Cancellation of Promissory Note. SCO agrees that all of the obligations of Somanta Incorporated and the Company under the Promissory Note and the Promissory Note itself shall be cancelled upon the consummation of the Initial Closing and the delivery of the Preferred Stock and Warrants in consideration for the surrender and cancellation of the Promissory Note.
Appears in 2 contracts
Sources: Preferred Stock and Warrant Purchase Agreement (Somanta Pharmaceuticals Inc.), Preferred Stock and Warrant Purchase Agreement (Somanta Pharmaceuticals Inc.)