Outstanding Preferred Stock. The shares of Preferred Stock of the Company, issued and outstanding as of the date of this Agreement, will convert into shares of Common Stock in connection with the IPO.
Outstanding Preferred Stock. All issued and outstanding preferred Stock of Borrower is duly authorized and validly issued. All of the issued and outstanding preferred Stock of Borrower, as of the Closing Date, is owned by each of the Persons and in the amounts set forth in Schedule 5.22.
Outstanding Preferred Stock. Franklin represents and warrants to and for the benefit of Xxxx Xxxxxx that, as of the date of this XXX, there are 10,950 shares of Preferred Stock issued and outstanding.
Outstanding Preferred Stock. Each share of Preferred Stock issued and outstanding immediately prior to the Effective Time shall remain issued and outstanding and unaffected by the Merger.
Outstanding Preferred Stock. 90 5.23 Eligible Engines and Equipment ............................................................................90 5.24
Outstanding Preferred Stock. The Company shall have provided written confirmation that all previously issued shares of preferred stock, including but not limited to the 225,000 shares of series a preferred stock issued on October 31, 2006, have been converted and the holders thereof no longer have any rights or privileges as a preferred stockholder, with respect to the preferred stock or other than registration rights of the common stock underlying such preferred stock, concerning the Company; the same shall be supported by a statement from the Company’s transfer agent demonstrating that the Company does not have any shares of any class of preferred stock issued and outstanding as of the Closing.
Outstanding Preferred Stock. On March 17, 2005, the Company issued 6,000,000 shares of Series A Preferred Stock to its Chief Executive Officer, Xxxxxx Xxxxx, and 1,500,000 shares of Series A Preferred Stock to its Chief Financial Officer, Xxxxx Xxxxx. These shares have a combined valuation of $750,000. These shares were issued as a performance bonus to Messrs. Xxxxx and Xxxxx for, among other things, their role in helping expand and grow the Company's business operations. Also on March 17, 2005, the Company issued an aggregate of 2,000,000 shares of Series A Preferred Stock to two accredited investors as consideration for investor relations services. These shares have a combined valuation of $200,000. Beginning two years from the date of issuance of the Series A Preferred Stock, each one share of Series A Preferred Stock is convertible, at the option of the holder, into 0.04 shares of the Company's common stock. However, holders cannot convert any share of Series A Preferred Stock if the market price of the Company's common stock is below $3.00 per share.
Outstanding Preferred Stock. As of the date hereof Series A --------------------------- Preferred Stock is the only Preferred Stock outstanding. Shares of Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock are issuable only in connection with, and to holders of, Series A Preferred Stock or other shares of Preferred Stock issued directly or indirectly in connection with, and to holders of, Series A Preferred Stock.
Outstanding Preferred Stock. Pubco shall have at least 20,000,000 shares of its preferred stock authorized and shall have no shares of its preferred stock issued and outstanding.
Outstanding Preferred Stock. On March 17, 2005, the Company issued 6,000,000 shares of Series A Preferred Stock to its Chief Executive Officer, Robert Petty, and 1,500,000 xxxxxx xx Xeries A Preferred Stock to its Chief Financial Officer, Robin Smyth. These shares hxxx x xxxxxned valuation of $750,000. These shares were issued as a performance bonus to Messrs. Petty and Smyth for, among xxxxx thinxx, xheir role in helping expand and grow the Company's business operations. Also on March 17, 2005, the Company issued and aggregate of 2,000,000 shares of Series A Preferred Stock to two accredited investors as consideration for investor relations services. These shares have a combined valuation of $200,000. Beginning two years from the date of issuance of the Series A Preferred Stock, each one share of Series A Preferred Stock is convertible, at the option of the holder, into two shares of the Company's common stock. However, holders cannot convert any share of Series A Preferred Stock if the market price of the Company's common stock is below $0.40 per share. If prior to two years from the date of issuance, there is a sale or other disposition of all or substantially all of the Company's assets, a transaction or series of related transactions in which more than 50% of the voting power of the Company is disposed of, or upon a consolidation, merger or other business combination where the Company is not the survivor, then immediately prior to such event each holder of Series A Preferred Stock may convert any or all of such holder's shares of Series A Preferred Stock into common stock as described above. In such event, if the market price of the Company's common stock is below $0.40 per share, then each share of Series A Preferred Stock will convert into such shares of common stock equal to (x) two, multiplied by (y) the closing price of the common stock on the date of the event triggering a conversion, divided by $.20.
