Next Financing definition

Next Financing means an equity financing by the Company after the date hereof.

Next Financing means the Company's next sale of its Common Stock or Preferred Stock (with or without other securities of the Company or some combination thereof) in one transaction or series of related transactions, occurring at any time before the earlier of (a) the date on which this Note becomes due or (b) the Closing of an Initial Public Offering, for an aggregate purchase price paid to the Company of no less than Ten Million Dollars ($10,000,000) (excluding the principal amount of any Notes converted into capital stock and issued therein).

Next Financing is a transaction or series of related transactions after the date of this Note that is approved by the board of directors of the Company in which the Company issues and sells shares of its capital stock in exchange for aggregate gross proceeds of at least $1,500,000 (excluding any amounts received upon conversion or cancellation of the Notes).

Examples of Next Financing in a sentence

• Such conversion shall be deemed to occur under this Section 6.1 as of immediately prior to the Next Financing Closing, without regard to whether Hxxxxx has then delivered to the Company this Note (or the Lost Note Documentation, if applicable) or executed any other documents required to be executed by the investors participating in the Next Financing (the “Next Financing Documents”); provided, that, the Holder shall be required to execute the Next Financing Documents.

• In the event the Company has not consummated a Next Financing or an IPO prior to the Maturity Date, then, following the Maturity Date, the Holder may elect to convert the entire Balance then outstanding into that number of shares of Conversion Stock obtained by dividing (i) the entire Balance by (ii) the Conversion Price then in effect, rounded down to the nearest whole number of shares (the “Maturity Conversion”).

• Any Major Purchaser will remain a Major Purchaser for all purposes in the Next Financing Documents to the extent such concept exists.

• In any event, Holder shall not be entitled to receive any stock certificates representing the shares of Conversion Stock issuable upon conversion of this Note unless and until Hxxxxx has surrendered the original of this Note (or Lost Note Documentation, if applicable) and executed and delivered to the Company the Next Financing Documents, IPO Documents or Maturity Conversion Documents, as applicable.

• Notwithstanding anything herein to the contrary, subject to the provisions of Section 8.10, upon the execution and delivery of the Next Financing Documents by Purchasers holding a majority of the then outstanding shares of Series CF Preferred Stock held by all Purchasers, this Agreement (excluding any then-existing and outstanding obligations) shall be amended and restated by and into such Next Financing Documents and shall be terminated and of no further force or effect.

More Definitions of Next Financing

Next Financing means the closing of a sale of equity or convertible debt securities by the Company or any Subsidiary, or series of closings, as part of the same transaction, of equity or convertible debt securities within a period of three months, in the gross amount of at least $11,000,000.

Next Financing means the closing of a sale of equity or debt securities by the Company, or series of closings, as part of the same transaction, of equity or debt securities within a period of three months, in the gross amount of at least $2,000,000, excluding any transaction that is an Exempt Issuance, as defined below (the “Next Financing”). The Holder may exercise this right at any time and from time to time prior to the Maturity Date upon no less than 5 days’ written notice by the Holder to the Company.

Next Financing means the first round of preferred stock financing (including if issued in combination with other securities) of Licensee after the last and final sale of Series B Preferred Stock and all obligations and rights to purchase Series B Preferred Stock have expired or been satisfied.

Next Financing means the first public or private offering of equity, including convertible debt, of the Company following the Effective Date hereof and any other public or private offering of equity of the Company occurring within four (4) months of such first offering. Provided however, that if the first offering is an acquisition of the company, then "Next Financing" refers to that acquisition and does not include additional financings of any kind following that acquisition. And further provided that Next Financing does not apply to bridge loan financing that is intended as an interim bridge financing to the Next Financing and that totals less than $5 Million. The Warrant may be exercised in whole or in part, may be exercised at any time and shall give NBC registration rights consistent with existing registration rights held by preferred stock holders (including 180 day lockup upon an IPO) in connection with any capital stock that it acquires. The consideration for the Warrants shall be NBC's agreement to enter into this Letter Agreement. The Warrant shall terminate on the fifth anniversary of its issuance. When exercising the Warrant, NBC shall have the right to either (i) purchase the total number of shares of common stock which the Warrant entitles NBC to purchase at the exercise price described above or (ii) receive the net number of shares of common stock arising from the difference between the market price of such stock at the date of exercise and the exercise price for the Warrant, as established above. Recognizing that time is of the essence, this Section 8(b) shall serve as the initial binding agreement of the parties with respect to the Warrant, and the parties hereto shall use their good faith efforts to complete a more formal agreement for the issuance, sale and purchase of the Warrant (a "Warrant Purchase Agreement"), which shall include representations, warranties and covenants of the Company at least as extensive as those provided in the most recent securities purchase agreement entered into by the Company and consistent with the terms hereof; provided, however, that, if no such -------- --------- formal agreement is reached, the terms and conditions contained in this Section 8(b) and Section 13 shall govern the relationship of the parties hereto with respect to the Warrant.

Next Financing shall have the meaning assigned to such term in Section 4.7.

Next Financing means any transaction (or series of related transactions) after the date of this Warrant and before Maturity in which the Company issues and sells its equity securities in any transaction; provided however, that none of the following issuances of securities shall constitute a “Next Financing”: (i) the Note or the other Notes; (ii) securities issued in connection with any stock or unit split of or stock or unit dividend on the Company’s securities; (iii) securities issued to the Company’s employees, officers, directors, consultants, advisors or service providers pursuant to any plan, agreement or similar arrangement unanimously approved by the Company’s board of directors or managers, as applicable; (iv) securities issued to banks or equipment lessors; (v) securities issued in connection with sponsored research, collaboration, technology license, development, OEM, marketing or other similar agreements or strategic partnerships; (vi) securities issued in a firm commitment underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended (the “Securities Act”); (vii) securities issued in connection with a bona fide business acquisition of or by the Company (whether by merger, consolidation, sale of assets, sale or exchange of stock or otherwise); (viii) securities issued for a charitable purpose; (ix) securities issued in connection with the conversion of the Company to a corporation; (x) securities issued in connection with or pursuant to that Investment Unit dated October 1, 2010, issued by the Company to the Office of the Governor Economic Development and Tourism; or (xi) any right, option or warrant to acquire any security convertible into or exercisable for the securities listed in clauses (i) through (x) above.

Next Financing means the next private placement financing, or series of related private placement financings, by the Corporation pursuant to which gross proceeds of at least $5,000,000 are raised.