Common use of No Price Stabilization or Manipulation; Compliance with Regulation M Clause in Contracts

No Price Stabilization or Manipulation; Compliance with Regulation M. The Company has not taken, directly or indirectly, without giving effect to activities by the Underwriters, any action designed to or that would reasonably be expected to cause or result in stabilization or manipulation of the price of the Shares or of any “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect to the Shares, whether to facilitate the sale or resale of the Offered Shares or otherwise, and has taken no action which would directly or indirectly violate Regulation M.

No Price Stabilization or Manipulation; Compliance with Regulation M. The Neither the Company nor any of its subsidiaries has not taken, directly or indirectly, without giving any effect to the activities by the Underwriters, any action designed to or that would reasonably be expected to cause or result in stabilization or manipulation of the price of the Shares or of any “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect to the Shares, whether to facilitate the sale or resale of the Offered Shares or otherwise, and has taken no action which would directly or indirectly violate Regulation M.

No Price Stabilization or Manipulation; Compliance with Regulation M. The Company has not taken, directly or indirectly, without giving effect to activities by the Underwriters, any action designed to or that would reasonably be expected to cause or result in stabilization or manipulation of the price of the Shares or of any “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect to the Shares, whether to facilitate the sale or resale of the Offered Shares or otherwise, and has taken no or any action which would directly or indirectly violate Regulation M.

No Price Stabilization or Manipulation; Compliance with Regulation M. The Company has not taken, directly or indirectly, without giving effect to activities by the Underwriters, any action designed to or that would might reasonably be expected to cause or result in stabilization or manipulation of the price of the Shares or of any “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect to the Shares, whether to facilitate the sale or resale of the Offered Shares or otherwise, and has taken no action which would directly or indirectly violate Regulation M.

No Price Stabilization or Manipulation; Compliance with Regulation M. The Neither the Company nor any of its subsidiaries has not taken, directly or indirectly, without giving effect to and excluding any activities by the Underwriters, any action designed to or that would reasonably be expected to cause or result in stabilization or manipulation of the price of the Shares or of any “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect to the Shares, whether to facilitate the sale or resale of the Offered Shares or otherwise, and has taken no action which would directly or indirectly violate Regulation M.

No Price Stabilization or Manipulation; Compliance with Regulation M. The Neither the Company nor any of its subsidiaries has not taken, directly or indirectly, without giving effect to excluding any activities by the Underwriters, any action designed to or that would reasonably be expected to cause or result in stabilization or manipulation of the price of the Shares or of any “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect to the Shares, whether to facilitate the sale or resale of the Offered Shares or otherwise, and has taken no action which would directly or indirectly violate Regulation M.

No Price Stabilization or Manipulation; Compliance with Regulation M. The Neither the Company nor any of its subsidiaries has not taken, directly or indirectly, without giving effect to the activities by the Underwriters, any action designed to or that would might reasonably be expected to cause or result in stabilization or manipulation of the price of the Shares or of any “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect to the Shares, whether to facilitate the sale or resale of the Offered Shares or otherwise, and has taken no action which would directly or indirectly violate Regulation M.

No Price Stabilization or Manipulation; Compliance with Regulation M. The Neither the Company nor any of its subsidiaries has not taken, directly or indirectly, without giving effect to activities by the Underwriters, any action designed to or that would reasonably be expected to cause or result in stabilization or manipulation of the price of the Shares or of any “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect to the Shares, whether to facilitate the sale or resale of the Offered Shares Securities or otherwise, and has taken no action which would directly or indirectly violate Regulation M.

No Price Stabilization or Manipulation; Compliance with Regulation M. The Company has not taken, directly or indirectly, without giving effect to activities by of the UnderwritersPlacement Agent, any action designed to or that would reasonably be expected to cause or result in stabilization or manipulation of the price of the Shares Securities or of any “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect to the SharesSecurities, whether to facilitate the sale or resale of the Offered Shares Securities or otherwise, and has taken no action which would directly or indirectly violate Regulation M.

No Price Stabilization or Manipulation; Compliance with Regulation M. The Company has not taken, directly or indirectly, without Without giving effect to activities by the UnderwritersUnderwriter, as to which the Company makes no representation, neither the Company nor any of its subsidiaries has taken, directly or indirectly, any action designed to or that would might reasonably be expected to cause or result in stabilization or manipulation of the price of the Shares or of any “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect to the Shares, whether to facilitate the sale or resale of the Offered Shares or otherwise, and has taken no action which would directly or indirectly violate Regulation M.

No Price Stabilization or Manipulation; Compliance with Regulation M. The Company has and its subsidiaries have not taken, directly or indirectly, without giving effect to activities by the Underwriters, any action designed to or that would might reasonably be expected to cause or result in stabilization or manipulation of the price of the Shares or of any “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect to the Shares, whether to facilitate the sale or resale of the Offered Shares, the Warrant Shares or otherwise, and has have taken no action which would directly or indirectly violate Regulation M.

No Price Stabilization or Manipulation; Compliance with Regulation M. The Neither the Company nor any of its subsidiaries has not taken, directly or indirectly, without giving effect to any activities by the Underwriters, any action designed to or that would reasonably be expected to cause or result in stabilization or manipulation of the price of the Shares or of any “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect to the Shares, whether to facilitate the sale or resale of the Offered Shares or otherwise, and has taken no action which would directly or indirectly violate Regulation M.

No Price Stabilization or Manipulation; Compliance with Regulation M. The Neither the Company nor any of its subsidiaries has not taken, directly or indirectly, without giving effect to activities by the Underwriters, any action designed to or that would reasonably be expected expected, to cause or result in stabilization or manipulation of the price of the Shares or of any “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect to the Shares, whether to facilitate the sale or resale of the Offered Shares or otherwise, and has taken no action which would directly or indirectly violate Regulation M.

No Price Stabilization or Manipulation; Compliance with Regulation M. The Neither the Company nor any of its subsidiaries has not taken, directly or indirectly, without giving effect to activities by the Underwriters, any action designed to or that would reasonably be expected to cause or result in stabilization or manipulation of the price of the Shares or of any “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect to the Shares, whether to facilitate the sale or resale of the Offered Shares or otherwise, and has taken no or any action which would directly or indirectly violate Regulation M.

No Price Stabilization or Manipulation; Compliance with Regulation M. The Neither the Company nor any of its subsidiaries has not taken, directly or indirectly, without giving effect to activities by the Underwriters, any action designed to or that would might reasonably be expected to cause or result in stabilization or manipulation of the price of the Shares or of any “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect to the Shares, whether to facilitate the sale or resale of the Offered Shares or otherwise, and has taken no action which would directly or indirectly violate Regulation M.

No Price Stabilization or Manipulation; Compliance with Regulation M. The Neither the Company nor any of its subsidiaries nor any of their respective directors, officers, affiliates or controlling persons has not taken, directly or indirectly, without giving effect to activities by the Underwriters, any action designed to or that would reasonably be expected to might cause or result in stabilization or manipulation of the price of the Shares or of any other “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect to the Shares, whether to facilitate the sale or resale of the Offered Shares or otherwise, and has taken no action which would directly or indirectly violate Regulation M. The Company acknowledges that the Underwriters may engage in passive market making transactions in the Offered Shares on NYSE in accordance with Regulation M.

No Price Stabilization or Manipulation; Compliance with Regulation M. The Neither the Company nor any of its subsidiaries has not taken, directly or indirectly, indirectly (without giving any effect to the activities by of the Underwriters), any action designed to or that would reasonably be expected to might cause or result in stabilization or manipulation of the price of the Shares or of any “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect to the Shares, whether to facilitate the sale or resale of the Offered Shares or otherwise, and has taken no action which would directly or indirectly violate Regulation M.

No Price Stabilization or Manipulation; Compliance with Regulation M. The Neither the Company nor the Subsidiary has not taken, directly or indirectly, without giving effect to activities by the Underwriters, any action designed to or that would might reasonably be expected to cause or result in stabilization or manipulation of the price of the Shares or of any “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect to the Shares, whether to facilitate the sale or resale of the Offered Shares or otherwise, and has taken no action which would directly or indirectly violate Regulation M.

No Price Stabilization or Manipulation; Compliance with Regulation M. The Company has not taken, directly or indirectly, without giving effect to activities by the Underwriters, any action designed to or that would might reasonably be expected to cause or result in stabilization or manipulation of the price of the Shares or of any “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect to the Shares, whether to facilitate the sale or resale of the Offered Shares or otherwise, and has taken no action which would directly or indirectly violate Regulation M.

No Price Stabilization or Manipulation; Compliance with Regulation M. The Neither the Company nor any of its subsidiaries has not taken, directly or indirectly, without giving effect to any activities by the Underwriters, any action designed to or that would reasonably be expected expected, to cause or result in stabilization or manipulation of the price of the Shares or of any “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect to the Shares, whether to facilitate the sale or resale of the Offered Shares or otherwise, and has taken no action which would directly or indirectly violate Regulation M.

No Price Stabilization or Manipulation; Compliance with Regulation M. The Neither the Company nor any of its subsidiaries has not taken, directly or indirectly, and without giving effect to any activities by the Underwriters, any action designed to or that would reasonably be expected to cause or result in stabilization or manipulation of the price of the Shares or of any “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect to the Shares, whether to facilitate the sale or resale of the Offered Shares or otherwise, and has taken no action which would directly or indirectly violate Regulation M.

No Price Stabilization or Manipulation; Compliance with Regulation M. The Neither the Company nor its subsidiary has not taken, directly or indirectly, without giving effect to activities by the UnderwritersUnderwriter, any action designed to or that would might reasonably be expected to cause or result in stabilization or manipulation of the price of the Shares or of any “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect to the Shares, whether to facilitate the sale or resale of the Offered Shares or otherwise, and has taken no action which would directly or indirectly violate Regulation M.

No Price Stabilization or Manipulation; Compliance with Regulation M. The Neither the Company nor any of its subsidiaries has not taken, directly or indirectly, without giving effect to activities by the Underwriters, any action designed to or that would could reasonably be expected to cause or result in stabilization or manipulation of the price of the Shares or of any “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect to the Shares, whether to facilitate the sale or resale of the Offered Shares or otherwise, and has taken no action which would directly or indirectly violate Regulation M.

No Price Stabilization or Manipulation; Compliance with Regulation M. The Neither Company nor any of its subsidiaries nor any of their respective directors, officers, affiliates or controlling persons has not taken, directly or indirectly, without giving effect to activities by the Underwriters, any action designed to or that would might be reasonably be expected to cause or result in stabilization or manipulation of the price of the Shares or of any other “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect to the Shares, whether to facilitate the sale or resale of the Offered Shares or otherwise, and has taken no action which would directly or indirectly violate Regulation M. The Company acknowledges that the Underwriters may engage in passive market making transactions in the Offered Shares on the Nasdaq Global Select Market in accordance with Regulation M.

No Price Stabilization or Manipulation; Compliance with Regulation M. The Company has not taken, directly or indirectly, without giving effect to activities by the Underwriters, any action designed to or that would might be reasonably be expected to cause or result in stabilization or manipulation of the price of the Shares or of any “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect to the Shares, whether to facilitate the sale or resale of the Offered Shares or otherwise, and has taken no action which would directly or indirectly violate Regulation M under the 1934 Act ("Regulation M"). The Company acknowledges that the Underwriters may engage in passive market making transactions in the Offered Shares on the Nasdaq National Market in accordance with Regulation M.

No Price Stabilization or Manipulation; Compliance with Regulation M. The Company has and its subsidiaries have not taken, directly or indirectly, without giving effect to activities by the Underwriters, any action designed to or that would might reasonably be expected to cause or result in stabilization or manipulation of the price of the Shares or of any “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect to the Shares, whether to facilitate the sale or resale of the Offered Shares or otherwise, and has have taken no action which would directly or indirectly violate Regulation M.

No Price Stabilization or Manipulation; Compliance with Regulation M. The Neither the Company nor any of its subsidiaries has not taken, directly or indirectly, without giving any effect to the activities by the Underwriters, any action designed to or that would reasonably be expected to cause or result in stabilization or manipulation of the price of the Shares or of any “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect to the Shares, whether to facilitate the sale or resale of the Offered Shares Underwritten Securities or otherwise, and has taken no action which would directly or indirectly violate Regulation M.

No Price Stabilization or Manipulation; Compliance with Regulation M. The Neither the Company nor any of its subsidiaries has not taken, directly or indirectly, without giving effect to activities by the UnderwritersUnderwriter, any action designed to or that would might be reasonably be expected to cause or result in stabilization or manipulation of the price of the Shares or of any “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect to the Shares, whether to facilitate the sale or resale of the Offered Shares or otherwise, and has taken no action which would directly or indirectly violate Regulation M.

No Price Stabilization or Manipulation; Compliance with Regulation M. The Company has not taken, directly or indirectly, without giving effect to activities by the UnderwritersAgent, any action designed to or that would reasonably be expected to cause or result in stabilization or manipulation of the price of the Shares or of any “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect to the Shares, whether to facilitate the sale or resale of the Offered Placement Shares or otherwise, and has taken no action which would directly or indirectly violate Regulation M.

No Price Stabilization or Manipulation; Compliance with Regulation M. The Company has not taken, directly or indirectly, without giving effect to activities by the Underwriters, any action designed to or that would constitute or that might reasonably be expected to cause or result in in, under the Exchange Act or otherwise, stabilization or manipulation of the price of the Common Shares or of any “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect to the Common Shares, whether to facilitate the sale or resale of the Offered Shares or otherwise, and has taken no action which would directly or indirectly violate Regulation M.

No Price Stabilization or Manipulation; Compliance with Regulation M. The Company has not taken, directly or indirectly, without giving effect to activities by the UnderwritersRepresentative, any action designed to or that would could reasonably be expected to cause or result in stabilization or manipulation of the price of the Shares or of any “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect to the Shares, whether to facilitate the sale or resale of the Offered Shares or otherwise, and has taken no action which would directly or indirectly violate Regulation M.

No Price Stabilization or Manipulation; Compliance with Regulation M. The Neither the Company nor any of its subsidiaries has not taken, directly or indirectly, without giving effect to activities by the UnderwritersUnderwriter, any action designed to or that would reasonably be expected to cause or result in stabilization or manipulation of the price of the Shares or of any “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect to the SharesSecurities, whether to facilitate the sale or resale of the Offered Shares Securities or otherwise, and has taken no or any action which would directly or indirectly violate Regulation M.

No Price Stabilization or Manipulation; Compliance with Regulation M. The Neither the Company nor any of its subsidiaries has not taken, directly or indirectly, without giving effect to activities by the Underwriters, any action designed to or that would reasonably be expected to might cause or result in stabilization or manipulation of the price of the Shares or of any “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect to the Shares, whether to facilitate the sale or resale of the Offered Shares or otherwise, and has taken no action which would directly or indirectly violate Regulation M.

No Price Stabilization or Manipulation; Compliance with Regulation M. The Company has not taken, directly or indirectly, without giving effect to activities by the Underwriters, any action designed to or that would might be reasonably be expected to cause or result in stabilization or manipulation of the price of the Shares or of any other “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect to the Shares, whether to facilitate the sale or resale of the Offered Shares or otherwise, and has taken no action which would directly or indirectly violate Regulation M. The Company acknowledges that the Underwriter may engage in passive market making transactions in the Offered Shares on the Applicable Exchange in accordance with Regulation M.

No Price Stabilization or Manipulation; Compliance with Regulation M. The Neither the Company nor any of its subsidiaries has not taken, directly or indirectly, without giving effect to the activities by of the Underwriters, any action designed to or that would reasonably be expected to cause or result in stabilization or manipulation of the price of the Shares shares of Common Stock or of any “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect to the Sharesshares of Common Stock, whether to facilitate the sale or resale of the Offered Shares Securities or otherwise, and has taken no action which would directly or indirectly violate Regulation M.

No Price Stabilization or Manipulation; Compliance with Regulation M. The Company has not taken, directly or indirectly, without giving effect to any activities by the Underwriters, any action designed to or that would reasonably be expected to cause or result in stabilization or manipulation of the price of the Shares or of any “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect to the Shares, whether to facilitate the sale or resale of the Offered Shares or otherwise, and has taken no action which would directly or indirectly violate Regulation M.

No Price Stabilization or Manipulation; Compliance with Regulation M. The Neither the Company nor any of its subsidiaries has not taken, directly or indirectly, without giving effect to the activities by of the Underwriters, any action designed to or that would reasonably be expected to cause or result in stabilization or manipulation of the price of the Shares or of any “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect to the Shares, whether to facilitate the sale or resale of the Offered Shares or otherwise, and has taken no action which would directly or indirectly violate Regulation M.

No Price Stabilization or Manipulation; Compliance with Regulation M. The Neither the Company nor any of its subsidiaries has not taken, directly or indirectly, without giving any effect to the activities by the Underwriters, any action designed to or that would reasonably be expected to might cause or result in stabilization or manipulation of the price of any security of the Shares Company or of any “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect to the SharesOffered ADSs, whether to facilitate the sale or resale of the Offered Shares ADSs or otherwise, and has taken no action which would directly or indirectly violate Regulation M.

No Price Stabilization or Manipulation; Compliance with Regulation M. The Company has not taken, directly or indirectly, without giving effect to activities by the UnderwritersRepresentatives, any action designed to or that would could reasonably be expected to cause or result in stabilization or manipulation of the price of the Shares or of any “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect to the Shares, whether to facilitate the sale or resale of the Offered Shares or otherwise, and has taken no action which would directly or indirectly violate Regulation M.

No Price Stabilization or Manipulation; Compliance with Regulation M. The Neither the Company nor any of its subsidiaries has not taken, directly or indirectly, without giving effect to activities by the Underwriters, any action designed to or that would be reasonably be expected to cause or result in stabilization or manipulation of the price of the Shares shares of Common Stock or of any “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect to the Sharesshares of Common Stock, whether to facilitate the sale or resale of the Offered Shares Securities or otherwise, and has taken no action which would directly or indirectly violate Regulation M.

No Price Stabilization or Manipulation; Compliance with Regulation M. The Neither the Company nor the Subsidiary has not taken, directly or indirectly, without giving effect to and excluding any activities by the Underwriters, any action designed to or that would reasonably be expected to might cause or result in stabilization or manipulation of the price of the Shares or of any “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect to the Shares, whether to facilitate the sale or resale of the Offered Shares Securities or otherwise, and has taken no action which would directly or indirectly violate Regulation M.

No Price Stabilization or Manipulation; Compliance with Regulation M. The Neither the Company nor any of its subsidiaries has not taken, directly or indirectly, without giving effect to activities by the Underwriters, any action designed to or that would reasonably be expected to cause or result in stabilization or manipulation of the price of the Shares shares of Common Stock or of any “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect to the Sharesshares of Common Stock, whether to facilitate the sale or resale of the Offered Shares Securities or otherwise, and has taken no action which would directly or indirectly violate Regulation M.

No Price Stabilization or Manipulation; Compliance with Regulation M. The Company has not taken, directly or indirectly, without giving effect to activities by of the Underwriters, any action designed to or that would reasonably be expected to cause or result in stabilization or manipulation of the price of the Shares or of any “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect to the Shares, whether to facilitate the sale or resale of the Offered Shares Securities or otherwise, and has taken no action which would directly or indirectly violate Regulation M.

No Price Stabilization or Manipulation; Compliance with Regulation M. The Neither the Company nor any of its subsidiaries has not taken, directly or indirectly, without giving effect to activities by the Underwriters, any action designed to or that would might reasonably be expected to cause or result in stabilization or manipulation of the price of the Shares Securities, the Common Stock or of any other “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect to the SharesSecurities, whether to facilitate the sale or resale of any of the Offered Shares Securities or otherwise, and has taken no action which would directly or indirectly violate Regulation M.

No Price Stabilization or Manipulation; Compliance with Regulation M. The Neither the Company nor any of its subsidiaries has not taken, directly or indirectly, without giving any effect to the activities by the Underwriters, any action designed to or that would reasonably be expected to cause or result in stabilization or manipulation of the price of the Shares Common Stock or of any “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect to the SharesCommon Stock, whether to facilitate the sale or resale of the Offered Shares or otherwise, and has taken no action which would directly or indirectly violate Regulation M.

No Price Stabilization or Manipulation; Compliance with Regulation M. The Company has not taken, directly or indirectly, without giving effect to activities by of the Underwriters, any action designed to or that would reasonably be expected to cause or result in stabilization or manipulation of the price of the Shares or of any “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect to the Shares, whether to facilitate the sale or resale of the Offered Shares or otherwise, and has taken no action which would directly or indirectly violate Regulation M.

No Price Stabilization or Manipulation; Compliance with Regulation M. The Company has not taken, directly or indirectly, without giving effect to any activities by the Underwriters, any action designed to or that would might reasonably be expected to cause or result in stabilization or manipulation of the price of the Shares or of any “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect to the Shares, whether to facilitate the sale or resale of the Offered Shares or otherwise, and has taken no action which would directly or indirectly violate Regulation M.