Lowest Trading Price definition
Lowest Trading Price means, for any security as of any date, the lowest traded price on the relevant tier of the OTC Markets Group Inc. electronic quotation system (the “OTC”) as reported by a reliable reporting service (the “Reporting Service”) designated by the Holder (i.e., Bloomberg) or, if the OTC is not the principal trading market for such security, the closing bid price of such security on the principal securities exchange or trading market where such security is then listed or traded or, if no closing bid price of such security is available in any of the foregoing manners, the average of the closing bid prices of any market makers for such security that are reported in the “grey market.”
Lowest Trading Price shall have the meaning set forth in Section 4(c).
Lowest Trading Price means, for any security as of any date, the lowest traded price on the relevant tier of the OTC Markets Group Inc. electronic quotation system (the “OTC”) as reported by a reliable reporting service (the “Reporting Service”) designated by the Holder (i.e., Bloomberg) or, if the OTC is not the principal trading market for such security, the closing bid price of such security on the principal securities exchange or trading market where such security is then listed or traded or, if no closing bid price of such security is available in any of the foregoing manners, the average of the closing bid prices of any market makers for such security that are reported in the “grey market”; provided, if the Company’s common stock is not listed on any securities exchange or quoted in the over-the-counter market or any other national trading market, and there are no recent closing bid price prices for the Company’s common stock reported in the “grey market”, then the “Lowest Trading Price” shall be the lowest price per share which the Company would sell shares of Common Stock to a willing buyer (not a current employee or director), from authorized but unissued shares, as determined in good faith by its Board of Directors and as agreed to by the Holder. If, at any time following the Public Company Event and during the occurrence of a default of any provision of the Note, (i) the market capitalization of the common stock of the post-Public Company Event Company is less than twelve million ($12,000,000) and (ii) the Trading Price in respect of any sale of Common Stock resulting from a conversion permitted hereunder is lower than that set forth in the relevant Notice of Conversion, the Conversion Price will be reset and reduced to the lower Trading Price. If the shares have not been delivered within three (3) business days from the date of the notice of conversion to the Company, the Notice of Conversion may be rescinded. In the case that the Borrower’s Common Stock is not deliverable by DWAC, an additional ten percent (10%) discount will apply. In the case that the Borrower’s Common Stock is “chilled” for deposit into the DTC (as defined below) system and only eligible for clearing deposit, an additional fifteen percent (15%) discount shall apply while the “chill” is in effect. If the Trading Price cannot be calculated for such security within the trading period stated above, the Trading Price shall be fairly determined by the Holder of this Notes being converted for which th...
Examples of Lowest Trading Price in a sentence
If the Lowest Trading Price cannot be calculated for such security on such date in the manner provided above, the Lowest Trade Price shall be the low range of the fair market value as mutually determined by the Corporation and the holders of a majority in interest of shares of Series E Preferred Stock being converted for which the calculation of the Lowest Trade Price is required in order to determine the Conversion Price of such Series E Preferred Stock.
Default Conversion Price shall mean 55% multiplied by the Lowest Trading Price (representing a 45% Discount) for the Common Stock during the thirty (30) Trading Day-period ending on the latest complete Trading Day prior to the Conversion Date.
More Definitions of Lowest Trading Price
Lowest Trading Price means, for any security as of any date, the low trade price on Nasdaq as reported by Bloomberg or, if Nasdaq is not the principal trading market for such security, the low trade price of such security on the principal securities exchange or trading market where such security is listed or traded as reported by Bloomberg, or if the foregoing do not apply, the low trade price of such security can be determined in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg, or, if no trade price of such security is available in the over-the-counter market on the electronic bulletin board for such security or in any of the foregoing manners, the average of the lowest bid prices of any market makers for such security that are listed in the "pink sheets" by the National Quotation Bureau, Inc. If the Lowest Trading Price cannot be calculated for such security on such date in the manner provided above, the Lowest Trade Price shall be the low range of the fair market value as mutually determined by the Corporation and the holders of a majority in interest of shares of Series E Preferred Stock being converted for which the calculation of the Lowest Trade Price is required in order to determine the Conversion Price of such Series E Preferred Stock. "Applicable Percentage" shall mean 100% from the Issue Date until October 8, 1998 and 90% thereafter, subject to adjustment pursuant to Section 2(c) of the Registration Rights Agreement. "Trading Day" shall mean any day on which the Common Stock is traded for any period on Nasdaq, or on the principal securities exchange or other securities market on which the Common Stock is then being traded.