definiens: Black Scholes Value " means the value of thisWarrant calculated using the Black - Scholes Option Pricing Model obtained from the function on Bloomberg determined as of the day immediately following the publicannouncement of the applicable Fundamental Transaction, or, if the FundamentalTransaction is not publicly announced, the date the Fundamental Transaction isconsummated, for pricing purposes and reflecting ( i ) a risk - free interest rate corresponding tothe U.S. Treasury rate for a period equal to the remaining term of this Warrant as of suchdate of request, ( ii ) an expected volatility equal to the greater of 100 % and the 100 dayvolatility obtained from the HVT function on Bloomberg as of the Trading Day immediatelyfollowing the public announcement of the applicable Fundamental Transaction, or, if theFundamental Transaction is not publicly announced, the date the Fundamental Transaction isconsummated, ( iii ) the underlying price per share used in such calculation shall be thegreater of ( x ) the average of the Weighted Average Prices highest Weighted Average Priceof the Common Stock during the period beginning on the Trading Day prior to the executionof definitive documentation relating to the applicable Fundamental Transaction and ending on(A ) the Trading Day immediately following the public announcement of such FundamentalTransaction, if the applicable Fundamental Transaction is publicly announced or ( B ) theTrading Day immediately following the consummation of the applicable FundamentalTransaction if the applicable Fundamental Transaction is not publicly announced and ( y ) thesum of the price per share being offered in cash, if any, plus the value of any non - cashconsideration, if any, being offered in the Fundamental Transaction, ( iv ) a zero cost of borrowand ( v ) a 365 day annualization factor