Item 3.03. Material Modification to Rights of Security Holders.
As previously disclosed in the Current Report on Form 8-K of
On
No fractional shares were issued in connection with the Reverse Stock Split. Stockholders who otherwise would be entitled to receive fractional shares because they hold a number of pre-Reverse Stock Split shares of the Corporation's common stock not evenly divisible by six (6), will have the number of post-Reverse Split Shares of the Corporation's common stock to which they are entitled rounded up to the next whole number of shares of the Corporation's common stock. No stockholders received cash in lieu of fractional shares.
Pursuant to the terms of the Corporation's Series B Convertible Preferred Stock (the "Series B Preferred Shares"), the conversion price/terms at which Series B Preferred Shares may be converted into shares of common stock were proportionately adjusted to reflect the Reverse Stock Split by dividing the number of pre-Reverse Stock Split shares acquirable upon conversion of Series B Preferred Shares by six (6). In addition, pursuant to their terms, a proportionate adjustment was made to the per share exercise price, multiplying the price by six (6), and number of shares issuable, dividing the number of shares issuable by six (6), under all of the Corporation's outstanding stock options and warrants to purchase shares of common stock, and the number of shares reserved for issuance pursuant to the Corporation's equity compensation plans was reduced proportionately.
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