Examples of Next Round Securities in a sentence
So long as the shares of Common Stock are quoted on the NASDAQ or listed on any national securities exchange, the Company will, if permitted by the rules of such system or exchange, quote or list and keep quoted or listed on such system or exchange, upon official notice of issuance, all shares of Common Stock issuable or deliverable upon exercise of the Warrants or the conversion or exchange of Next Round Securities into which the Senior Convertible Notes are convertible.
If preferred stock is issued in the Qualified Financing and the Conversion Price of the Notes is less than the cash price per share at which Next Round Securities are issued in the Qualified Financing, the Company may, solely at its option, elect to convert the Notes into shares of a newly created series of capital stock having the identical rights, privileges, preferences and restrictions as the preferred stock issued in the Qualified Financing, and otherwise on the same terms and conditions.
Holder acknowledges and agrees that as of the date of this Warrant, the Company has not designated and is not authorized to issue any shares of Next Round Securities, and that the Company is under no obligation to so designate such shares.
The only hardship exception to this will be weather delays and those shall only be allowed at the discretion of the Procurement Management Team and only if a written request, articulating the weather delay, is made to the Procurement Management Team within 24 hours of the scheduled arrival time.
When the Next Financing occurs, each Note will be automatically converted into at the lesser of (i) 75% of the cash price per share paid by the other purchasers of Next Round Securities in the Qualified Financing and (ii) the price obtained by dividing $8,000,000 by the number of outstanding shares of common stock of the Company immediately prior to the Next Financing.
As of the first closing of the Next Round, sufficient numbers of shares of Next Round Securities and, as appropriate, of shares of Common Stock into which such shares of Next Round Securities are convertible or for which they are exercisable, shall be authorized and reserved as required by the documents to be negotiated in connection with the Next Round and as necessary to permit conversion of the maximum amount then potentially issuable by the Company under the Senior Convertible Notes.
The Company covenants that it will at all times reserve and keep available out of its authorized Next Round Securities (at such time as such Securities are authorized) solely for the purpose of issue or delivery upon conversion of this Senior Convertible Note as herein provided, such number of Next Round Securities as shall then be issuable or deliverable upon the conversion of this Senior Convertible Note.
The Company covenants that all Next Round Securities which shall be so issuable or deliverable shall, when issued or delivered, be duly and validly issued and fully paid and non-assessable.
The Company shall, as soon as practicable thereafter, issue and deliver to such Holder at such principal executive office a certificate or certificates for the number of Next Round Securities to which the Holder shall be entitled upon such conversion (bearing such legends as are required by applicable state and federal securities laws in the opinion of counsel to the Company), together with a replacement Note (if any principal amount or interest is not converted).
This Warrant is exercisable at an exercise price equal to the lower among the following: (a) the price per share of the Next Round Securities (as defined in the NPA); (b) the conversion price of a convertible note raised after the transaction contemplated herein and under the NPA; and (c) the exercise price of warrants to the extent included in the Next Financing Round (as defined in the NPA) (the “Exercise Price”).