VWAP Definition Example

VWAP. Means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market other than OTCQB, the OTCQX or the Pink Open Market (or any successors), the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Business Day from 9:30 a.m. (New York,... N.Y. time) to 4:02 p.m. (New York, N.Y. time)), (b) if the Common Stock is then quoted on OTCQB or OTCQX (or any successor), the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is then quoted for trading on the Pink Open Market (or any successor) or if the Common Stock is not then quoted for trading on a Trading Market and prices for the Common Stock are then reported in the Pink Open Market (or any successor) operated by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Holder and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company. View More