Market Price. For the purpose of any computation under hereunder, other than computations made pursuant to Section 6, 11(a)(iii) (Adjustment of Purchase Price; Number and Kind of Shares or Number of Rights -- Certain Adjustments) the "Current Market Price" Price per share of Common Stock at on any date shall be deemed to be the average of the daily closing prices per share of such Common Stock for the 15 thirty (30) consecutive trading days commencing 20 trading days before Trading Days immediately prior to such date, and for purposes of computations made pursuant to Section 11(a)(iii) the Current Market Price per share of Common Stock on any date shall be deemed to be the average of the daily closing prices per share of such Common Stock for the ten (10) consecutive Trading Days immediately following such date; provided, however, that in the event that the Current Market Price per share of the Common Stock is determined during a period following the announcement by the issuer of such Common Stock of (A) a dividend or distribution on such Common Stock payable in shares of such Common Stock or securities convertible into shares of such Common Stock (other than the Rights), or (B) any subdivision, combination or reclassification of such Common Stock and the ex-dividend date for such dividend or distribution, or the record date for such subdivision, combination or reclassification shall not have occurred prior to the commencement of the requisite thirty (30) Trading Day or ten (10) Trading Day period, as set forth above, then, and in each such case, the Current Market Price shall be properly adjusted to take into account ex-dividend trading. The closing price for each day Trading Day shall be the last reported sale price, regular way way, or, in case no such reported sale takes place on such dayTrading Day, the average of the closing bid and asked prices, regular way, for such day, in either case as reported in the principal consolidated transaction reporting system with respect to securities listed or admitted to trading on the New York Stock Exchange or, if the shares of Common Stock are not listed or admitted to trading on the New York Stock Exchange, as reported in the principal consolidated transaction reporting system with respect to securities listed on the principal national securities exchange on which the shares of Common Stock are listed or admitted to tradingtrading or, or if they the shares of Common Stock are not listed or admitted to trading on any national securities exchange, but are traded in the Nasdaq National Market ("NNM"), or if the shares are otherwise securities for which transaction reports are required to be made on a real-time basis pursuant to an effective transaction reporting plan under Rule 11a3-1 of the Rules of the Commission under the Exchange Act, the last reported sales quoted price or, if they are not listed or admitted to tradeso quoted, the average of the high bid and if last sale data is not then available from NNM, but are traded low asked prices in the over-the-counter market, the average of the representative closing bid and asked quotations for the Common Stock on NNM or any comparable system, or if the Common Stock is not listed on NNM or a comparable system, the average of the closing bid and asked prices as furnished reported by two members of the National Association of Securities Dealers, Inc. selected from time to time by the independent members of the Board of Directors of the Company for that purpose.Automated Quotation System ("Nasdaq") or such other system then in use, or, if on

Appears in 2 contracts

Samples: Rights Agreement (Thomas Group Inc), Rights Agreement (Thomas Group Inc)

Current Market Price. For the purpose of any computation under Section 6, the "Current Market Price" The current market price per share of Common Stock at (the "CURRENT MARKET PRICE") on any date shall be is: (i) if the Common Stock is not registered under the Securities Exchange Act of 1934, as amended (the "EXCHANGE ACT"), the value of the Common Stock as determined by an independent, nationally recognized investment banking firm experienced in valuation matters chosen by the Company and reasonably satisfactory to the Warrant holder, or (ii) if the Common Stock is registered under the Exchange Act, the average of the daily closing prices Closing Prices of the Common Stock for the 15 30 consecutive trading days commencing 20 45 trading days before such datethe date in question or, if the Common Stock has been registered for less than 30 consecutive trading days, the average of the daily Closing Prices for all the trading days of the Common Stock. The closing price Closing Price for each day shall be (a) if the Common Stock shall be listed or admitted to trading on the New York Stock Exchange, the closing price on the NYSE - Consolidated Tape (or any successor composite tape reporting transactions on the New York Stock Exchange) or, if such a composite tape shall not be in use or shall not report transactions in the Common Stock, or if the Common Stock shall be listed on a stock exchange other than the New York Stock Exchange, the last reported sale price, sales price regular way or, in case no such reported sale takes place on such day, the average of the closing bid and asked prices, regular way, for such day, in either case on the principal national securities exchange on which the shares are Common Stock shall be listed or admitted to tradingtrading (which shall be the national securities exchange on which the greatest number of shares of the Common Stock has been traded during such thirty consecutive business days), or, in either case, if there is no transaction on any such day, the average of the bid and asked prices regular way on such day, or (b) if they are the Common Stock shall not be listed or admitted to trading on any national securities exchange, but are traded in the Nasdaq National Market ("NNM")closing price, or if the shares are otherwise securities for which transaction reports are required to be made on a real-time basis pursuant to an effective transaction reporting plan under Rule 11a3-1 of the Rules of the Commission under the Exchange Actreported, the last reported sales price or, if they are not listed or admitted to trade, and if last sale data the closing price is not then available from NNM, but are traded in the over-the-counter marketreported, the average of the representative closing last reported bid and asked quotations for the Common Stock on NNM or any comparable systemprice, or if the Common Stock is not listed on NNM or a comparable system, the average of the closing bid and asked prices as furnished reported by two members of the National Association of Securities Dealers, Inc. Dealers Automated Quotation System (NASDAQ) or a similar source selected from time to time by the independent members Company for the purpose. In the absence of one or more such quotations, the Board of Directors of the Company for that purposeshall determine the Current Market Price in good faith on the basis of such quotations.

Appears in 1 contract

Samples: Common Stock Warrant Agreement (Green Tree Financial Corp)

Current Market Price. For In Section 6 and subsections (b) and (c) of this Section 13 the purpose of any computation under Section 6, the "Current Market Price" “current market price” per share of Common Stock at on any date shall be the fair market value per Warrant Share which shall mean (i) if the Common Stock is in the over-the-counter market and not in The Nasdaq National Market nor on any national securities exchange, the average of the daily per share closing prices for bid price on the 15 20 consecutive trading days commencing immediately preceding the date in question, as reported by The Nasdaq Small Cap Market (or an equivalent generally accepted reporting service if quotations are not reported on The Nasdaq Small Cap Market), or (ii) if the Common Stock is traded in The Nasdaq National Market or on a national securities exchange, the average for the 20 consecutive trading days before immediately preceding the date in question of the daily per share closing prices in The Nasdaq National Market or on the principal stock exchange on which it is listed, as the case may be. For purposes of clause (i) above, if trading in the Common Stock is not reported by The Nasdaq SmallCap Market, the applicable bid price referred to in said clause shall be the lowest bid price as reported on the OTC Electronic Bulletin Board of the National Association of Securities Dealers, Inc. or, if not reported thereon, as reported in the “pink sheets” published by National Quotation Bureau, Incorporated, and, if such datesecurities are not so reported, shall be the price of a share of Common Stock determined by the Company’s Board of Directors in good faith. The closing price for each day referred to in clause (ii) above shall be the last reported sale price, regular way price or, in case no such reported sale takes place on such day, the average of the reported closing bid and asked prices, regular way, for such day, in either case in The Nasdaq National Market or on the principal national securities exchange on which the shares are listed or admitted to trading, or if they are not listed or admitted to trading on any national securities exchange, but are traded in the Nasdaq National Market ("NNM"), or if the shares are otherwise securities for which transaction reports are required to be made on a real-time basis pursuant to an effective transaction reporting plan under Rule 11a3-1 of the Rules of the Commission under the Exchange Act, the last reported sales price or, if they are not listed or admitted to trade, and if last sale data is not then available from NNM, but are traded in the over-the-counter market, the average of the representative closing bid and asked quotations for the Common Stock on NNM or any comparable system, or if the Common Stock is not then listed on NNM or a comparable system, the average in accordance with Section 5(a) of the closing bid and asked prices as furnished by two members of the National Association of Securities Dealers, Inc. selected from time to time by the independent members of the Board of Directors of the Company for that purposethis Agreement.

Appears in 1 contract

Samples: Warrant Agreement (Photogen Technologies Inc)

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Current Market Price. For the purpose of any computation under Section 6In Sections 7(b), (c), (d) and (e), the "Current Market Price" current market price per share of Common Stock at on any date shall be is the average of the daily closing prices Closing Prices (as defined below) of the Common Stock for the 15 20 consecutive trading days commencing 20 30 trading days before such datethe date in question. The closing price term “Closing Price” shall mean, for each day shall be trading day, (A) in the case of a security listed or admitted for trading on any United States national securities exchange or quotation system, the last reported sale priceprice regular way, regular way oron such day, in case or if no such reported sale takes place on such day, the average of the closing bid and asked prices, regular way, for such day, in either case on the principal national securities exchange on which the shares are listed or admitted to trading, or if they are not listed or admitted to trading on any national securities exchange, but are traded in the Nasdaq National Market ("NNM"), or if the shares are otherwise securities for which transaction reports are required to be made on a real-time basis pursuant to an effective transaction reporting plan under Rule 11a3-1 of the Rules of the Commission under the Exchange Act, the last reported sales price or, if they are not listed or admitted to trade, and if last sale data is not then available from NNM, but are traded prices in the over-the-counter market, the average of the representative closing bid and asked quotations for the Common Stock on NNM or any comparable system, or if the Common Stock is not listed on NNM or a comparable system, the average of the closing bid and asked prices market as furnished by two members of the National Association of Securities Dealers, Inc. any New York Stock Exchange member firm selected from time to time by the independent Company for that purpose, (B) in the case of a security not then listed or admitted for trading on any United States national securities exchange or quotation system and as to which no such reported sale price or bid or asked prices are available, the average or the reported high bid and low asked prices on such day, as reported by a reputable quotation service, or a newspaper of general circulation in the Borough of Manhattan, City and State of New York, customarily published on each Business Day, designated by the Company, or if there shall be no bid and asked prices on such day, the average of the high bid and low asked prices, as so reported, on the most recent day (not more than thirty (30) days prior to the date in question) for which prices have been so reported and (C) if there are not bid and asked prices reported during the thirty (30) days prior to the date in question, the Closing Price will be the Fair Market Value. “Fair Market Value” means, as to any share of Common Stock, the cash price at which a willing seller would sell and a willing buyer would buy such share of Common Stock in an arm’s length negotiated transaction without time constraints, as determined by a nationally recognized valuation firm selected by mutual agreement of the Initial Holders and the Company, whose determination shall be final and binding on the parties hereto; provided, however, that (i) with respect to a sale of securities approved unanimously by the members of the Board of Directors of the Company for that purposeCompany, the Fair Market Value of such securities shall be the price actually paid by the purchaser or purchasers of such securities, and (ii) with respect to a sale of securities pursuant to a public offering by the Company, the Fair Market Value of such securities shall be the offering price of such securities. The fees and expenses of the valuation firm pursuant to the preceding sentence, if applicable, shall be paid by the Company.

Appears in 1 contract

Samples: Warrant Agreement (Virgin America Inc.)

Current Market Price. For In subsections (b), (c), (d) and (e) of this Section 10 the purpose of any computation under Section 6, the "Current Market Price" current market price per share of Common Stock at on any date shall be the fair market value per Warrant Share which shall mean (i) if the Common Stock is in the over-the-counter market and not in The Nasdaq National Market nor on any national securities exchange, the average of the daily per share closing prices for bid price on the 15 20 consecutive trading days commencing immediately preceding the date in question, as reported by The Nasdaq Small Cap Market (or an equivalent generally accepted reporting service if quotations are not reported on The Nasdaq Small Cap Market), or (ii) if the Common Stock is traded in The Nasdaq National Market or on a national securities exchange, the average for the 20 consecutive trading days before immediately preceding the date in question of the daily per share closing prices in The Nasdaq National Market or on the principal stock exchange on which it is listed, as the case may be. For purposes of clause (i) above, if trading in the Common Stock is not reported by The Nasdaq Small Cap Market, the applicable bid price referred to in said clause shall be the lowest bid price as reported on the OTC Electronic Bulletin Board of the National Association of Securities Dealers, Inc. or, if not reported thereon, as reported in the "pink sheets" published by National Quotation Bureau, Incorporated, and, if such datesecurities are not so reported, shall be the price of a share of Common Stock determined by the Company's Board of Directors in good faith. The closing price for each day referred to in clause (ii) above shall be the last reported sale price, regular way price or, in case no such reported sale takes place on such day, the average of the reported closing bid and asked prices, regular way, for such day, in either case in The Nasdaq National Market or on the principal national securities exchange on which the shares are listed or admitted to trading, or if they are not listed or admitted to trading on any national securities exchange, but are traded in the Nasdaq National Market ("NNM"), or if the shares are otherwise securities for which transaction reports are required to be made on a real-time basis pursuant to an effective transaction reporting plan under Rule 11a3-1 of the Rules of the Commission under the Exchange Act, the last reported sales price or, if they are not listed or admitted to trade, and if last sale data is not then available from NNM, but are traded in the over-the-counter market, the average of the representative closing bid and asked quotations for the Common Stock on NNM or any comparable system, or if the Common Stock is not listed on NNM or a comparable system, then listed. in accordance with the average first paragraph of the closing bid and asked prices as furnished by two members Section 5 of the National Association of Securities Dealers, Inc. selected from time to time by the independent members of the Board of Directors of the Company for that purposethis Agreement.

Appears in 1 contract

Samples: Warrant Agreement (Photogen Technologies Inc)

Current Market Price. For In subsections (b), (c), (d) and (e) of this SECTION 12 the purpose of any computation under Section 6, the "Current Market Price" current market price per share of Common Stock at on any date shall be the fair market value per Warrant Share which shall mean (i) if the Common Stock is in the over-the-counter market and not in The Nasdaq National Market nor on any national securities exchange, the average of the daily per share closing prices for price on the 15 10 consecutive trading days commencing 20 immediately preceding the date in question, as reported by The Nasdaq Small Cap Market (or an equivalent generally accepted reporting service if quotations are not reported on The Nasdaq Small Cap Market), or (ii) if the Common Stock is traded in The Nasdaq National Market or on a national securities exchange, the average for the 10 consecutive trading days before immediately preceding the date in question of the daily per share closing prices in The Nasdaq National Market or on the principal stock exchange on which it is listed, as the case may be. For purposes of clause (i) above, if trading in the Common Stock is not reported by The Nasdaq Small Cap Market, the applicable closing price referred to in said clause shall be the last sale price as reported on the OTC Electronic Bulletin Board of the National Association of Securities Dealers, Inc. or, if not reported thereon, as reported in the “pink sheets” published by National Quotation Bureau, Incorporated, and, if such datesecurities are not so reported, shall be the price of a share of Common Stock determined by the Company’s Board of Directors in good faith. The closing price for each day referred to in clauses (i) and (ii) above shall be the last reported sale price, regular way price or, in case no such reported sale takes place on such day, the average of the reported closing bid and asked prices, regular wayin any case in The Nasdaq Small Cap Market (or the equivalent generally accepted reporting service if quotations are not reported on The Nasdaq Small Cap Market), for such day, in either case The Nasdaq National Market or on the principal national securities exchange on which the shares are listed or admitted to trading, or if they are not listed or admitted to trading on any national securities exchange, but are traded in the Nasdaq National Market ("NNM"), or if the shares are otherwise securities for which transaction reports are required to be made on a real-time basis pursuant to an effective transaction reporting plan under Rule 11a3-1 of the Rules of the Commission under the Exchange Act, the last reported sales price or, if they are not listed or admitted to trade, and if last sale data is not then available from NNM, but are traded in the over-the-counter market, the average of the representative closing bid and asked quotations for the Common Stock on NNM or any comparable system, or if the Common Stock is not then listed on NNM or a comparable system, the average in accordance with SECTION 11 of the closing bid and asked prices as furnished by two members of the National Association of Securities Dealers, Inc. selected from time to time by the independent members of the Board of Directors of the Company for that purposethis Agreement.

Appears in 1 contract

Samples: Warrant Agreement (Imcor Pharmaceutical Co)

Current Market Price. For the purpose all purposes of any computation under Section 6this Agreement, the "Current Market Price" Price per share of Common Stock at on any date shall be deemed to be the average of the daily closing prices for the 15 consecutive immediately preceding ten trading days commencing 20 trading days before such datedays. The closing price for each day shall be (a) if the Common Stock shall be listed or admitted to trading on the New York Stock Exchange, the closing price on the NYSE-Consolidated Tape (or any successor composite tape recording transactions on the New York Stock Exchange) or, if such a composite tape shall not be in use or shall not report transactions in the Common Stock, or if the Common Stock shall be listed on a stock exchange other than the New York Stock Exchange, the last reported sale price, sales price regular way on the principal national securities exchange on which the Common Stock shall be listed or admitted to trading (which shall be the national securities exchange on which the greatest number of shares of the Common Stock has been traded during such days), or, in case either case, if there is no transaction on any such reported sale takes place day, the average of the bid and asked prices regular way on such day, or (b) if the Common Stock shall not be listed or admitted to trading on any national securities exchange, the closing price, if reported, or, if the closing price is not reported, the average of the closing bid and asked prices, regular way, for such day, in either case on the principal national securities exchange on which the shares are listed or admitted to trading, or if they are not listed or admitted to trading on any national securities exchange, but are traded in the Nasdaq National Market ("NNM"), or if the shares are otherwise securities for which transaction reports are required to be made on a real-time basis pursuant to an effective transaction reporting plan under Rule 11a3-1 of the Rules of the Commission under the Exchange Act, the last as reported sales price or, if they are not listed or admitted to trade, and if last sale data is not then available from NNM, but are traded in the over-the-counter market, the average of the representative closing bid and asked quotations for the Common Stock on NNM or any comparable system, or if the Common Stock is not listed on NNM or a comparable system, the average of the closing bid and asked prices as furnished by two members of the National Association of Securities DealersDealers Automated Quotation (Nasdaq), Inc. OTC Bulletin Board or a similar source selected from time to time by the independent members Company for the purpose. If on any such date the shares of Common Stock are not quoted by any such source, the fair value of such shares on such date, as determined by the Board of Directors of the Company for that purposeCompany, shall be used.

Appears in 1 contract

Samples: Warrant Agreement (Derma Sciences, Inc.)

Current Market Price. For the purpose of any computation under Section 6paragraphs (b) and (d) of this Section, the "Current Market Price" current market price per share of [Preferred Shares] [Common Stock at Stock] on any date shall be deemed to be the average of the daily closing prices for the 15 consecutive trading days Business Days selected by the Company commencing not less than 20 trading days nor more than 30 Business Days before such datethe day in question. The closing price for each day shall be the last reported sale price, sales price regular way or, in case no such reported sale takes place on such day, the average of the reported closing bid and asked prices, prices regular way, for such day, in either case on the New York Stock Exchange or, if such [Preferred Shares are] [Common Stock is] not listed or admitted to trading on such Exchange, on the principal national securities exchange on which the shares are such [Preferred Shares are] [Common Stock is] listed or admitted to tradingtrading or, or if they are not listed or admitted to trading on any national securities exchange, but are traded in on the Nasdaq National Association of Securities Dealers Automated Quotations National Market ("NNM"), or if the shares are otherwise securities for which transaction reports are required to be made on a real-time basis pursuant to an effective transaction reporting plan under Rule 11a3-1 of the Rules of the Commission under the Exchange Act, the last reported sales price System or, if they are such [Preferred Shares are] [Common Stock is] not listed or admitted to trade, and if last sale data is not then available from NNM, but are traded in the over-the-counter market, the average of the representative closing bid and asked quotations for the Common Stock trading on NNM any national securities exchange or any comparable system, or if the Common Stock is not listed quoted on NNM or a comparable systemsuch National Market System, the average of the closing bid and asked prices in the over-the-counter market as furnished by two members of the National Association of Securities Dealers, Inc. any New York Stock Exchange member firm selected from time to time by the Company for the purpose. In the event that no such market trading exists, the current market price will be determined by three independent members of nationally reorganized investment banking firms selected by the Company in such manner as the Board of Directors of the Company deems appropriate. "Business Day" means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions where Warrants may be surrendered for that purposeexercise or in Grand Rapids, Michigan, are authorized or obligated by law or executive order to close.

Appears in 1 contract

Samples: Warrant Agreement (Old Kent Financial Corp /Mi/)

Current Market Price. For the purpose of any computation under pursuant to this Section 67, the "Current Market Price" per Price at any date of one share of Common Stock at any date shall be deemed to be the average of the daily closing prices for the 15 30 consecutive trading days commencing 20 trading ending no more than 15 days before the day in question (as adjusted for any stock dividend, split-up, combination or reclassification that took effect during such date30 trading day period). The closing price for each day shall be the last reported sale price, price regular way or, in case no such reported sale takes took place on such day, the average of the closing last reported bid and asked prices, prices regular way, for such day, in either case on the principal national securities exchange on which the shares are listed or admitted to trading, or if they are not Common Stock is listed or admitted to trading on any national securities exchange, but are traded in the Nasdaq National Market ("NNM"), or if the shares are otherwise securities for which transaction reports are required to be made on a real-time basis pursuant to an effective transaction reporting plan under Rule 11a3-1 of the Rules of the Commission under the Exchange Act, the last reported sales price or, if they are not listed or admitted to trade, and if last sale data is not then available from NNM, but are traded in the over-the-counter market, the average of the representative closing bid and asked quotations for the Common Stock on NNM or any comparable system, or if the Common Stock is not at the time listed or admitted for trading on NNM or a comparable systemany such exchange, then such price as shall be equal to the average of the closing last reported bid and asked prices prices, as furnished reported by two members of the National Association of Securities DealersDealers Automated Quotations System ("NASDAQ") on such day, or if, on any day in question, the Common Stock shall not be quoted on the NASDAQ, then such price shall be equal to the last reported bid and asked prices on such day as reported by the National Quotation Bureau, Inc. selected from time to time or any similar reputable quotation and reporting service, if such quotation is not reported by the independent members of National Quotation Bureau, Inc.); provided, however, that if the Common Stock is not traded in such manner that the quotations referred to in this Section 7.2 are available for the period required hereunder, the Current Market Price shall be determined in good faith by the Board of Directors of the Company for that purposeCompany, or if such determination cannot be made, by a nationally recognized independent investment banking firm selected by the Board of Directors.

Appears in 1 contract

Samples: Common Stock Purchase Warrant (Rattlesnake Holding Co Inc)

Current Market Price. For purposes of Section 1.2, current market price of one share of the purpose of any computation under Section 6, Company's Common Stock (the "Current Market Price" ") shall mean (per share of Common Stock at any date shall be date): the per share fair market value of the Common Stock (i) determined by the average of the daily closing prices "market prices" over a period of 10 consecutive Business Days before such date or (ii) if and so long as there is no exchange or over-the-counter market for the 15 consecutive trading days commencing 20 trading days before Common Stock of the Company, the price per share which the Company could obtain from a willing buyer for the shares sold by the Company from authorized but unissued shares, as such dateprice shall be determined in good faith by the Board of Directors of the Company and the Warrantholder, PROVIDED, HOWEVER, if the Company and the Warrantholder can not agree on a value, the Company and the holder(s) of the majority of the Warrants shall retain an independent investment banking firm to determine the per share fair market value of the Common Stock, with the expense of such firm to be shared equally by the Company and the Warrantholder(s). The market price referred to in clause (i) above for each such Business Day shall be: (A) the last sale price on such day on the principal securities exchange on which the Common Stock is then listed or admitted to trading (or, if no sale takes place on such day on any such exchange, the average of the closing bid and asked prices on such day as officially quoted on any such exchange), or (B) if the Common Stock is not then listed or admitted on any stock exchange, the market price for each such business day shall be the last reported sale price, regular way price on such day (or, in case if no such reported sale takes place on such day, the average of the closing bid and asked prices, regular way, for prices on such day, in either case on the principal national securities exchange on which the shares are listed or admitted to trading, or if they are not listed or admitted to trading on any national securities exchange, but are traded in the Nasdaq National Market ("NNM"), or if the shares are otherwise securities for which transaction reports are required to be made on a real-time basis pursuant to an effective transaction reporting plan under Rule 11a3-1 of the Rules of the Commission under the Exchange Act, the last reported sales price or, if they are not listed or admitted to trade, and if last sale data is not then available from NNM, but are traded day in the over-the-counter market), in either case as reported through NASDAQ, (or, if such prices are not at the average of the representative closing bid and asked quotations for the Common Stock on NNM or any comparable systemtime so reported, or if the Common Stock is not listed on NNM or a comparable system, the average of the closing bid and asked prices as furnished by two members any member of the National Association of Securities Dealers, Inc. selected from time to time by the independent members of the Board of Directors of the Company for that purposeCompany).

Appears in 1 contract

Samples: Warrant Agreement (Netrix Corp)

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