Airgain® Reports Granting of Inducement Awards Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Airgain has granted inducement awards to 21 new non-executive employees following its acquisition of NimbeLink Corp. on January 7, 2021. These awards consist of options to purchase 125,000 shares of common stock at an exercise price of $24.22, with a 10-year term. The options vest over four years, starting with 25% on the first anniversary of the acquisition closing. This move aims to attract talent, aligning with Nasdaq Rule 5635(c)(4), and indicates Airgain's commitment to expanding its workforce in the wake of the acquisition.

Positive

• Inducement awards granted to 21 non-executive employees enhance talent acquisition.
• 125,000 shares options at an exercise price of $24.22 support employee retention.
• Alignment with Nasdaq regulations signals corporate compliance and governance.

Negative

• None.

Airgain, Inc. (NASDAQ: AIRG), a leading provider of advanced antenna technologies used to enable high performance wireless networking across a broad range of devices and markets, including consumer, enterprise, and automotive, today announced that it has granted inducement awards to 21 new non-executive employees, who joined the company as a result of the recent NimbeLink Corp. acquisition.

The awards were made on February 5, 2021 under Airgain’s 2021 Employment Inducement Incentive Award Plan, which provides for the granting of equity awards to new employees of Airgain as an inducement to join the company. The inducement awards to the 21 new non-executive employees consist of options to purchase an aggregate of 125,000 shares of Airgain common stock. The options have a 10-year term and an exercise price equal to $24.22, the fair market value of Airgain common stock on the date of grant. The options vest over a four-year period, with 25% of the options vesting on the first anniversary of the closing of the NimbeLink Corp. acquisition, which closed on January 7, 2021, and the rest vesting in equal monthly installments thereafter. The awards were approved by Airgain’s board of directors, including a majority of Airgain’s independent directors, as required by Nasdaq Rule 5635(c)(4), and were granted as an inducement material to the new employees entering into employment with Airgain in accordance with Nasdaq Rule 5635(c)(4).

About Airgain, Inc.

Airgain is a leading provider of advanced antenna technologies used to enable high performance wireless networking across a broad range of devices and markets, including consumer, enterprise, and automotive. Combining design-led thinking with testing and development, Airgain works in partnership with the entire ecosystem, including carriers, chipset suppliers, OEMs, and ODMs. Airgain’s antennas are deployed in carrier, fleet, enterprise, residential, private, government, and public safety wireless networks and systems, including set-top boxes, access points, routers, modems, gateways, media adapters, portables, digital televisions, sensors, fleet, and asset tracking devices. Airgain is headquartered in San Diego, California, and maintains design and test centers in the U.S., U.K., and China. For more information, visit airgain.com, or follow us on LinkedIn and Twitter.

Airgain and the Airgain logo are registered trademarks of Airgain, Inc.

Forward-Looking Statements

Airgain cautions you that statements in this press release that are not a description of historical facts are forward-looking statements. These statements are based on the company's current beliefs and expectations. These forward-looking statements include statements regarding: the expected performance and transmission power of AirgainConnect^® AC-HPUE, including comparisons to conventional antennas and modems; the ability of AirgainConnect^® AC-HPUE to provide connectivity and meet the demanding connectivity needs of public safety, fleet, and enterprise vehicles; and the potential for significant orders for the product. The inclusion of forward-looking statements should not be regarded as a representation by Airgain that any of our plans will be achieved. Actual results may differ from those set forth in this press release due to the risk and uncertainties inherent in our business, including, without limitation: the market for our products is developing and may not develop as we expect; risks associated with the performance of our products or the first responder dedicated network; our products are subject to intense competition, and competitive pressures from existing and new companies may harm our business, sales, growth rates and market share; the COVID-19 pandemic may continue to disrupt and otherwise adversely affect our operations and those of our suppliers, partners, distributors and ultimate end customers, and the overall market that our antennas are used in, as well as adversely affecting the general U.S. and global economic conditions and financial markets, and, ultimately, our sales and operating results; risks associated with the design and manufacturing of a first of its kind product and its introduction into the newly licensed first responder dedicated frequencies and associated uncertainty of regulatory compliance in a new product category; risks associated with quality and timing in manufacturing our products and our reliance on third-party manufacturers; if we cannot protect our intellectual property rights, our competitive position could be harmed or we could incur significant expenses to enforce our rights; and other risks described in our prior press releases and in our filings with the Securities and Exchange Commission, including under the heading "Risk Factors" in our Annual Report on Form 10-K and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release to reflect events or circumstances after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

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FAQ

What is the significance of the inducement awards announced by Airgain?

The inducement awards aim to attract and retain talent following Airgain's acquisition of NimbeLink Corp.

How many shares of common stock were included in Airgain's inducement awards?

Airgain granted options to purchase an aggregate of 125,000 shares of common stock.

What was the exercise price for Airgain's stock options given to new employees?

The exercise price for the stock options was set at $24.22.

When did Airgain complete the acquisition of NimbeLink Corp.?

The acquisition of NimbeLink Corp. was completed on January 7, 2021.

What are the vesting terms for the options granted by Airgain?

The options vest over four years, with 25% vesting on the first anniversary of the acquisition.