Share Increase. The Company shall effectuate a reverse stock split of the issued and outstanding shares of the Common Stock pursuant to the authority granted by the stockholders of the Company at the annual stockholder meeting held on December 18, 2014 (the “Share Increase”), which Share Increase shall be completed on or before the earlier of (i) the date that is fifteen (15) days immediately following the occurrence of an Authorized Share Failure (as such term is defined in the Note) and (ii) July 18, 2015.
Appears in 2 contracts
Sources: Securities Purchase Agreement (Freeseas Inc.), Securities Purchase Agreement (Freeseas Inc.)