Mandatory Conversion upon Drop Date Sample Clauses
Mandatory Conversion upon Drop Date. If the Purchase Amount has not been converted prior to July 31, 2023 (the “Drop Date”), then on such Drop Date, this SAFE shall be automatically converted into such number of the most senior class of Equity Shares of the Company then outstanding, equal to, the Purchase Amount, divided by the lowest price per share actually paid to the Company for such most senior class of Equity Shares of the Company then outstanding, discounted by the Discount Rate, rounded up to the nearest whole number. The closing of such mandatory conversion for the Investor shall occur within 14 days of the Drop Date.
Mandatory Conversion upon Drop Date. If the Purchase Amount has not been converted prior to July 31, 2023 (the “Drop Date”), then on such Drop Date, this SAFE shall be automatically converted into such number of the most senior class of Equity Shares of the Company then outstanding, equal to, the Purchase Amount, divided by the lowest price per share actually paid to the Company for such most senior class of Equity Shares of the Company then outstanding in an investment transaction by a third party on or after 1.1.2022, discounted by the Discount Rate, rounded up to the nearest whole number, and if such investment transaction shall not have occurred, then this SAFE shall be automatically converted into such number of the most senior class of Equity Shares of the Company then outstanding, equal to, the Purchase Amount, divided by $3.313 AUD (subject to any customary adjustments for share splits and consolidations). The closing of such mandatory conversion for the Investor shall occur within 14 days of the Drop Date.