Common use of Pre Closing Events Clause in Contracts

Pre Closing Events. The Closing is subject to the completion of the following: (a) Columbia shall have authorized 50,000,000 shares of $.001 par value common stock an 5,000,000 shares of $.001 par value preferred stock. The preferred stock shall be subject to issuance in such series and with such rights, preferences and designations as determined in the sole discretion of the board of directors. (b) Columbia shall have effectuated the Columbia Reverse Stock Split at or prior to Closing, and shall have 1,250,000 shares of its common stock issued and outstanding and no other shares of capital stock issued or outstanding. (c) Columbia shall demonstrate to the reasonable satisfaction of FIC that it has no material assets and no liabilities contingent or fixed.