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XIDE » Topics » Consequences if the Amendment to the Certificate of Incorporation to Increase the Authorized Shares of Common Stock is Not Approved by the StockholdersThis excerpt taken from the XIDE DEF 14A filed Jul 27, 2006. Consequences
if the Amendment to the Certificate of Incorporation to Increase
the Authorized Shares of Common Stock is Not Approved by the
Stockholders
If Proposal 3 is not approved by the requisite vote of the
shareholders, we would not be able to proceed with the Rights
Offering as it is currently structured. In such event, we would
be required to seek alternative sources of liquidity, and the
failure to obtain such liquidity may result in certain adverse
effects as described in Proposal 2 above.
In addition, as discussed in Proposal 2 above, the Standby
Purchasers would also have the right to terminate the Standby
Agreement. If the Standby Purchasers terminate the Standby
Agreement under such circumstances, we would be obligated to
provide to the Standby Purchasers the option to purchase a
number of Additional Subscription Shares up to the Partial
Option, at a purchase price of $4.50 per share.
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