Purchased Series B Preferred Shares definition

Purchased Series B Preferred Shares means the Purchased Series B-1 Preferred Shares and the Purchased Series B-2 Preferred Shares, and for certainty shall not include the Purchased Series B-2 Preferred Shares except to the extent subscribed for by the Investors in accordance with the Series B-2 Sale Option; "Purchased Series B-1 Preferred Shares" means 15,000 Series B-1 Preferred Shares issued to the Investors pursuant to the Subscription Agreement; "Purchased Series B-2 Preferred Shares" means up to 15,000 Series B-2 Preferred Shares solely if and to the extent issued to the Investors pursuant to the Subscription Agreement;

Purchased Series B Preferred Shares means the Purchased Series B-1 Preferred Shares and the Purchased Series B-2 Preferred Shares, and for certainty shall not include the Purchased Series B-2 Preferred Shares except to the extent subscribed for by the Investors in accordance with the Series B-2 Sale Option;

Purchased Series B Preferred Shares means the shares of Series B Preferred Stock to be issued and sold by the Company to the Purchaser pursuant to this Agreement, the number of which shall be equal to the result obtained by dividing (i) the excess, if any, of (a) the Aggregate Cash Payment over (b) the sum of (1) the Total Purchased Units Value and (2) the Agreed Partnership Interest Value by (ii) $1,000.

Examples of Purchased Series B Preferred Shares in a sentence

• On April 1, 2020, the Reporting Person acquired the Purchased Series B Preferred Shares as described in Item 3 of this Schedule 13D, as amended by this Amendment.

• Item 4 of the Original Schedule 13D is hereby amended and supplemented to incorporate by reference the additional information set forth in Item 3 of this Amendment and to include the following information: The Reporting Person acquired the Purchased Series B Preferred Shares for investment purposes.

• Subject to the terms and conditions of the Certificate of Designations, the Reporting Person may, at his option at any time, convert all or a portion of the Purchased Series B Preferred Shares into shares of Class A Common Stock.

• The Purchased Series B Preferred Shares do not have an expiration date, provided that in certain circumstances on or after April 1, 2023, the Issuer may, at its option, convert all or a portion of the Purchased Series B Preferred Shares at the same conversion rate described above.

• Except for the acquisition of the Purchased Series B Preferred Shares, the Reporting Person has not effected any transactions in the class of securities identified in Item 1 of this Schedule 13D during the past sixty days.

• Each of the Purchased Series B Preferred Shares is convertible into a number of shares of Class A Common Stock equal to (i) the Liquidation Preference (as defined in the Certificate of Designations of the Series B Preferred Stock (the "Certificate ofDesignations")) as of the date of conversion divided by (ii) the then applicable Conversion Price (as defined in the Certificate of Designations).

• On June 19, 2020, the Reporting Person purchased 200 shares (the "Purchased Series B Preferred Shares") of the Issuer's Series B Redeemable Convertible Preferred Stock, par value $0.0001 per share (the "Series B Preferred Stock"), in a privately negotiated transaction for an aggregate purchase price of $200,000 in cash, plus accrued dividends of $5,296.67.

• In addition, at any time on or after October 1, 2021, the Issuer may, at its option, redeem all or a portion of the Purchased Series B Preferred Shares at a redemption price equal to the then applicable Liquidation Preference described above, provided that the Reporting Person may, at his option, convert his shares as described above within five business days of receipt of the notice of redemption.