Stockholder Approval definition
Examples of Stockholder Approval in a sentence
The Company has reserved from its duly authorized capital stock a number of shares of Common Stock for conversion of the Closing Shares into the Conversion Shares on the Agreement Date, subject to Stockholder Approval.
From the Agreement Date through the date of Stockholder Approval and subject to the Purchaser complying with his obligations under this Agreement, the Company shall not voluntarily initiate, or cause to be initiated, any bankruptcy proceeding for itself, unless required by applicable law or as a result of an exercise of fiduciary duty.
Seller shall use reasonable best efforts to solicit from its stockholders proxies for the purposes of obtaining the Seller Stockholder Approval and to secure such Seller Stockholder Approval in accordance with Delaware law and Seller’s certificate of incorporation and bylaws and the applicable requirements of the Nasdaq Capital Market.
To the extent additional authorization is required for the issuance of any remaining Shares or Warrant Shares, such issuance is subject to the Company obtaining Stockholder Approval to increase its authorized shares of Common Stock.
Upon receipt of such Stockholder Approval and effectiveness of the related amendment to the Company’s Articles of Incorporation, such additional Shares and shares of common stock issuable upon the exercise of Warrants, when issued and paid for in accordance with the terms of this Agreement and the Warrants, will be validly issued, fully paid and non-assessable.