Stock Dividend; Subdivision or Combination of Common Stock. If the Company at any time issues to holders of the Common Stock a dividend payable solely in, or other distribution solely of, Common Stock (a “Stock Dividend”), the Exercise Price in effect at the close of business on the record date for such dividend or distribution shall be reduced immediately thereafter to the price determined by multiplying such Exercise Price by the quotient of (x) the number of shares of Common Stock outstanding at the close of business on such record date divided by (y) the sum of such number of shares and the total number of shares constituting such dividend or other distribution. If the Company at any time subdivides or combines (by stock split, reverse stock split, recapitalization or otherwise) the outstanding Common Stock into a greater or smaller number of shares, the Exercise Price in effect immediately prior to the time of effectiveness of such subdivision or combination shall be adjusted at such time of effectiveness to the price determined by multiplying such Exercise Price by the quotient of (x) the number of shares of Common Stock outstanding immediately prior to such time of effectiveness divided by (y) the number of shares of Common Stock outstanding at the time of effectiveness of and after giving effect to such subdivision or combination. In any such event referred to in this Section 5.1, the number of shares of Common Stock issuable upon exercise of each Warrant as in effect immediately prior to the Exercise Price adjustment contemplated by the foregoing shall be adjusted immediately thereafter to the amount determined by multiplying such number by the quotient of (x) the Exercise Price in effect immediately prior to such Exercise Price adjustment divided by (y) the Exercise Price determined in accordance with such Exercise Price adjustment.
Stock Dividend; Subdivision or Combination of Common Stock. If the Company at any time issues to holders of the Common Stock a dividend payable solely in, or other distribution solely of, Common Stock (a “Stock Dividend”), the Exercise Price in effect immediately prior to such Stock Dividend shall be proportionately reduced and the number of shares of Common Stock obtainable upon exercise of each Warrant shall be proportionately increased. If the Company at any time subdivides (by any stock split, stock dividend, recapitalization or otherwise) the outstanding Common Stock into a greater number of shares, the Exercise Price in effect immediately prior to such subdivision shall be proportionately reduced (but not below the par value per share of Common Stock) and the number of shares of Common Stock obtainable upon exercise of each Warrant shall be proportionately increased. If the Company at any time combines (by reverse stock split or otherwise) the outstanding Common Stock into a smaller number of shares, the Exercise Price in effect immediately prior to such combination shall be proportionately increased and the number of shares of Common Stock obtainable upon exercise of each Warrant shall be proportionately decreased.
Stock Dividend; Subdivision or Combination of Common Stock. If the Company shall (i) declare a dividend in or make a distribution on its Common Stock in shares of Common Stock, (ii) subdivide or reclassify (by any stock split, stock dividend, recapitalization or otherwise) the outstanding shares of Common Stock into a greater number of shares, or (iii) combine or reclassify (by reverse stock split or otherwise) the outstanding shares of Common Stock into a smaller number of shares, the Exercise Price and the number of shares of Common Stock issuable upon exercise of the Warrants at the time of the record date for such dividend or distribution or the effective date of such subdivision, combination or reclassification shall be proportionately adjusted so that the Holders after such date shall be entitled to purchase, upon payment of the same aggregate amount as would have been payable before such date, the number of shares of Common Stock which such Holders would have owned or been entitled to receive in respect of the shares of Common Stock subject to the Warrants after such date had the Warrants been exercised immediately prior to such date. If a dividend is declared and such dividend is not paid, the number of shares of Common Stock issuable pursuant to the Warrants on such date and the Exercise Price shall again be adjusted to be such number and Exercise Price, as applicable, in effect immediately prior to such record date (giving effect to all adjustments that otherwise would be required to be made pursuant to this Article 4 from and after such record date).
