Common use of Class B Warrants Clause in Contracts

Class B Warrants. On the Closing Date, the Company will issue and deliver Class B Warrants to the Subscribers. One Class B Warrant will be issued for each four Shares which would be issued on the Closing Date assuming the complete conversion of the Notes issued on the Closing Date at the Conversion Price in effect on the Closing Date. The per Warrant Share exercise price to acquire a Warrant Share upon exercise of a Class B Warrant shall be equal to 110% of the closing bid price of the Common Stock as reported by Bloomberg LP for the Principal Market (as hereinafter defined) for the last trading day preceding the Closing Date. The Class B Warrants shall be exercisable from the Closing Date until the Registration Statement (as defined in Section 11.1(iv) of this Agreement) has been effective for the public unrestricted resale of the Registrable Securities (as defined in Section 11.1(i) of this Agreement) for one hundred and eighty (180) days.