Capitalization of Buyer. The authorized capital stock of Buyer consists of 100,000,000 shares of common stock, no par value per share, 40,000,000 shares of which are issued and outstanding, and 30,000,000 shares of preferred stock, no par value, 2,000,000 shares of which are issued or outstanding. All of the outstanding shares of the capital stock of Seller are validly issued, fully paid and nonassessable, and have been issued in full compliance with all applicable federal, state, local and foreign securities laws and other laws. Buyer either has sufficient authorized capital stock to meet its obligations under this Agreement or has the ability to authorize the issuance of additional capital stock.
Appears in 3 contracts
Samples: Stock Purchase Agreement (InterMetro Communications, Inc.), Stock Purchase Agreement (Lucys Cafe Inc), Stock Purchase Agreement (InterMetro Communications, Inc.)
Capitalization of Buyer. The authorized capital stock of Buyer consists of 100,000,000 shares of common stock, no par value per share, 40,000,000 14,625,000 shares of which are issued and outstanding, and 30,000,000 5,000,000 shares of preferred stock, no par value, 2,000,000 shares none of which are issued or outstanding. All of the outstanding shares of the capital stock of Seller Buyer are validly issued, fully paid and nonassessable, and have been issued in full compliance with all applicable federal, state, local and foreign securities laws and other laws. Buyer either has sufficient authorized capital stock to meet its obligations under this Agreement or has the ability to authorize the issuance of additional capital stock.
Appears in 2 contracts
Samples: Plan of Reorganization and Stock Purchase Agreement (Environmental Service Professionals, Inc.), Plan of Reorganization and Stock Purchase Agreement (Glas-Aire Industries Group LTD)
