Common use of Redemption of Warrant Clause in Contracts

Redemption of Warrant. 7.1 Commencing on the date which is six months after the Effective Date, Redemption Date, the Company may, on 30 days' prior written notice, redeem all the Warrants at ten cents ($.10) per Warrant, PROVIDED, HOWEVER, that before any such call for redemption of Warrants can take place, the average closing bid price for the Common Stock as reported by the Over-the-Counter Electronic Bulletin Board maintained by the NASD, if the Common Stock is not then traded on any national securities exchange shall have equaled or exceeded $9.00 per share for any twenty (20) trading days prior to the date on which the notice contemplated by (b) and (c) below is given (subject to adjustment in the event of any stock splits or other similar events as provided in Section 9 hereof).