NASD Rules Violation definition
NASD Rules Violation means the Corporation issuing voting Securities of the Corporation in violation of NASD Rules 4310, 4350(i)(1)(D), 4351 or any similar rule promulgated by the NASD and applicable to the Corporation, whether or not the shares of Common Stock are then listed with NASDAQ or quoted on the Nasdaq National Market System or traded in the over-the-counter market. A violation of NASD Rule 4350(i)(1)(D) will result if, pursuant to any provision of this Certificate of Designation, the Corporation issues more than 6,488,781 shares of Common Stock (such number representing approximately 19.9% of the shares of Common Stock issued and outstanding immediately prior to the Closing).
NASD Rules Violation means the Company issuing voting Securities of the Company in violation of NASD Rules 4310, 4350(i)(1)(D), 4351 or any similar rule promulgated by the NASD and applicable to the Company, whether or not the shares of Common Stock are then listed with NASDAQ or quoted on the Nasdaq National Market System or traded in the over-the-counter market. A violation of NASD Rule 4350(i)(1)(D) will result if, pursuant to any provision of the Certificate of Designation, the Company issues more than 6,488,781 shares of Common Stock (such number representing approximately 19.9% of the shares of Common Stock issued and outstanding immediately prior to the Closing).