Exercise after Notice of the Call. In the event the Company calls the Warrants for redemption as described above, the Company may require all holders that wish to exercise such warrants to do so on a “cashless basis.” In such event, each holder will pay the Warrant Price by surrendering the Warrants for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying the Warrants, multiplied by the difference between the Warrant Price of the Warrants and the Fair Market Value by (y) the Fair Market Value.
Appears in 2 contracts
Sources: Warrant Agreement (Sapphire Industrials Corp.), Warrant Agreement (Sapphire Industrials Corp.)