Common use of Holder’s Option if Company Cannot Fully Convert Clause in Contracts

Holder’s Option if Company Cannot Fully Convert. If, upon the Company's receipt of a Voluntary Conversion Notice, the Company cannot issue shares of Common Stock issuable pursuant to such Voluntary Conversion Notice because the Company (x) does not have a sufficient number of shares of Common Stock authorized and available or (y) is otherwise prohibited by applicable law or by the rules or regulations of any stock exchange, interdealer quotation system or other self-regulatory organization with jurisdiction over the Company or its securities from issuing all of the Common Stock which is to be issued to a holder of Series A Preferred pursuant to a Voluntary Conversion Notice, then the Company shall issue as many Conversion Shares as it is able to issue in accordance with such holder's Voluntary Conversion Notice and pursuant to Section 4(c)(i) above and, with respect to the unconverted Series A Preferred, the holder, solely at such holder's option, can elect, within five (5) business days after receipt of notice from the Company thereof to:

Appears in 1 contract

Samples: Exchange Agreement (ADVANCED MEDICAL ISOTOPE Corp)

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Holder’s Option if Company Cannot Fully Convert. If, upon the Company's ’s receipt of a Voluntary Conversion Notice, the Company cannot issue shares of Common Stock issuable registered for resale or such shares cannot be sold pursuant to such Voluntary Conversion Notice Rule 144 for any reason, including, without limitation, because the Company (x) does not have a sufficient number of shares of Common Stock authorized and available or available, (y) is otherwise prohibited by applicable law or by the rules or regulations of any stock exchange, interdealer quotation system or other self-regulatory organization with jurisdiction over the Company or its securities from issuing all of the Common Stock which is to be issued to a holder of Series A CC Preferred Stock pursuant to a Voluntary Conversion NoticeNotice or (z) fails to have a sufficient number of shares of Common Stock registered for resale in such holder’s name, then the Company shall issue as many Conversion Shares shares of Common Stock as it is able to issue in accordance with such holder's Voluntary ’s Conversion Notice and pursuant to Section 4(c)(i5(b)(ii) above and, with respect to the unconverted Series A PreferredCC Preferred Stock, the holder, solely at such holder's ’s option, can elect, in addition to other remedies available to such holder, within five (5) business days after receipt of notice from the Company thereof to:

Appears in 1 contract

Samples: Securities Issuance and Exchange Agreement (Pressure Biosciences Inc)

Holder’s Option if Company Cannot Fully Convert. If, upon the Company's receipt of a Voluntary Conversion Notice, the Company cannot issue shares of Common Stock issuable pursuant to such Voluntary Conversion Notice for any reason, including, without limitation, because the Company (xi) does not have a sufficient number of shares of Common Stock authorized and available available, or (yii) is otherwise prohibited by applicable law or by the rules or regulations of any stock exchange, interdealer quotation system or other self-regulatory organization with jurisdiction over the Company or its securities from issuing all of the Common Stock which is to be issued to a holder of Series A B Preferred Stock pursuant to a Voluntary Conversion Notice, then the Company shall issue as many Conversion Shares shares of Common Stock as it is able to issue in accordance with such holder's Voluntary Conversion Notice Notice, and pursuant to Section 4(c)(i) above and, with respect to the unconverted Series A PreferredB Preferred Stock (the “Unconverted Preferred Stock”), the holder, solely at such holder's option, can electelect to, within five (5) business days at any time after receipt of notice from the Company thereof to:that there is Unconverted Preferred Stock, to void the holder’s Conversion Notice as to the number of shares of Common Stock the Company is unable to issue and retain or have returned, as the case may be, the certificates for the shares of the Unconverted Preferred Stock.

Appears in 1 contract

Samples: Securities Exchange Agreement (Neoprobe Corp)

Holder’s Option if Company Cannot Fully Convert. If, upon the Company's Corporation’s receipt of a Voluntary Conversion Notice, the Company Corporation cannot issue shares of Common Stock issuable pursuant to such Voluntary Conversion Notice for any reason, including, without limitation, because the Company Corporation (xi) does not have a sufficient number of shares of Common Stock authorized and available available, or (yii) is otherwise prohibited by applicable law or by the rules or regulations of any stock exchange, interdealer quotation system or other self-regulatory organization with jurisdiction over the Company Corporation or its securities from issuing all of the Common Stock which is to be issued to a holder of Series A F Preferred Stock pursuant to a Voluntary Conversion Notice, then the Company Corporation shall issue as many Conversion Shares shares of Common Stock as it is able to issue in accordance with such holder's Voluntary ’s Conversion Notice Notice, and pursuant to Section 4(c)(i) above and, with respect to the unconverted Series A PreferredF Preferred Stock (the “Unconverted Preferred Stock”), the holder, solely at such holder's ’s option, can electelect to, within five (5) business days at any time after receipt of notice from the Company thereof to:Corporation that there is Unconverted Preferred Stock, to void the holder’s Conversion Notice as to the number of shares of Common Stock the Corporation is unable to issue and retain or have returned, as the case may be, the certificates for the shares of the Unconverted Preferred Stock.

Appears in 1 contract

Samples: Security Agreement (Navidea Biopharmaceuticals, Inc.)

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Holder’s Option if Company Cannot Fully Convert. If, upon the Company's receipt of a Voluntary Conversion Notice, the Company cannot issue shares of Common Stock issuable pursuant to such Voluntary Conversion Notice for any reason, including, without limitation, because the Company (xi) does not have a sufficient number of shares of Common Stock authorized and available available, or (yii) is otherwise prohibited by applicable law or by the rules or regulations of any stock exchange, interdealer quotation system or other self-regulatory organization with jurisdiction over the Company or its securities from issuing all of the Common Stock which is to be issued to a holder of Series A C Preferred Stock pursuant to a Voluntary Conversion Notice, then the Company shall issue as many Conversion Shares shares of Common Stock as it is able to issue in accordance with such holder's Voluntary Conversion Notice Notice, and pursuant to Section 4(c)(i) above and, with respect to the unconverted Series A PreferredC Preferred Stock (the “Unconverted Preferred Stock”), the holder, solely at such holder's option, can electelect to, within five (5) business days at any time after receipt of notice from the Company thereof to:that there is Unconverted Preferred Stock, to void the holder’s Conversion Notice as to the number of shares of Common Stock the Company is unable to issue and retain or have returned, as the case may be, the certificates for the shares of the Unconverted Preferred Stock.

Appears in 1 contract

Samples: Securities Exchange Agreement (Neoprobe Corp)

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