Delcath Systems Inc (DCTH)

[jlee3]

Wouldn't it be 1/25 or greater?

"Issuance of Securities. The issuance of the Preferred Shares are duly authorized and, upon issuance and payment in accordance with the terms of the Transaction Documents shall be validly issued, fully paid and non-assessable and free from all preemptive or similar rights, mortgages, defects, claims, liens, pledges, charges, taxes, rights of first refusal, encumbrances, security interests and other encumbrances (collectively “Liens”) with respect to the issuance thereof. Effective upon the approval by the Company’s stockholders by a requisite vote as required under Delaware law of a reverse split of its issued and outstanding common stock in a ratio of no less than 1:25 and filing of an amendment of its Certificate of Incorporation with the Secretary of State of the State of Delaware (the “Stockholder Approval”), the Company shall have reserved from its duly authorized capital stock not less than 125% of the maximum number of shares of Common Stock (assuming for purposes hereof that (x) such Preferred Shares are convertible at the initial Conversion Price (as defined in the Certificate of Designations) and (y) any such conversion shall not take into account any limitations on the conversion of the Preferred Shares set forth in the Certificate of Designations)"