2.2. when exercise effective. each exercise of this warrant shall be deemed to have been effected immediately prior to the close of business on the business day on which this warrant shall have been surrendered to, and the purchase price shall have been received by, the company as provided in section 2.1, and at such time the person or persons in whose name or names any certificate or certificates for shares of common stock (or other securities) shall be issuable upon such exercise as provided in section 2.3 shall be deemed to have become the holder or holders of record thereof for all purposes.
2.3. delivery of stock certificates, etc.; charges, taxes and expenses. (a) as soon as practicable after each exercise of this warrant, in whole or in part, and in any event within five (5) business days thereafter, the company shall cause to be issued in the name of and delivered to the holder hereof or as the holder may direct,
(i) a certificate or certificates for the number of shares of common stock (or other securities) to which the holder shall be entitled upon such exercise plus, in lieu of issuance of any fractional share to which the holder would otherwise be entitled, if any, a check for the amount of cash equal to the same fraction multiplied by the current market price per share on the date of warrant exercise, and
(ii) in case such exercise is for less than all of the shares of common stock purchasable under this warrant, a new warrant or warrants of like tenor, for the balance of the shares of common stock purchasable hereunder.(b) issuance of certificates for shares of common stock upon the exercise of this warrant shall be made without charge to the holder hereof for any issue or transfer tax or other incidental expense, in respect of the issuance of such certificates, all of which such taxes and expenses shall be paid by the company.
2.4. company to reaffirm obligations. the company shall, at the time of each exercise of this warrant, upon the request of the holder hereof, acknowledge in writing its continuing obligation to afford to such holder all rights to which such holder shall continue to be entitled after such exercise in accordance with the terms of this warrant, provided that if the holder of this warrant shall fail to make any such request, such failure shall not affect the continuing obligation of the company to afford such rights to the holder.
3. adjustment of common stock issuable upon exercise.
3.1. adjustment of number of shares.