In the original, if either the stock transfer books of the Company _or_ the book entry system of the warrant agent are closed, the person becomes a holder on the next date when either are open.
In your rewrite, if both the stock transfer books and the book entry system of the warrant agent are closed, the person becomes a holder on the next day when both are open.
If you search for the language of the original, you'll find a bunch of examples of the exact same language. I'm with the others that this is well-litigated language that no one wants to change. https://www.bing.com/search?pglt=161&q=Each+person+in+whose+....
[2] 3.3.4 Date of Issuance. To determine the record date for ownership of Common Stock shares (whether issued as a book entry or certificate), ask: Were the Company's stock transfer books or the Warrant Agent's book entry system open when the Warrant was surrendered and the Warrant Price was paid? If yes, the record date is that same date of surrender and payment. If no, the record date is the close of business on the next day when either the books or systems are open.
In your rewrite, if both the stock transfer books and the book entry system of the warrant agent are closed, the person becomes a holder on the next day when both are open.
If you search for the language of the original, you'll find a bunch of examples of the exact same language. I'm with the others that this is well-litigated language that no one wants to change. https://www.bing.com/search?pglt=161&q=Each+person+in+whose+....