Common use of The Issuance Clause in Contracts

The Issuance. The Company intends to issue to the Investors in a private placement 6,000 shares of its Series A Cumulative Redeemable Preferred Stock (the “Series A Shares”) having the rights, preferences and privileges set forth in the Series A Certificate of Designations attached as Annex A hereto (the “Series A Certificate”); 190,476.19 shares of its Series B Voting Preferred Stock (the “Series B Shares” and, together with the Series A Shares, the “Preferred Shares”) having the rights, preferences and privileges set forth in the Series B Certificate of Designations attached as Annex B hereto (the “Series B Certificate” and, together with the Series A Certificate, the “Certificates of Designations”); and warrants to purchase 19,047,619 shares of its Common Stock at an exercise price of $3.15 per share (the “Warrants” and, together with the Preferred Shares, the “Purchased Securities”) in the form attached as Annex C hereto, and the Investors intend to purchase from the Company the Purchased Securities.

The Issuance. The Company intends to issue to the Investors in a private placement 6,000 (1) an initial aggregate amount of 500,000 shares of its Preferred Stock designated as Series A Cumulative Redeemable Perpetual Preferred Stock (the “Series A Shares”) having the rights, preferences and privileges set forth in the Series A Certificate of Designations of Series A Perpetual Preferred Stock of the Company in the form attached as Annex A hereto (the “Series A Certificate”); 190,476.19 , (2) an initial aggregate amount of 5,114,633 shares of its Preferred Stock designated as Series B Voting Preferred Stock (the “Series B Shares” and, together with the Series A Shares, the “Preferred Shares”) having the rights, preferences and privileges set forth in the Series B Certificate of Designations of Series B Voting Preferred Stock of the Company in the form attached as Annex B hereto (the “Series B Certificate” and, together with the Series A Certificate, the “Certificates of Designations”); , and (3) warrants to purchase 19,047,619 an initial aggregate amount of 5,114,633 shares of its Common Stock at an initial exercise price of $3.15 5.77 per share (the “Warrants” and, together with the Preferred Shares, the “Purchased Securities”) in the form attached as Annex C heretoC, and the Investors intend to purchase from the Company the Purchased Securities.