Qualified Financing Price definition
Examples of Qualified Financing Price in a sentence
Warrants: Following the completion of a Qualified Financing, each Warrant entitles the holder to acquire one Common Share for an exercise price equal to the Qualified Financing Price at any time up to 5 years following the Closing Date (subject to adjustment in certain customary events).
In lieu of any fractional share which would otherwise be issuable upon conversion of any Note pursuant to Section 3.4(a), the Company or its ultimate parent, as applicable, shall pay the holder of such Note an amount in cash equal to the product of (i) such fraction multiplied by (ii) the Qualified Financing Price (or the Discounted Qualified Financing Price, in the event the Qualified Financing is consummated more than sixty (60) days from the Closing).
In the event such Qualified Financing is consummated more than sixty (60) calendar days from the Closing, the denominator specified in clause (ii) of the immediately preceding shall equal the Discounted Qualified Financing Price (as defined in Section 3.6 below).
Upon the closing of a Qualified Financing (as defined in Section 3.6 below), the principal and all unpaid and accrued interest on each Note shall automatically convert into that number of shares of the equity securities issued in such Qualified Financing (the “Qualified Financing Securities”) equal to the quotient of (i) the outstanding principal amount of such Note and all unpaid and accrued interest divided by (ii) the Qualified Financing Price (as defined in Section 3.6 below).
The Conversion Price shall mean the lesser of (i) one dollar ($1.00) per share or (ii) the greater of (x) the Qualified Financing Price or (y) fifty cents ($.50), subject to adjustment as hereinafter provided.