Assertio Holdings, Inc. Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
Assertio Holdings has awarded its new CEO, Brendan P. O’Grady, 500,000 restricted stock units (RSUs) and 1,800,000 stock options as of May 31, 2024.
The stock options, which have an exercise price of $0.99 per share, and RSUs will vest equally over three years. These grants are in accordance with NASDAQ Listing Rule 5635(c)(4) and are material to Mr. O’Grady’s employment with Assertio.
Assertsio is a pharmaceutical company specializing in differentiated products.
- Grant of 500,000 RSUs and 1,800,000 stock options to the new CEO emphasizes commitment to company leadership.
- Stock options have an exercise price of $0.99 per share, equal to the closing price, indicating a fair market value.
- Equally annual vesting over three years promotes long-term engagement with the company.
- The issuance of new RSUs and stock options may lead to potential shareholder dilution.
- Long vesting period may delay immediate impact on stock performance.
LAKE FOREST, Ill., June 06, 2024 (GLOBE NEWSWIRE) -- Assertio Holdings, Inc. (“Assertio” or the “Company”) (NASDAQ: ASRT), a pharmaceutical company with comprehensive commercial capabilities offering differentiated products to patients, announced that effective May 31, 2024, the Compensation Committee of the Company’s Board of Directors granted the Company’s new Chief Executive Officer, Brendan P. O’Grady, 500,000 restricted stock units (“RSUs”) and 1,800,000 stock options (“options”).
The RSUs and options were granted as inducements material to Mr. O’Grady’s entry into employment with Assertio in accordance with NASDAQ Listing Rule 5635(c)(4). The RSUs and options are subject to his continued service relationship with the Company, terms and conditions substantially identical to those set forth in the Company’s 2014 Omnibus Incentive Plan and the award agreements pursuant to which they were granted. The options have an exercise price of
About Assertio
Assertio is a commercial pharmaceutical company offering differentiated products to patients. We have built our commercial portfolio through acquisition or licensing of approved products. Our comprehensive commercial capabilities include marketing through both a sales force and a non-personal promotion model, market access through payor contracting, and trade and distribution. To learn more about Assertio visit www.assertiotx.com.
Forward Looking Statements
Statements in this communication that are not historical facts are forward-looking statements that reflect Assertio’s current expectations, assumptions and estimates of future performance and economic conditions. These forward-looking statements are made in reliance on the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements relate to, among other things, future events or the future performance or operations of Assertio, including risks related to our ability to realize the benefits from our operating model, deliver or execute on our business strategy, including to expand or diversify our asset base and market reach and drive cash flows and growth, successfully integrate new assets, and explore new business development initiatives. All statements other than historical facts may be forward-looking statements and can be identified by words such as “anticipate,” “believe,” “could,” “design,” “estimate,” “expect,” “forecast,” “goal,” “guidance,” “imply,” “intend,” “may,” “objective,” “opportunity,” “outlook,” “plan,” “position,” “potential,” “predict,” “project,” “prospective,” “pursue,” “seek,” “should,” “strategy,” “target,” “would,” “will,” “aim” or other similar expressions that convey the uncertainty of future events or outcomes and are used to identify forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the control of Assertio, including the risks described in Assertio’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the U.S. Securities and Exchange Commission (“SEC”) and in other filings Assertio makes with the SEC from time to time.
Investors and potential investors are urged not to place undue reliance on forward-looking statements in this communication, which speak only as of this date. While Assertio may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to update or revise any forward-looking-statements contained in this press release whether as a result of new information or future events, except as may be required by applicable law.
Investor Contact:
Matt Kreps, Managing Director
Darrow Associates
M: 214-597-8200
mkreps@darrowir.com
FAQ
What stock options were granted by Assertio Holdings to their new CEO?
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