Series A Warrants definition
Examples of Series A Warrants in a sentence
In the event of a Share Combination Event, the exercise price of the Series A Warrants will be reset to a price equal to the lesser of (i) the then exercise price and (ii) the lowest volume weighted average price (VWAP) during the period commencing five trading days immediately after the date the Company effects a reverse stock split (the “Event Market Price”), provided that the adjustment to the exercise price shall not reduce the exercise price below the Post-Stockholder Approval Floor Price.
The December Series A Warrants are exercisable for a period of five years from the date that they are initially exercisable.
The Series A Warrants are also subject to full ratchet anti-dilution protection for any issuances of Company securities (other than certain excluded issuances) at a price or effective price (as determined in accordance with the terms of the Series A Warrants, the “Dilutive Issuance Price”) that is less than the then current exercise price of the Series A Warrants following the issuance date (a “Dilutive Issuance”).
In addition, the Series A Warrants included a provision that resets the exercise price with a proportionate adjustment to the number of shares underlying the Series A Warrants in the event of a reverse split of the Company’s Common Stock at any time after the issuance date (a “Share Combination Event”).
The Series A Warrants were initially exercisable at an exercise price of $4.03 per share and contain a reset adjustment provisions determined by a volume weighted average formula subject to stockholder approval.