Exchange of Rights. At any time after a person becomes an Acquiring Person but before any person acquires beneficial ownership of 50% or more of the outstanding Common Stock, the Board may direct the Company to exchange the Rights (other than Rights owned by such person or certain related parties, which will have become null and void), in whole or in part, at an exchange ratio of one share of Common Stock per Right (subject to adjustment). The Company may substitute shares of Preferred Stock (or shares of a class or series of the Company’s preferred stock having equivalent rights, preferences, and privileges) for Common Stock at an initial rate of one one-thousandth of a share of Preferred Stock (or of a share of a class or series of the Company’s preferred stock having equivalent rights, preferences, and privileges) per share of Common Stock. Immediately upon the action of the Board directing the Company to exchange the Rights, the Rights will terminate and the only right of the holders of Rights will be to receive the number of shares of Common Stock (or one one-thousandth of a share of Preferred Stock or of a share of a class or series of the Company’s preferred stock having equivalent rights, preferences, and privileges) equal to the number of Rights held by such holder multiplied by the exchange ratio.
Appears in 6 contracts
Samples: Rights Agreement (Newpark Resources Inc), Rights Agreement (Fluor Corp), Rights Agreement (Commercial Vehicle Group, Inc.)
Exchange of Rights. At any time after a person becomes an Acquiring Person but before any person acquires beneficial ownership of 50% or more of the outstanding Common StockShares, the Board of Directors of the Company may direct the Company to exchange the Rights (other than Rights owned by such person or certain related parties, which will have become null and void), in whole or in part, at an exchange ratio of one share of Common Stock Share per Right (subject to adjustment). The Company may substitute shares of Preferred Stock Shares (or shares of a class or series of the Company’s preferred stock having equivalent rights, preferences, and privileges) for Common Stock Shares at an initial rate of one one-thousandth hundredth of a share of Preferred Stock Share (or of a share of a class or series of the Company’s preferred stock having equivalent rights, preferences, and privileges) per share of Common StockShare. Immediately upon the action of the Board of Directors of the Company directing the Company to exchange the Rights, the Rights will terminate and the only right of the holders of Rights will be to receive the number of shares of Common Stock Shares (or one one-thousandth hundredth of a share of Preferred Stock Share or of a share of a class or series of the Company’s preferred stock having equivalent rights, preferences, and privileges) equal to the number of Rights held by such holder multiplied by the exchange ratio.
Appears in 4 contracts
Samples: Rights Agreement (Endeavor Ip, Inc.), Rights Agreement (Atossa Genetics Inc), Rights Agreement (Atossa Genetics Inc)
Exchange of Rights. At any time after a person becomes an Acquiring Person Person, but before any such person acquires beneficial ownership of fifty percent (50% %) or more of the outstanding Common StockShares, the Board may direct the Company to exchange the Rights (other than Rights owned by such person or certain related parties, which will have become null and void), in whole or in part, at an exchange ratio of one share of Common Stock Share per Right (subject to adjustment). The Company may substitute shares of Preferred Stock Shares (or shares of a class or series of the Company’s preferred stock having equivalent rights, preferences, and privileges) for Common Stock Shares at an initial rate of one one-thousandth of a share of Preferred Stock Share (or of a share of a class or series of the Company’s preferred stock having equivalent rights, preferences, and privileges) per share of Common StockShare. Immediately upon the action of the Board directing the Company to exchange the Rights, the Rights will terminate and the only right of the holders of Rights will be to receive the number of shares of Common Stock Shares (or one one-thousandth of a share of Preferred Stock Share or of a share of a class or series of the Company’s preferred stock having equivalent rights, preferences, and privileges) equal to the number of Rights held by such holder multiplied by the exchange ratio.
Appears in 3 contracts
Samples: Rights Agreement (Tabula Rasa HealthCare, Inc.), Rights Agreement (Advaxis, Inc.), Rights Agreement (CSS Industries Inc)
Exchange of Rights. At any time after a person becomes an Acquiring Person Person, but before any such person acquires beneficial ownership of 50% fifty percent (50.0%) or more of the outstanding Common StockShares, the Board may direct the Company to exchange the Rights (other than Rights owned by such person or certain related parties, which will have become null and void), in whole or in part, at an exchange ratio of one share of Common Stock Share per Right (subject to adjustment). The Company may substitute shares of Preferred Stock Shares (or shares of a class or series of the Company’s preferred stock having equivalent rights, preferences, and privileges) for Common Stock Shares at an initial rate of one one-thousandth of a share of Preferred Stock Share (or of a share of a class or series of the Company’s preferred stock having equivalent rights, preferences, and privileges) per share of Common StockShare. Immediately upon the action of the Board directing the Company to exchange the Rights, the Rights will terminate and the only right of the holders of Rights will be to receive the number of shares of Common Stock Shares (or one one-thousandth of a share of Preferred Stock Share or of a share of a class or series of the Company’s preferred stock having equivalent rights, preferences, and privileges) equal to the number of Rights held by such holder multiplied by the exchange ratio.
Appears in 1 contract
Samples: Tax Benefit Preservation Plan (Fitlife Brands, Inc.)
Exchange of Rights. At any time after a person becomes an Acquiring Person Person, but before any person acquires beneficial ownership of 50% or more of the outstanding Common Stock, the Board may direct the Company to exchange the Rights (other than Rights owned by such person or certain related parties, which will have become null and void), in whole or in part, at an exchange ratio of one share of Common Stock per Right (subject to adjustment). The Company may substitute shares of Preferred Stock (or shares of a class or series of the Company’s preferred stock having equivalent rights, preferences, and privileges) for Common Stock at an initial rate of one one-thousandth of a share of Preferred Stock (or of a share of a class or series of the Company’s preferred stock having equivalent rights, preferences, and privileges) per share of Common Stock. Immediately upon the action of the Board directing the Company to exchange the Rights, the Rights will terminate and the only right of the holders of Rights will be to receive the number of shares of Common Stock (or one one-thousandth of a share of Preferred Stock or of a share of a class or series of the Company’s preferred stock having equivalent rights, preferences, and privileges) equal to the number of Rights held by such holder multiplied by the exchange ratio.
Appears in 1 contract
Exchange of Rights. At any time after a person becomes an Acquiring Person but before any person acquires beneficial ownership of 50% or more of the outstanding Common Stock, the Board may direct the Company to exchange the Rights (other than Rights owned by such person or certain related parties, which will have become null and void), in whole or in part, at an exchange ratio of one share of Common Stock per Right (subject to adjustment). The Company may substitute shares of Preferred Stock (or shares of a class or series of the Company’s preferred stock having equivalent rights, preferences, and privileges) for Common Stock at an initial rate of one one-one- thousandth of a share of Preferred Stock (or of a share of a class or series of the Company’s preferred stock having equivalent rights, preferences, and privileges) per share of Common Stock. Immediately upon the action of the Board directing the Company to exchange the Rights, the Rights will terminate and the only right of the holders of Rights will be to receive the number of shares of Common Stock (or one one-thousandth of a share of Preferred Stock or of a share of a class or series of the Company’s preferred stock having equivalent rights, preferences, and privileges) equal to the number of Rights held by such holder multiplied by the exchange ratio.
Appears in 1 contract
Samples: Rights Agreement
Exchange of Rights. At any time after a person becomes an Acquiring Person but before any person acquires beneficial ownership of 50% or more of the outstanding Common StockShares, the Board of Directors of the Company may direct the Company to exchange the Rights (other than Rights owned by such person or certain related parties, which will have become null and void), in whole or in part, at an exchange ratio of one share of Common Stock Share per Right (subject to adjustment). The Company may substitute shares of Preferred Stock Shares (or shares of a class or series of the Company’s preferred stock having equivalent rights, preferences, and privileges) for Common Stock Shares at an initial rate of one one-thousandth of a share of Preferred Stock Share (or of a share of a class or series of the Company’s preferred stock having equivalent rights, preferences, and privileges) per share of Common StockShare. Immediately upon the action of the Board of Directors of the Company directing the Company to exchange the Rights, the Rights will terminate and the only right of the holders of Rights will be to receive the number of shares of Common Stock Shares (or one one-thousandth of a share of Preferred Stock Share or of a share of a class or series of the Company’s preferred stock having equivalent rights, preferences, and privileges) equal to the number of Rights held by such holder multiplied by the exchange ratio.
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