Parent Restructure Sample Clauses
Parent Restructure. Not less than three (3) business days prior to the Closing, Parent shall take any and all actions necessary to (i) increase the authorized shares of Parent common stock to 150,000,000 shares and the authorized Parent preferred stock to 10,000,000 shares, (ii) file a certificate of designations for the Parent Preferred Stock, (iii) file a certificate of designations for the Series B Preferred Stock, (iv) consummate, as of the date of such filing, a pro rata stock dividend to increase the outstanding shares of Parent’s common stock from 877,000 shares to 45,013,576 shares, and (iv) file with the Delaware Secretary of State the Amended Certificate of Incorporation (collectively, the “Parent Restructure”).
Parent Restructure. Not less than one (1) day prior to the Closing, Parent shall take any and all actions necessary (including filing with the Secretary of State of the State of Texas a Certificate of Amendment to the Certificate of Formation of Parent) to increase the authorized number of Parent Common Shares to a sufficient amount of Parent Common Shares to (i) accomplish the Transactions, (ii) fulfill contractual obligations of Parent and (iii) provide for additional issuances of capital stock of Parent as approved by its Board of Directors, which amount shall not be less than 250,000,000 shares.