Common use of Minimum Acceptable Price Clause in Contracts

Minimum Acceptable Price. (i) With respect to each Advance Notice, the Company may notify the Investor of the MAP with respect to such Advance by indicating a MAP on such Advance Notice. If no MAP is specified in an Advance Notice, then no MAP shall be in effect in connection with such Advance. With respect to each Advance Notice with a MAP, each Trading Day during an Advance Pricing Period for which (A) the VWAP of the Common Shares is below the Minimum Acceptable Price in effect with respect to such Advance Notice, or (B) there is no VWAP (each such day, an “Excluded Day”), shall result in an automatic reduction to the amount of the Advance Shares set forth in such Advance Notice by (y) 20% if the applicable Advance Notice specifies a Pricing Period of five (5) consecutive Trading Days or by (z) 50% if the applicable Advance Notice specifies a Pricing Period of two (2) consecutive Trading Days (the resulting amount of each Advance being the “Adjusted Advance Shares”), and each Excluded Day shall be excluded from the Advance Pricing Period for purposes of determining the Market Price and the number of days in the Advance Pricing Period shall be reduced by the number of Excluded Days.

Appears in 1 contract

Samples: Equity Distribution Agreement (Ideanomics, Inc.)

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Minimum Acceptable Price. The lowest Market Price of the Common Stock (ibefore taking into account any discount used to calculate the Purchase Price) With respect to for any particular Advance (the “Minimum Acceptable Price”) shall, in connection with each Advance NoticeNotice delivered by the Company, the Company may notify the Investor be equal to ninety seven percent (97%) of the MAP with respect to such VWAP on the Trading Day immediately preceding the Advance by indicating a MAP on Notice Date for such Advance Notice. If no MAP is specified in Subject to the next sentence, upon the issuance by the Company of an Advance NoticeNotice along with a Minimum Acceptable Price, then no MAP (i) the Company shall be automatically reduce the amount of the Advance set forth in effect in connection with such Advance. With respect to each Advance Notice with a MAP, by twenty percent (20%) for each Trading Day during an Advance the Pricing Period for which (A) that the VWAP of the Common Shares Stock is below the Minimum Acceptable Price in effect with respect to such Advance Notice, or (B) there is no VWAP (each such day, an “Excluded Day”), shall result in an automatic reduction to the amount of the Advance Shares set forth in such Advance Notice by and (yii) 20% if the applicable Advance Notice specifies a Pricing Period of five (5) consecutive Trading Days or by (z) 50% if the applicable Advance Notice specifies a Pricing Period of two (2) consecutive Trading Days (the resulting amount of each Advance being the “Adjusted Advance Shares”), and each Excluded Day shall be excluded from the Advance Pricing Period for purposes of determining the Market Price Price. The number of shares of Common Stock to be delivered to the Investor at the Closing (in accordance with Section 2.3 of this Agreement) shall correspond with the Advance Notice amount as reduced pursuant to clause (i) above, except that the Company shall be obligated to sell, and the number Investor shall be obligated to purchase any shares of days in Common Stock corresponding to such Advance Notice that have been sold by the Investor and such shares shall be priced at the greater of the Purchase Price or the applicable Minimum Acceptable Price. The Company, and only the Company, may waive the Minimum Acceptable Price with respect to any particular Advance Notice by providing the Investor with written notice of waiver on or prior to the Advance Pricing Period shall be reduced by the number of Excluded DaysNotice Date.

Appears in 1 contract

Samples: Equity Distribution Agreement (Marshall Edwards Inc)

Minimum Acceptable Price. (i) With respect to each Advance NoticeFor the purposes of this Agreement, the Company may notify the Investor of the MAP with respect to such Advance by indicating a MAP on such Advance Notice. If no MAP is specified in an Advance Noticeterm “Minimum Acceptable Price” shall mean, then no MAP shall be in effect in connection with such Advance. With respect to each Advance Notice with a MAPdelivered by the Company, each Trading Day during an Advance Pricing Period for which eighty five percent (A85%) of the VWAP of the Common Shares Stock on the Trading Day immediately preceding the Advance Notice Date for such Advance Notice. Upon the issuance by the Company of an Advance Notice, the Minimum Acceptable Price with respect to that Advance Notice shall be determined and (i) the Company shall automatically reduce the amount of the Advance set forth in such Advance Notice by twenty percent (20%) (such reduced Advance, the “Adjusted Advance”) for each Trading Day during the Pricing Period that the VWAP of the Common Stock is below the Minimum Acceptable Price in effect with respect to such Advance Notice, or (B) there is no VWAP (each such day, an “Excluded Day”), shall result in an automatic reduction to the amount of the Advance Shares set forth in such Advance Notice by and (yii) 20% if the applicable Advance Notice specifies a Pricing Period of five (5) consecutive Trading Days or by (z) 50% if the applicable Advance Notice specifies a Pricing Period of two (2) consecutive Trading Days (the resulting amount of each Advance being the “Adjusted Advance Shares”), and each Excluded Day shall be excluded from the Advance Pricing Period for purposes of determining the Market Price and Price. The number of shares of Common Stock to be delivered to the Investor at the Closing (in accordance with Section 2.03 of this Agreement) shall be equal to the Adjusted Advance divided by the Purchase Price; provided, however, that if the Investor has sold shares of Common Stock on an Excluded Day the Company shall automatically increase the Adjusted Advance by the number obtained by multiplying the number of days in the Advance Pricing Period shall be reduced shares of Common Stock sold by the number Investor on such Excluded Day by ninety-three (93%) of Excluded Daysthe Minimum Acceptable Price.

Appears in 1 contract

Samples: Equity Distribution Agreement (Hydrogen Engine Center, Inc.)

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Minimum Acceptable Price. The lowest Market Price of the Common Stock (ibefore taking into account any discount used to calculate the Purchase Price) With respect to for any particular Advance (the "Minimum Acceptable Price") shall, in connection with each Advance NoticeNotice delivered by the Company, the Company may notify the Investor be equal to sixty five percent (65%) of the MAP with respect to such VWAP on the Trading Day immediately preceding the Advance by indicating a MAP on Notice Date for such Advance Notice. If no MAP is specified in Subject to the next sentence, upon the issuance by the Company of an Advance Notice, then no MAP shall be in effect in connection with such Advance. With respect to each Advance Notice along with a MAPMinimum Acceptable Price, each Trading Day during an Advance Pricing Period for which (Ai) the VWAP of the Common Shares is below the Minimum Acceptable Price in effect with respect to such Advance Notice, or (B) there is no VWAP (each such day, an “Excluded Day”), Company shall result in an automatic reduction to automatically reduce the amount of the Advance Shares set forth in such Advance Notice by twenty percent (y20%) 20% if for each Trading Day during the applicable Advance Notice specifies a Pricing Period that the VWAP of five the Common Stock is below the Minimum Acceptable Price (5) consecutive Trading Days or by (z) 50% if the applicable Advance Notice specifies a Pricing Period of two (2) consecutive Trading Days (the resulting amount of each Advance being the “Adjusted Advance Shares”such day, an "Excluded Day"), and (ii) each Excluded Day shall be excluded from the Advance Pricing Period for purposes of determining the Market Price Price. The number of shares of Common Stock to be delivered to the Investor at the Closing (in accordance with Section 2.3 of this Agreement) shall correspond with the Advance Notice amount as reduced pursuant to clause (i) above, except that the Company shall be obligated to sell, and the number Investor shall be obligated to purchase any shares of days in Common Stock corresponding to such Advance Notice that have been sold by the Investor and such shares shall be priced at the greater of the Purchase Price or the applicable Minimum Acceptable Price. The Company, and only the Company, may waive the Minimum Acceptable Price with respect to any particular Advance Notice by providing the Investor with written notice of waiver on or prior to the Advance Pricing Period shall be reduced by the number of Excluded DaysNotice Date.

Appears in 1 contract

Samples: Equity Distribution Agreement (Brightec, Inc)

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