Mandatory Conversion Upon Stockholder Approval. Immediately upon approval by the stockholders of the Company on or prior to March 9, 2000 (or before such other time as may be consented to pursuant to the provisions herein) of the conversion of $6,428,000 of the aggregate principal amount of the Notes issued pursuant to the Agreement into a maximum of 6,428,000 shares of Common Stock, the QIB Convertible Global Note will automatically convert into the right to receive ________ shares of Common Stock (the "QIB SHARES") and the Non-QIB Global Note will automatically convert into the right to receive ____________ shares of Common Stock (the "NON-QIB SHARES"). A Holder is not entitled to any rights of a holder of Common Stock until such Holder's Notes have converted to Common Stock, and only to the extent such Notes are deemed to have been converted to Common Stock under this Article Fourteen.
Mandatory Conversion Upon Stockholder Approval. Upon the Corporation obtaining Stockholder Approval (the time of obtaining such Stockholder Approval is referred to herein as the “Mandatory Conversion Date”), then, for each Holder, the outstanding shares of Series A Preferred Stock held by such Holder shall automatically be converted, free of deduction or withholding for any taxes, into (i) a Pre-Funded Warrant to purchase a number of shares of Common Stock equal to (x) the sum of the Liquidation Preference and all accrued and unpaid dividends on all shares of Series A Preferred Stock held by such Holder; divided by (y) $1.054 (as such amount may be adjusted from time to time pursuant to Section 7, the “Pre-Funded Warrants Conversion Amount”) and (ii) a Series A Coverage Warrant to purchase the same number of shares of Common Stock as set forth in the preceding clause (i) (the “Series A Coverage Warrants Conversion Amount” and together with the Pre-Funded Warrants Conversion Amount, each a “Conversion Amount”). The Corporation will not amend Section 6(a) of the Series B Certificate of Designation (or any subsequent provisions) without making an equivalent amendment to this Section 6(a).
Mandatory Conversion Upon Stockholder Approval. Immediately upon the Authorized Reverse Split (as defined in the Amendment Agreement) becoming effective (the “Mandatory Conversion Date”), eighty percent (80%) of the sum total of (a) all of the unpaid Principal balance then outstanding under this Note plus (b) all then-accrued but unpaid interest under this Note (if any) shall automatically (and without further act) convert into such number of validly issued, fully paid and non-assessable shares of the Company’s Common Stock, as is equal to the product of (Y) multiplied by 32,568,405 where: Upon conversion pursuant to this Article 4.1, the Company shall timely issue and deliver to the Holder, a certificate, registered in the name of the Holder or its designee, for the number of shares of Common Stock to which the Holder shall be entitled. Notwithstanding anything to the contrary set forth in this Note, upon conversion of this Note in accordance with the terms hereof, the Holder shall not be required to physically surrender this Note to the Company unless the Holder has provided the Company with prior written notice requesting reissuance or transfer of this Note upon physical surrender hereof. The foregoing notwithstanding, if this Note is physically surrendered by the Holder upon conversion pursuant to this Section 4.1, then the Company shall as soon as practicable issue and deliver to the Holder (or its designee) a new Note of like tenor evidencing the remaining portion, if any, of this Note not so converted.
Mandatory Conversion Upon Stockholder Approval. Upon the Corporation obtaining Stockholder Approval (the time of obtaining such Stockholder Approval is referred to herein as the "Mandatory Conversion Date"), then all outstanding shares of Series C Preferred Stock shall automatically be converted into shares of Common Stock (the "Mandatory Conversion") equal to (i) the sum of the Liquidation Preference and all accrued and unpaid dividends thereon; divided by (ii) $4.50 (as such dollar amount in this clause (ii) may be adjusted from time to time pursuant to Section 7, the "Conversion Price").
Mandatory Conversion Upon Stockholder Approval. (a) The Corporation shall call and hold a special meeting of stockholders (the "Stockholder Meeting") within 90 days of the Closing Date (the "Stockholder Meeting Deadline"). The Corporation shall provide each stockholder entitled to vote at the Stockholder Meeting a proxy statement soliciting each such stockholder’s affirmative vote at the Stockholder Meeting for approval of resolutions providing for the approval of the conversion of the Preferred Stock into Common Stock, in accordance with applicable law and the rules and regulations of Section 302.03 of the NYSE Listed Company Manual (such affirmative approval being referred to herein as the "Stockholder Approval"), and the Corporation shall use its best efforts to obtain its stockholders’ approval of such resolutions and to cause the Board to recommend to the stockholders that they approve such resolutions. The Corporation shall be obligated to seek to obtain the Stockholder Approval by the Stockholder Meeting Deadline; provided, if the Corporation is unable to obtain Stockholder Approval by the Stockholder Meeting Deadline, the Corporation will use its best efforts to obtain Stockholder Approval at (i) a special meeting of our stockholders held 180 days after the Stockholder Meeting, (ii) each annual meeting of our stockholders in each year until Stockholder Approval is obtained, and (iii) a special meeting of our stockholders to be held every 180 days following our annual meeting in each year until Stockholder Approval is obtained.
