Adjustment of Conversion Rate upon Subdivision or Combination of Common Stock. If the Company at any time after the date of issuance of this Note subdivides (by any stock split, stock dividend, recapitalization or otherwise) one or more classes of its outstanding shares of Common Stock into a greater number of shares, the Conversion Rate in effect immediately prior to such subdivision will be proportionately reduced and the number of shares of Common Stock obtainable upon conversion of this Note will be proportionately increased. If the Company at any time after the date of issuance of this Note combines (by combination, reverse stock split or otherwise) one or more classes of its outstanding shares of Common Stock into a smaller number of shares, the Conversion Rate in effect immediately prior to such combination will be proportionately increased and the number of shares of Common Stock obtainable upon conversion of this Note will be proportionately decreased. Any adjustment under this SECTION 6.4 shall become effective at the close of business on the date the subdivision or combination becomes effective
Appears in 2 contracts
Sources: Convertible Note (SSP Solutions Inc), Convertible Note (SSP Solutions Inc)
Adjustment of Conversion Rate upon Subdivision or Combination of Common Stock. If the Company at any time after the date of issuance of this Note subdivides (by any stock split, stock dividend, recapitalization or otherwise) one or more classes of its outstanding shares of Common Stock into a greater number of shares, the Conversion Rate in effect immediately prior to such subdivision will be proportionately reduced and the number of shares of Common Stock obtainable upon conversion of this Note will be proportionately increased. If the Company at any time after the date of issuance of this Note combines (by combination, reverse stock split or otherwise) one or more classes of its outstanding shares of Common Stock into a smaller number of shares, the Conversion Rate in effect immediately prior to such combination will be proportionately increased and the number of shares of Common Stock obtainable upon conversion of this Note will be proportionately decreased. Any adjustment under this SECTION Section 6.4 shall become effective at the close of business on the date the subdivision or combination becomes effective
Appears in 1 contract
Sources: Promissory Note (SSP Solutions Inc)