Common use of CORPORATE CAPITALIZATION Clause in Contracts

CORPORATE CAPITALIZATION. i. Immediately prior to, or simultaneously with, the Closing, the Corporation's authorized capital stock shall include only two authorized classes of capital stock consisting of (i) sixteen million (16,000,000) shares of Preferred Stock, fifteen million (15,000,000) shares of which shall be designated as Series A Convertible Preferred Stock, and (ii) forty million (40,000,000) shares of a sole class of Common Stock. ii. Except as contemplated or set forth in this Agreement, there are no outstanding preemptive or other rights, options, warrants, conversion rights or agreements for the purchase or acquisition from the Corporation of any shares of its capital stock. iii. As of the date hereof, the Corporation does not have any declared and unpaid dividends (whether payable in cash, securities or other consideration).

CORPORATE CAPITALIZATION. i. Immediately prior to, or simultaneously with, to the Closing, the Corporation's ▇▇▇▇'▇ authorized capital stock shall include only two authorized classes of capital stock consisting of (i) sixteen eight million (16,000,0008,000,000) shares of Preferred Stock, fifteen seven million five hundred thousand (15,000,0007,500,000) shares of which shall be designated as Series A Convertible Preferred Stock, and (ii) forty twenty million (40,000,00020,000,000) shares of a sole class of Common Stock. ii. Except as contemplated or set forth in this Agreement, or in the Preincorporation Agreement, as of the Closing, there are no outstanding preemptive or other rights, options, warrants, conversion rights or agreements for the purchase or acquisition from the Corporation ▇▇▇▇ of any shares of its capital stock. iii. As of the date hereof, the Corporation ▇▇▇▇ does not have any declared and unpaid dividends (whether payable in cash, securities or other consideration).