Examples of Additional Purchase Right in a sentence
Sellers shall promptly notify Purchaser of Sellers’ exercise of the Additional Purchase Right, and Purchaser shall have fifteen (15) business days following receipt of such notice to exercise the right to purchase such additional shares of Series B Preferred Stock and Series C Preferred Stock at a closing to occur on a date designated by the Purchaser to occur not later than twenty (20) business days following receipt of notice from Sellers.
The Additional Purchase Right shall be divided into two tranches.
No later than one (1) business day after the exercise by the Company of its Additional Purchase Right, the Investor shall notify LCM of the account or accounts at LCM to be credited with the Additional Shares being purchased by such Investor.
Upon the purchase of any shares of Preferred Stock pursuant to the Additional Purchase Right, the Purchaser or its assigns shall receive additional Warrants to purchase that number of shares of Common Stock as is equal to 20% of the number of shares of Common Stock into which such additional shares of Preferred Stock are convertible.
Nothing contained in this Agreement and no action taken by the Investors nor any failure by the Investors to take any action pursuant hereto shall create any obligation on the part of Investors to exercise the Additional Purchase Right or create any liability on the part of Investors to the Company for failure to exercise the Additional Purchase Right.
In addition, in the event that the Company exercises the Additional Purchase Right, it shall issue a press release and file a Form 8-K announcing the exercise of the Additional Purchase Right and disclosing all material terms and conditions of the Additional Purchase Right prior to the opening of the financial markets in New York City on the business day immediately after the date of the Additional Shares Exercise Notice.
The Additional Purchase Right pursuant to this Article VIII shall be freely transferable, subject to compliance with all applicable laws, including, but not limited to the Securities Act.
The Investors may elect to exercise or not exercise the Additional Purchase Right in their sole discretion.
No later than one (1) business day after the exercise by the Company of its Additional Purchase Right, the Investor shall confirm that the account or accounts at LCM to be credited with the Additional Shares being purchased by the Investor have a minimum balance equal to the aggregate purchase price for the Additional Shares being purchased by the Investor.
Assuming satisfaction of the Equity Conditions, the Additional Purchase Right may only be exercised twice (once during each Additional Purchase Right Exercise Period).