Average Bid Price definition

Average Bid Price means, (i) if the Common Stock is traded in the over-the-counter market and not in the Nasdaq National Market System or on any other national securities exchange, the average of the per share closing bid prices of the Common Stock as reported by Nasdaq or an equivalent generally accepted reporting service following the date of the Initial Advance through the earlier of the date of conversion of the Note or the Termination Date, or (ii) if the Common Stock is traded in the Nasdaq National Market System or on a national securities exchange, the average of the daily per share closing prices of the Common Stock in the Nasdaq National Market System or on the principal stock exchange on which it is listed, as the case may be following the date of the Initial Advance through the earlier of the date of conversion of the Note or the Termination Date. For purposes of clause (i) above, if trading in the Common Stock is not reported by Nasdaq, the bid price referred to in said clause shall be the lowest bid price as reported on the OTC Bulletin Board, or if not available, in the "pink sheets" published by National Quotation Bureau, Incorporated. The closing price referred to in clause (ii) above shall be the last reported sale price or, in the case where no such reported sale takes place on such day, the average of the reported closing bid and asked prices, in either case in the Nasdaq National Market System or on the national securities exchange on which the Common Stock is then listed. If the Common Stock is not traded on any market, the Average Bid Price shall be the fair market value as determined by the Borrower's Board of Directors in its sole discretion, which determination shall be final. Notwithstanding anything to the contrary in this SECTION 1.11, in case Borrower shall hereafter issue shares of its Common Stock or debt or equity securities convertible or exchangeable into Common Stock (excluding shares issued (i) upon the declaration of a dividend on or a distribution on its outstanding shares of Common Stock in shares of Common Stock, (ii) upon a subdivision or reclassification of its outstanding shares of Common Stock into a greater number of shares, (iii) upon a combination or reclassification of its outstanding shares of Common Stock into a smaller number of shares, (iv) upon exercise of options granted to Borrower's officers, directors, employees, and consultants under a plan or plans adopted by Borrower's Board of Directors (the "Excluded Options"), ...

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Average Bid Price means, as of any date of determination, the average of:

Average Bid Price means the average of the daily reported closing price per share of Common Stock during any period of 120 consecutive trading days. If the Common Stock is listed for trading on an organized stock exchange, the closing price shall be the closing price as reported on said exchange; and if the Common Stock is not listed for trading on any such exchange, the closing price shall be the closing bid price as reported by NASDAQ, and if not so reported, the closing bid price as furnished by any dealer in securities dealing in the Common Stock.

Examples of Average Bid Price in a sentence

The Purchase Price shall be based on the Average Bid Price during the Valuation Period.
The Performance Share Amount shall equal 100,000 times the difference between: (i) the "Average Bid Price" (as defined below) for the applicable Bonus Year, and (ii) $.68; provided, however, in any Bonus Year, the maximum Bonus payable to Employee shall not exceed ten percent (10%) of net sales of the Company for such Bonus Year.
Including, but not limited to: correspondence, price breakdowns, State and District Average Bid Price analysis, time impact analysis, blue book documentation, and contractor’s certified invoices.
The number of warrants to be issued to the Executive under this option would be determined by taking the dollar amount of the bonus to be paid in warrants and dividing that number by half the average bid price for the Company's stock for the calendar year for which such bonus is payable (the "Average Bid Price").
Formula: Lowest Average Bid Price / Bidder’s Average Proposed Price X Weight = Price Score.
The warrants would be exercisable at any time at a price of fifty percent (50%) of the Average Bid Price (the "Exercise Price") for a period of ten (10) years from the date of issuance.
The Performance Share Amount shall equal 100,000 times the difference between: (i) the "Average Bid Price" (as defined below) for the applicable Bonus Year, and (ii) at the closing price of the Company's stock on the day of the closing of the 1 to 150 reverse stock split; provided, however, in any Bonus Year, the maximum Bonus payable to Executive shall not exceed ten percent (10%) of net sales of the Company for such Bonus year.
As used herein, the Conversion Price shall mean a price equal to the above discount from the Average Bid Price (as hereinafter defined), provided, however, in no event shall the Conversion Price be less than $1.95 (the "Floor Price") or more than the difference between the Closing Bid Price and the Floor Price added to the Closing Bid Price (the "Ceiling Price").
One (1) year from the Closing Date the holder shall have right to convert any unconverted Preferred Stock at an eighteen (18%) percent discount from the five (5) day Average Bid Price prior to the Conversion Date.
In the event the Common Stock is no longer traded on the OTC Bulletin Board, the Average Bid Price of the Common Stock shall be determined with reference to the last reported sale price of the Common Stock (over the twenty day trading period) on any exchange on which the Common Stock is then traded.

More Definitions of Average Bid Price

Average Bid Price means the average of the daily closing bid price of a share of Company’s Stock reported on the OTC/Bulletin Board during the twenty (20) consecutive trading days that Company’s Stock trades ending at the end of the fifth trading day immediately preceding the Effective Day.

Average Bid Price has the meaning set forth in the Purchase Agreement.

Average Bid Price means for any fiscal (calendar) year the average of the Bid Price of the Company's Common Stock as quoted on NASDAQ, the OTC Bulletin Board or on the "pink sheets" published by the national Daily Quotation Bureau, as the case may be, on the trading day nearest the 15th and 30th day of each month (each, a "Quote Date") for the months of January through June for such Bonus Year. Assuming the Sales Goal is met for Fiscal Year Ended June 30, 2005, the following is an example of the calculation of the Bonus for Bonus Year Ended June 30, 2005: The Bid Prices on each Quote Date are summed and the sum is divided by 12. If the Average Bid Price for the months of January through June 2005 was $0.115, then the Performance Share Amount for Fiscal Year Ending June 30, 2005 shall be $8,500 [($0.115 - $0.03) x 100,000].

Average Bid Price means for any fiscal (calendar) year the average of the Bid Price of the Company's Common Stock as quoted on NASDAQ, the OTC Bulletin Board or on the "pink sheets" published by the National Daily Quotation Bureau, as the case may be, on the trading day nearest the 15th and 30th day of each month (each, a "Quote Date") for the months of July through December for such Bonus Year. Assuming the Sales Goal is met for 2000, the following is an example of the calculation of the Bonus for Bonus Year 2000: The Bid Prices on each Quote Date are summed and the sum is divided by 12. If the Average Bid Price for the months of July through December 2000 was $4.12, then the Performance Share Amount for 2000 shall be $344,000 [($4.12 - $.68) x 100,000].

Average Bid Price shall be the price based on the average of the three lowest Bid Prices during each of the Initial Valuation Period and Subsequent Valuation Period.