Examples of Preferred Conversion Stock in a sentence
In the event that neither a Qualified Financing nor a Change in Control shall have occurred on or before the Maturity Date then, notwithstanding anything herein contained to the contrary, the outstanding Principal Amount and all accrued but unpaid interest thereon as of the Maturity Date shall be automatically converted into shares of Preferred Conversion Stock as of the Maturity Date (the “Mandatory Conversion”).
The number of shares (which will be rounded down to the closest whole number) of Preferred Conversion Stock to be issued upon such conversion shall be equal to the quotient obtained by dividing (x) the outstanding Principal Amount and all accrued but unpaid interest thereon immediately prior to the Maturity Date, by (y) the Preferred Conversion Price.
The issuance of certificates of shares of Preferred Conversion Stock upon conversion of this Note shall be made without charge to the Holder.
Each such conversion of Preferred Conversion Stock shall be deemed to have been affected as of the close of business on the date the Common Conversion Notice has been received by the Maker.
In the event that the Preferred Conversion Stock is converted hereunder into Conversion Common Stock, the Maker shall be obligated to register with the U.S. Securities Exchange Commission all of the shares of the resulting Conversion Common Stock.
At such time that such conversion has been affected, the Holder shall be deemed to have become the holder of record of the shares of Preferred Conversion Stock represented hereby.
At such time that such conversion has been affected, the holder of the Preferred Conversion Stock shall be deemed to have become the holder of record of the shares of Common Conversion Stock represented hereby.
As soon as possible after conversion has been affected (but in any event within five (5) business days after conversion has been affected), the Maker shall deliver to the converting Holder a certificate or certificates representing the number of shares of Preferred Conversion Stock issuable by reason of such conversion in the name of the Holder.
The issuance of certificates of shares of Common Conversion Stock upon conversion of Preferred Conversion Stock shall be made without charge to the holder.
Any adjustment made to the Preferred Conversion Price pursuant to this Section shall become effective immediately after the effective date of the subdivision or combination of shares of Preferred Conversion Stock.