VWACS definition

VWACS means the weighted daily average bid price per share of the Common Stock on the Nasdaq National Market ("NASDAQ") or on the New York Stock Exchange, American Stock Exchange or the Nasdaq SmallCap Market (each, a "Subsequent Market") as reported by Bloomberg Information Services, Inc., or its successors to its function of reporting prices, and "Trading Day" shall mean (i) a day on which the Common Stock is traded on the NASDAQ or on such Subsequent Market on which the Common Stock is then listed or quoted, as the case may be, or (ii) if the Common Stock is not listed on the NASDAQ or on a Subsequent Market, a day on which the Common Stock is traded in the over-the-counter market, as reported by the OTC Bulletin Board, or (iii) if the Common Stock is not quoted on the OTC Bulletin Board, a day on which the Common Stock is quoted in the over-the-counter market as reported by the National Quotation Bureau Incorporated (or any similar organization or agency succeeding its functions of reporting prices); provided, however, that in the event the Common Stock is not listed or quoted as set forth in (i), (ii) or (iii) hereof, then "Trading Day" shall mean any day except Saturday, Sunday and any day which shall be a legal holiday or a day on which banking institutions in the State of New York are authorized or required by law or other government action to close.
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VWACS means the weighted daily average bid price per share of the Common Stock on NASDAQ or any Subsequent Market as reported by Bloomberg Informational Services, Inc. or its successor to its function of reporting prices.
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Examples of VWACS in a sentence

  • If, during any period of 30 Trading Days referenced in determination of a Conversion Price, the Borrower effects a subdivision of its outstanding Common Stock, the VWACS for such Trading Days prior to such subdivision shall be proportionately decreased to account for subdivision.

  • Upon the occurrence and during such time as any Event of Default shall have occurred and shall continue unremedied or unwaived, the Conversion Price shall, subject to other or additional adjustments as provided in this Section 2, be equal to the lesser of (1) $9.75 and (2) the product of (x) 0.88 multiplied by (y) the average of the lowest ten (10) VWACS during the thirty (30) consecutive Trading Days immediately preceding the relevant date of conversion.

  • For purposes hereof, the Conversion Price as of any date of determination shall be the average of the VWACS during the thirty (30) consecutive Trading Days immediately preceding such date of determination.

  • Conversely, if during any period of 30 Trading Days referenced in determination of a Conversion Price, the Borrower combines the outstanding shares of Common Stock into a smaller number of shares, the VWACS for such Trading Days prior to such combination shall be proportionately increased.

  • No further adjustment of the VWACS for the relevant Trading Days, as adjusted upon the issuance of such rights, options or Convertible Securities, shall be made as a result of the actual issuance of Additional Shares of Common Stock on the exercise of any such rights or options or the conversion of any such Convertible Securities.