Examples of Initial Closing Shares in a sentence
For the avoidance of doubt, in the event that a Qualified Financing occurs after the 2019 Closing, the Qualified Financing Shares will be issued in accordance with the terms hereof in addition to the Initial Closing Shares and the 2019 Shares.
At the Initial Closing, (i) the Company shall deposit 1,000,000 Shares (the “Initial Closing Shares”) with its transfer agent to be held in book entry form for the benefit of, and in the name of, the Purchaser and (ii) the Purchaser shall pay the Aggregate Purchase Price for the Initial Closing Shares in U.S. dollars by bank wire transfer in immediately available funds to a bank account designated by the Company.
The obligation of the Company to sell and issue to the Purchaser and the Purchaser to purchase and acquire the Initial Closing Shares at the Initial Closing is subject to delivery by the Company to the Purchaser of evidence reasonably satisfactory to the Purchaser that $12 million has been funded under the Commitment or that there is a binding subscription for $12 million that will be funded under the Commitment.
On or about the date hereof, the Company shall deliver to the Escrow Agent the executed Subscription Agreement, the Initial Closing Shares, Initial Closing Warrants, and Initial Closing Legal Opinion (collectively, the "Initial Closing Company Documents").
The Initial Closing Shares shall be deposited in book-entry form by or on behalf of the Company and registered in the name of the Purchaser or shall be provided to the Purchaser at the Initial Closing in such other form or manner as reasonably agreed between the Company and the Purchaser.