ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
On
Under the Agreement, TTC agreed to provide the Company with up to
During the term of the Agreement, the Company, at its sole discretion, may
deliver a Put Notice to TTC which will specify the dollar amount which the
Company wants to draw down under the Agreement. The amount the Company can draw
down at any one time is the lesser of twice the daily trading volume of the
Company's common stock during the trading days immediately preceding the
delivery of a Put Notice or
A closing will occur six trading days following the delivery of the Put Notice. On any Closing Date, the Company will sell, and TTC will purchase, the shares of the Company's common stock specified in the Put Notice.
The amount to be paid by TTC on a particular Closing Date will be determined by dividing the dollar amount specified in the Put Notice by the Purchase Price. The Purchase Price is 90% of the lowest trading price of the Company's common stock during the five consecutive trading days immediately following the delivery of a Put Notice.
The Company is under no obligation to submit any Put Notices.
The Equity Purchase Agreement will terminate on
Item 9.01 Financial Statement and Exhibits
Number Description
10.1
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