Apollo Endosurgery Announces Inducement Grant

Rhea-AI Summary

Apollo Endosurgery, Inc. (NASDAQ:APEN) has announced the equity awards granted to Chas McKhann upon his appointment as CEO in March 2021. McKhann received a stock option to purchase 848,733 shares at an exercise price of $5.95, with a vesting schedule starting in March 2022. Additionally, he was awarded 707,278 performance-based restricted stock units, vesting upon achieving specific revenue milestones. Apollo specializes in minimally invasive medical devices for gastrointestinal and bariatric procedures, with products available in over 75 countries.

Positive

• Chas McKhann appointed as CEO, enhancing leadership.
• Significant stock options and performance-based equity awards align CEO interests with shareholders.

Negative

• Uncertainty regarding the impact of COVID-19 on operations and product demand.
• Risks associated with regulatory approvals and potential adverse events related to products.

AUSTIN, TX / ACCESSWIRE / March 19, 2021 / Apollo Endosurgery, Inc. ("Apollo") (NASDAQ:APEN), a global leader in minimally invasive medical devices for gastrointestinal and bariatric procedures, announced the terms of equity awards granted to Chas McKhann in connection with his appointment as the company's CEO in March 2021. The company's board of directors granted Chas a stock option to purchase an aggregate of 848,733 shares of common stock, at a per share exercise price of $5.95, and a performance-based restricted stock unit award for 707,278 shares of common stock. One-fourth of the stock option vests in March 2022, and the balance of the option vests in a series of thirty-six successive equal monthly installments thereafter. The restricted stock units vest upon the achievement of certain revenue milestones. The stock option and restricted stock unit award are subject to the terms and conditions of the company's 2017 equity incentive plan but were granted outside the plan in accordance with Nasdaq Listing Rule 5635(c)(4).

About Apollo Endosurgery, Inc.
Apollo Endosurgery, Inc. is a medical technology company focused on the development of next-generation less invasive devices to advance gastrointestinal therapeutic endoscopy designed to treat a variety of gastrointestinal conditions including closure of gastrointestinal defects, managing gastrointestinal complications and the treatment of obesity. Apollo's device-based therapies are an alternative to invasive surgical procedures, thus lowering complication rates and reducing total healthcare costs. Apollo's products are offered in over 75 countries today and include the OverStitch™ Endoscopic Suturing System, the OverStitch Sx™ Endoscopic Suturing System, the X-Tack™ Endoscopic HeliX Tacking System and the Orbera Intragastric Balloon.

Apollo's common stock is traded on NASDAQ Global Market under the symbol "APEN". For more information regarding Apollo Endosurgery, go to: www.apolloendo.com.

Cautionary Note on Forward-Looking Statements
Certain statements in this press release are forward-looking statements that are subject to risks and uncertainties that could cause results to be materially different than expectations. In addition, there is uncertainty about the continued spread of the COVID-19 virus and the impact it may have on the Company's operations, the demand for the Company's products, the Company's liquidity position, global supply chains and economic activity in general. Important factors that could cause actual results to differ materially include: reports of adverse events related to our products, outcomes of clinical studies, developments in medical technology, regulatory approvals and extensive regulatory oversight by the FDA or other regulatory bodies, unfavorable media coverage related to our products or related procedures, coverage and reimbursement decisions by private or government payors, physician adoption and recommendations of procedures utilizing our products as well as other factors detailed in Apollo's periodic reports filed with the Securities and Exchange Commission, or SEC, including its Form 10-K for the year ended December 31, 2020. Copies of reports filed with the SEC are posted on Apollo's website and are available from Apollo without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, Apollo disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.

CONTACT:
Apollo Endosurgery, Inc.
Stefanie Cavanaugh, 512-279-5100
investor-relations@apolloendo.com

Darrow Associates Investor Relations
Matt Kreps, 214-597-8200
mkreps@darrowir.com

SOURCE: Apollo Endosurgery, Inc.

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https://www.accesswire.com/636375/Apollo-Endosurgery-Announces-Inducement-Grant

FAQ

What equity awards were granted to Chas McKhann at Apollo Endosurgery?

Chas McKhann received a stock option for 848,733 shares at $5.95 and performance-based restricted stock units for 707,278 shares.

When do the stock options for Chas McKhann vest?

One-fourth of the stock options vest in March 2022, with the remainder vesting in equal monthly installments thereafter.

What is the main focus of Apollo Endosurgery?

Apollo Endosurgery focuses on developing minimally invasive medical devices for gastrointestinal and bariatric procedures.

How many countries offer Apollo's products?

Apollo's products are available in over 75 countries worldwide.

What are the risks mentioned in Apollo's press release?

Risks include COVID-19 impacts, regulatory approval challenges, and potential adverse events related to their products.