Defendant contends that section 3(b) of plaintiffs' warrants is unambiguous and must be applied as written. This argument is unavailing. The third sentence of section 3(b) begins, "Upon each such adjustment of the Exercise Price pursuant to the immediately preceding sentence." However, the immediately preceding sentence (the second sentence) says nothing about adjusting the Exercise Price; instead, it is the first sentence of section 3(b) that addresses adjusting the Exercise...
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