Common use of Delisting; Suspension Clause in Contracts

Delisting; Suspension. If at any time prior to the 30/th/ --------------------- Trading Day following the expiration of the Commitment Period the Common Stock shall fail to be listed or quoted for trading on a Principal Market or shall have been suspended from trading thereon (excluding suspensions of not more than one Trading Day as a result of material announcements by the Company) (a "Repurchase Event"), the Investor shall have the right, exercisable within 30 ----------------- days of a Repurchase Event, to put to the Company, and the Company shall purchase, up to 50% of the Put Shares issued to and then held by the Investor. The purchase price for such shares shall equal the higher of (x) the Purchase Price paid for such shares and (y) the product of (1) the number of such shares and (2) the higher of the closing sales price of the Common Stock on the date of the demand by the Investor of such put and the closing sales price of the Common Stock (as reported by Bloomberg L.P.) on the date of payment (if there shall no longer be a reported closing sales price for the Common Stock, the amount under this clause (y) shall equal the last reported closing sales price of the Common Stock on the Principal Market). The purchase price under this Section shall be paid in cash and shall be due in full by the 10th Business Day following the demand therefor. Late interest on any unpaid portion of the amounts that are due from the Company under this Section shall accrue from and after the date due at the rate of 15% per annum (or such lesser maximum amount as shall be permitted under applicable law) until all such amounts, plus all accrued interest thereon, shall have been paid in full. The Investor shall have the right to rescind ab initio any demand for a put hereunder at any time prior -- ------ to the payment in full of the applicable purchase price by the Company.

Appears in 1 contract

Samples: Securities Purchase Agreement (Internet Law Library Inc)

AutoNDA by SimpleDocs

Delisting; Suspension. If at any time prior to the 30/th/ --------------------- 30th Trading Day following the expiration of the Commitment Period the Common Stock shall fail to be listed or quoted for trading on a Principal Market or shall have been suspended from trading thereon (excluding suspensions of not more than one Trading Day as a result of material announcements by the Company) (a "Repurchase Event"), the Investor shall have the right, exercisable within 30 ----------------- days of a Repurchase Event, to put to the Company, and the Company shall purchase, up to 50% all or such portion of the Put Shares issued to and then held by the Investor. The purchase price for such shares shall equal the higher of (x) the Purchase Price paid for such shares and (y) the product of (1) the number of such shares and (2) the higher of the closing sales price of the Common Stock on the date of the demand by the Investor of such put and the closing sales price of the Common Stock (as reported by Bloomberg L.P.L. P. or any successor to its function of reporting bid prices) on the date of payment (if there shall no longer be a reported closing sales price for the Common Stock, the amount under this clause (y) shall equal the last reported closing sales sale price of the Common Stock on the Principal Market). The purchase price under this Section shall be paid in cash and shall be due in full by the 10th Business Day following the demand therefor. Late interest on any unpaid portion of the amounts that are due from the Company under this Section shall accrue from and after the date due at the rate of 1512% per annum (or such lesser maximum amount as shall be permitted under applicable law) until all such amounts, plus all accrued interest thereon, shall have been paid in full. The Investor shall have the right to rescind ab initio any demand for a put Put hereunder at any time prior -- ------ to the payment in full of the applicable purchase price by the Company.

Appears in 1 contract

Samples: Common Stock Purchase Agreement (Digital Angel Corp)

Delisting; Suspension. If at any time prior to the 30/th/ --------------------- Trading Day following the expiration of the Commitment Period the Common Stock shall fail to be listed or quoted for trading on a Principal Market or shall have been suspended from trading thereon (excluding suspensions of not more than one Trading Day as a result of material announcements by the Company) (a "Repurchase Event"), the Investor shall have the right, exercisable within 30 ----------------- ---------------- days of a Repurchase Event, to put to the Company, and the Company shall purchase, up to 50% all or such portion of the Put Shares issued to and then held by the Investor. The purchase price for such shares shall equal the higher of (x) the Purchase Price paid for such shares and (y) the product of (1) the number of such shares and (2) the higher of the closing sales sale price of the Common Stock on the date of the demand by the Investor of such put and the closing sales sale price of the Common Stock (as reported by Bloomberg L.P.L.P. or any successor to its function of reporting Bid Prices) on the date of payment (if there shall no longer be a reported closing sales sale price for the Common Stock, the amount under this clause (y) shall equal the last reported closing sales sale price of the Common Stock on the Principal Market). The purchase price under this Section shall be paid in cash and shall be due in full by the 10th Business Day following the demand therefor. Late interest on any unpaid portion of the amounts that are due from the Company under this Section shall accrue from and after the date due at the rate of 15% per annum (or such lesser maximum amount as shall be permitted under applicable law) until all such amounts, plus all accrued interest thereon, shall have been paid in full. The Investor shall have the right to rescind ab initio any demand -- ------ for a put hereunder at any time prior -- ------ to the payment in full of the applicable purchase price by the Company.

Appears in 1 contract

Samples: Securities Purchase Agreement (Ashton Technology Group Inc)

AutoNDA by SimpleDocs

Delisting; Suspension. If at any time prior to the 30/th/ --------------------- 30th Trading Day following the expiration of the Commitment Period the Common Stock shall fail to be listed or quoted for trading on a Principal Market or shall have been suspended from trading thereon (excluding suspensions of not more than one Trading Day as a result of material announcements by the Company) (a "Repurchase Event"), the Investor shall have the right, exercisable within 30 ----------------- days of a Repurchase Event, to put to the Company, and the Company shall purchase, up to 50% all or such portion of the Put Shares issued to and then held by the Investor. The purchase price for such shares shall equal the higher of (x) the Purchase Price paid for such shares and (y) the product of (1) the number of such shares and (2) the higher of the closing sales price of the Common Stock on the date of the demand by the Investor of such put and the closing sales price of the Common Stock (as reported by Bloomberg L.P.L.P. or any successor to its function of reporting bid prices) on the date of payment (if there shall no longer be a reported closing sales price for the Common Stock, the amount under this clause (y) shall equal the last reported closing sales sale price of the Common Stock on the Principal Market). The purchase price under this Section shall be paid in cash and shall be due in full by the 10th Business Day following the demand therefor. Late interest on any unpaid portion of the amounts that are due from the Company under this Section shall accrue from and after the date due at the rate of 1512% per annum (or such lesser maximum amount as shall be permitted under applicable law) until all such amounts, plus all accrued interest thereon, shall have been paid in full. The Investor shall have the right to rescind ab initio any demand for a put hereunder at any time prior -- ------ to the payment in full of the applicable purchase price by the Company.

Appears in 1 contract

Samples: Equity Line Purchase Agreement (Composite Industries of America Inc)

Time is Money Join Law Insider Premium to draft better contracts faster.