Limitation on Future Share Issuances. Following Closing, Purchaser, as the controlling stockholder of the Company, will not permit the Company to authorize the issuance of any additional shares of the Company's capital stock or securities convertible into the Company's capital stock except in connection with a combination transaction with a corporation or other business entity with current business operations (a "Going Public Transaction"). This provision shall be binding upon any permitted successors or assigns of Purchaser and shall automatically terminate at the time the Company enters into a Going Public Transaction in accordance with the terms of this Agreement.
Appears in 4 contracts
Samples: Stock Purchase Agreement (Concept Capital Corp), Common Stock Purchase Agreement (Gourmet Herb Growers Inc), Common Stock Purchase Agreement (Fashion Tech International Inc)
Limitation on Future Share Issuances. Following Closing, Purchaser, as the controlling stockholder of the Company, will not permit the Company to authorize the issuance of any additional shares of the Company's capital stock or securities convertible into the Company's capital stock except in connection with a combination transaction with a corporation or other business entity with current business operations (a "Going Public Transaction")) and except the issuance of common stock upon the conversion of the Shares. This provision shall be binding upon any permitted successors or assigns of Purchaser and shall automatically terminate at the time the Company enters into a Going Public Transaction in accordance with the terms of this Agreement.
Appears in 2 contracts
Samples: Preferred Stock Purchase Agreement (Bronze Marketing Inc), Preferred Stock Purchase Agreement (Halter Financial Investments LP)
