Common use of Forward Split Clause in Contracts

Forward Split. As soon as reasonably practicable following the Closing, the Company shall take all reasonable action necessary to be taken by it to effectuate a 17:1 forward stock split of the Common Stock (the “Forward Split”). For purposes of clarity, all share amounts and per share prices set forth in the Transaction Documents are on a pre-Forward Split basis and, accordingly, (i) the post-Forward Split equivalent per share price of the Shares shall be $0.20; (ii) the post-Forward Split exercise price of the Series A Warrants shall be $0.30 (assuming no other adjustments to the exercise price of the Series A Warrants as provided for in the Series A Warrants); (iii) the post-Forward Split exercise price of the Series B Warrants shall be $0.60 (assuming no other adjustments to the exercise price of the Series B Warrants as provided for in the Series B Warrants); (iv) the post-Forward Split number of shares or options for purposes of clause (i)(A) of the definition of Excluded Securities shall be 13,000,000; (v) the post-Forward Split number of shares or options for purposes of clause (i)(C) of the definition of Excluded Securities shall be 3,251,250; and (v) the post-Forward Split Applicable Price shall be $0.30 (assuming no other adjustments to the Applicable Price as provided for in Section 5.9).