- TranSwitch will control the timing and amount of any sale of common stock to Aspire Capital and will know the sale price before directing Aspire Capital to purchase shares.
- Aspire Capital has no right to require any sales by the Company, but is obligated to make purchases as the Company directs, in accordance with the terms of the Purchase Agreement.
- There are no limitations on use of proceeds, financial covenants, and restrictions on future financings, rights of first refusal, participation rights, penalties or liquidated damages in the Purchase Agreement.
- The Purchase Agreement may be terminated by TranSwitch at any time without additional cost or penalty.
- TranSwitch has issued to Aspire Capital additional common shares as consideration for entering into this agreement.
- In connection with entering into the Purchase Agreement with Aspire Capital, the Company terminated the At Market Issuance Sales Agreement with MLV & Co. LLC Capital entered into and announced in February 2012.
TranSwitch Corporation Enters Into $11 Million Common Stock Purchase Agreement With Aspire Capital Fund, LLC.
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