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The maximum number of Additional Commitment Shares requested to be purchased pursuant to any single Draw Down Notice cannot exceed the lesser of (i) 300% of the average daily share volume of the Common Stock in the ten trading days immediately preceding the Draw Down Notice or (ii) such number of shares of Common Stock that has an aggregate value of $750,000, based upon the VWAP of the Common Stock for the ten trading days immediately preceding the Draw Down Notice (the “Maximum Draw Down Amount Requested”).
The purchase price of each Additional Commitment Share equals 95% of the Market Price (as defined below) during the five consecutive trading days immediately preceding the date of the applicable Draw Down Notice. The “Market Price” is the average of the three lowest VWAPs of the Common Stock in the five-trading-day-period immediately preceding the date of the applicable Draw Down Notice.
We cannot make an additional draw down until at least six trading days have elapsed from the date of the prior Draw Down Notice and at least 24 hours have elapsed between completing the settlement of one draw down and beginning the pricing period for another draw down.
Any shares of Common Stock remaining unissued to Magna at the expiration of the Magna Purchase Agreement will be removed from registration and will not be offered for sale under this Prospectus.