Common use of Conversion of Target Shares Clause in Contracts

Conversion of Target Shares. At the Effective Time, by virtue of the Merger and without any action on the part of the shareholders of Target ("Target Shareholders"): (i) PURCHASER COMMON STOCK. Each issued and outstanding share of common stock, $.001 par value per share, of Merger Sub shall be converted into and become one (1) validly issued, fully paid and non-assessable share of common stock, $.001 par value per share, in the Surviving Company;