Maximum Advance Amount. The amount of an Advance corresponding to the Advance Notice shall not exceed the Maximum Advance Amount. In addition, the Advance amount shall be automatically reduced by 50%, unless, if on any day during the Pricing Period, the VWAP for that day does not meet or exceed the Floor Price. The Floor Price shall be 85% of the Volume Weighted Average Price of the Common Stock for the five (5) Trading Days prior to the Advance Notice Date, or any other price mutually agreed upon by the Company and the Investor in writing. In addition, in no event shall the number of shares issuable to the Investor pursuant to an Advance cause the aggregate number of shares of Common Stock beneficially owned by the Investor and its affiliates to exceed 9.99% of the then outstanding shares of Common Stock of the Company (“Ownership Limitation”). Any portion of an Advance that would cause the Investor to exceed the Ownership Limitation shall automatically be withdrawn. For the purposes of this section, beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act.
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Samples: Reserve Equity Financing Agreement (Neah Power Systems, Inc.)
Maximum Advance Amount. The amount of an Advance corresponding to the Advance Notice shall not exceed the Maximum Advance Amount. In addition, the Advance amount shall be automatically reduced by 50%, unlessunless agreed to in writing by both parties to override, if on any day during the Pricing Period, the VWAP for that day does not meet or exceed the Floor Price. The Floor Price shall be 85% of the Volume Weighted Average Price of the Common Stock for the five (5) Trading Days prior to the Advance Notice Date, or any other price mutually agreed upon by the Company and the Investor in writing. In addition, in no event shall the number of shares issuable to the Investor pursuant to an Advance cause the aggregate number of shares of Common Stock beneficially owned by the Investor and its affiliates to exceed 9.994.99% of the then outstanding shares of Common Stock of the Company (“Ownership Limitation”). Any portion of an Advance that would cause the Investor to exceed the Ownership Limitation shall automatically be withdrawn. For the purposes of this section, beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act.
Appears in 1 contract
Samples: Reserve Equity Financing Agreement (INVO Bioscience, Inc.)
Maximum Advance Amount. The amount of an Advance corresponding to the Advance Notice shall not exceed the Maximum Advance Amount. In addition, unless waived by the Investor, the Advance amount shall be automatically reduced by 50%, unless, % if on any day during the Pricing Period, the VWAP for that day does not meet or exceed the Floor Price. The Floor Price shall be 85% of the Volume Weighted Average Price of the Common Stock for the five (5) Trading Days prior to the Advance Notice Date, or any other price mutually agreed upon by the Company and the Investor in writing. In addition, in no event shall the number of shares issuable to the Investor pursuant to an Advance cause the aggregate number of shares of Common Stock beneficially owned by the Investor and its affiliates to exceed 9.99% of the then outstanding shares of Common Stock of the Company (“Ownership Limitation”). Any portion of an Advance that would cause the Investor to exceed the Ownership Limitation shall automatically be withdrawn. For the purposes of this section, beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act.
Appears in 1 contract
Samples: Reserve Equity Financing Agreement (Global Resource CORP)
Maximum Advance Amount. The amount of an Advance corresponding to the Advance Notice shall not exceed the Maximum Advance Amount. In addition, the Advance amount shall be automatically reduced by 50%, unless, if on any day during the Pricing Period, the VWAP Weighted Average Closing Price for that day does not meet or exceed the Floor Price. The Floor Price shall be 85% of the Volume Weighted Average Closing Price of the Common Stock for the five (5) Trading Days prior to the Advance Notice Date, or any other price mutually agreed upon by the Company and the Investor in writing. In addition, in no event shall the number of shares issuable to the Investor pursuant to an Advance cause the aggregate number of shares of Common Stock beneficially owned by the Investor and its affiliates to exceed 9.99% of the then outstanding shares of Common Stock of the Company (“Ownership Limitation”). Any portion of an Advance that would cause the Investor to exceed the Ownership Limitation shall automatically be withdrawn. For the purposes of this section, beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act.
Section 5. Section 12.4 of the Agreement is hereby amended and restated in its entirety as follows:
Appears in 1 contract
Samples: Reserve Equity Financing Agreement (Neah Power Systems, Inc.)
Maximum Advance Amount. The amount of an Advance corresponding to the Advance Notice shall not exceed the Maximum Advance Amount. In addition, unless waived by the Investor, the Advance amount shall be automatically reduced by 50%, unless, % if on any day during the Pricing Period, the VWAP for that day does not meet or exceed the Floor Price. The Floor Price shall be 85% of the Volume Weighted Average Price of the Common Stock for the five (5) Trading Days prior to the Advance Notice Date, or any other price mutually agreed upon by the Company and the Investor in writing. The Maximum Advance Amount shall be decreased by 10% for each day of zero trading volume during the Pricing Period. In addition, in no event shall the number of shares issuable to the Investor pursuant to an Advance cause the aggregate number of shares of Common Stock beneficially owned by the Investor and its affiliates to exceed 9.99% of the then outstanding shares of Common Stock of the Company (“Ownership Limitation”). Any portion of an Advance that would cause the Investor to exceed the Ownership Limitation shall automatically be withdrawn. For the purposes of this section, beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act.
Appears in 1 contract