Adamis Announces Inducement Option Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Adamis Pharmaceuticals Corporation (NASDAQ: ADMP) announced on February 18, 2022, that its board of directors approved stock options for two new non-officer employees. The grant includes 130,000 shares priced at $0.62, the closing stock price on February 15, 2022. These options, designed as inducements for employment, will vest over three years. Adamis focuses on biopharmaceuticals for conditions like allergies and opioid overdose, with FDA-approved products such as SYMJEPI® and ZIMHI™. The company is also developing Tempol for COVID-19 treatment, currently in clinical trials.

Positive

• Approval of stock options for 130,000 shares to enhance employee retention and attract talent.
• Stock options priced at $0.62, equal to the previous closing price, indicating no immediate investor dilution.
• Development of Tempol for COVID-19, indicating ongoing innovation and potential future revenue.

Negative

• None.

SAN DIEGO, Feb. 18, 2022 (GLOBE NEWSWIRE) -- Adamis Pharmaceuticals Corporation (NASDAQ: ADMP), a specialty biopharmaceutical company primarily focused on developing and commercializing products in various therapeutic areas, including allergy, opioid overdose, respiratory and inflammatory disease, today announced that the compensation committee of the board of directors and the company’s independent directors approved the grant of stock options on February 15, 2022, to purchase an aggregate of 130,000 shares of common stock to two non-officer employees who were not previously employees of the company. The stock options were granted as material inducements to acceptance of employment in accordance with Nasdaq Listing Rule 5635(c)(4). The stock options have a ten-year term and have an exercise price of $0.62 per share, the closing price of the company’s common stock on February 15, 2022, the grant date. The options vest over a three year period, with the option vesting and becoming exercisable with respect to one-sixth of the shares subject to the option on the six month anniversary of the date of first employment and the remainder vesting in equal monthly installments over a 36 month period from the date of first employment, provided the employee continues to provide service to the company through the applicable vesting dates. The stock options were granted outside of the company’s 2020 equity incentive plan.

About Adamis Pharmaceuticals

Adamis Pharmaceuticals Corporation is a specialty biopharmaceutical company primarily focused on developing and commercializing products in various therapeutic areas, including allergy, opioid overdose, respiratory and inflammatory disease. The company’s SYMJEPI^® (epinephrine) Injection products are approved by the FDA for use in the emergency treatment of acute allergic reactions, including anaphylaxis. The company’s ZIMHI™ (naloxone) Injection product is approved for the treatment of opioid overdose. Tempol is in development for the treatment of patients with COVID-19 and a Phase 2/3 clinical trial is underway. For additional information about Adamis Pharmaceuticals, please visit www.adamispharmaceuticals.com and follow us on Twitter and LinkedIn.

Contacts

Adamis Investor Relations
Robert Uhl
Managing Director
Westwicke ICR
619.228.5886
robert.uhl@westwicke.com

 

FAQ

What was announced by Adamis Pharmaceuticals on February 18, 2022?

Adamis Pharmaceuticals announced the approval of stock options for 130,000 shares to two new non-officer employees as a hiring incentive.

What is the exercise price for the stock options granted by Adamis Pharmaceuticals?

The exercise price for the stock options is $0.62 per share, which was the closing price on February 15, 2022.

What are the vesting terms for the stock options awarded by Adamis Pharmaceuticals?

The stock options vest over three years, with one-sixth vesting after six months and the remainder in equal monthly installments.

What products are developed by Adamis Pharmaceuticals?

Adamis Pharmaceuticals develops products for allergy treatment, opioid overdose, and is working on Tempol for COVID-19.

Is Tempol currently in clinical trials?

Yes, Tempol is in development for COVID-19 and is currently undergoing a Phase 2/3 clinical trial.