Mandatory Conversion Condition

Example Definitions of "Mandatory Conversion Condition"
Mandatory Conversion Condition. As of a particular date, each of the following: (i) the Reserved Amount (as defined in the Securities Purchase Agreement) is not less than (x) the number of Conversion Shares issuable upon the conversion in full of the Preferred Shares then outstanding (at the Conversion Price in effect on such date and without regard to any limitation on such conversion) plus (y) the number of Warrant Shares issuable upon the exercise in full of the Warrants (without regard to any limitation on such exercise);... (ii) the Common Stock is authorized for quotation on the Nasdaq SmallCap Market or Nasdaq National Market or listed on the New York Stock Exchange; (iii) the Registration Statement is effective and available for the resale of the Registrable Securities by each Holder or such securities are eligible for resale to the public pursuant to Rule 144(k) under the Securities Act of 1933, as amended (the "Securities Act"); (iv) a Fundamental Change (as defined herein) has not occurred and is not continuing, and no event has occurred that with the giving of notice or passage of time, or both, would constitute a Fundamental Change; and (v) the Market Price is greater than $200% of the Conversion Price on the Issue Date (subject to adjustment for stock splits, stock dividends and similar events). View More
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