 What is the authorized capital stock of?
Immediately prior to the issuance of the Stock, the authorized capital stock of the Company consists of [***] shares of Common Stock, of which [***] shares are issued and outstanding.  The Company does not have any shares of preferred stock authorized or outstanding.  The Stock represents [***] % of the Company’s Fully Diluted Shares (as defined in the License Agreement) as of the date hereof.  All of the outstanding shares of capital stock of the Company have been duly authorized and are validly issued, fully paid and nonassessable.
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