Examples of Series Preferred in a sentence
Statement with Respect to Shares of a Domestic Corporation amending the designations of Series A Junior Participating Preferred Shares as a series of the Series Preferred Stock of the Company, dated January 6, 2009.
Preferred shares are automatically converted into common shares if (i) approved by a majority of the Series Preferred Shares or (ii) the Company undertakes an underwritten public offering pursuant to a prospectus or similar document for aggregate proceeds of $20 million at a price per share of at least $4.50.
Subsection ( l) to Section D.5 outlines procedures for an ―Automatic Conversion.‖ This subsection states:Each share of Series Preferred shall automatically be converted into shares of Common Stock, based on the then- effective applicable Series Preferred Conversion Price, (A) at any time upon the affirmative election of the holders of at least fifty-one percent (51%) of the then-outstanding shares of Series Preferred .
The first clause of Section D.2(b) states: ―For so long as any shares of a series of Series B Preferred remain outstanding.‖ The parties do not dispute that when the Series Preferred were solicited to vote in favor of an automatic conversion, Series B Preferred was outstanding.
Section D.5(l)(ii) states: ―Upon the occurrence of either of the events specified in Section D.5[(l)](i) above, the outstanding shares of Series Preferred shall be converted automatically without any further action by the holders of such shares .