Conversion of Warrants. Simultaneously with the repurchase of the Series C Preferred Stock as set forth in paragraph 1, the Series C Warrants shall be cancelled and shall cease to be outstanding and will be exchanged for an aggregate of 600,000 shares of Common Stock, to be issued pro rata based on the number of Series C Warrants held. The holders of the shares of Common Stock for which the Series C Warrants are exchanged shall have the same registration rights as such holders had under the agreement dated as of September 10, 1996 between such holders and the Company, with respect to shares of Common Stock for which the Series C Warrants were exercisable.
Appears in 3 contracts
Sources: Series C Repurchase and Exchange Agreement (Newark Sales Corp), Series C Repurchase and Exchange Agreement (All-Comm Media Corp), Series C Repurchase and Exchange Agreement (Saleslink LTD)