Avadel Announces Grant of Inducement Awards Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Avadel Pharmaceuticals plc (Nasdaq: AVDL) has granted non-statutory options to a new employee to purchase 15,000 ordinary shares as part of the 2021 Inducement Plan. This decision aligns with Nasdaq Listing Rule 5635(c)(4), providing an incentive for the employee’s acceptance of the role. The options have a ten-year term and will vest over four years, with 25% becoming available annually after the first year. Avadel focuses on innovative medicine solutions, with its lead candidate, LUMRYZ™, targeting narcolepsy treatment using proprietary drug delivery technology.

Positive

• Non-statutory options granted to a new employee enhance talent acquisition.
• The options' structure (25% vesting annually) aligns employee interests with company performance.

Negative

• None.

DUBLIN, Ireland, March 21, 2023 (GLOBE NEWSWIRE) -- Avadel Pharmaceuticals plc (Nasdaq: AVDL), a company focused on transforming medicines to transform lives, today announced that the Compensation Committee of Avadel’s Board of Directors approved the grant of non-statutory options to one (1) new employee to purchase 15,000 ordinary shares under Avadel’s 2021 Inducement Plan. The awards were granted as an inducement material to the employee’s acceptance of employment with Avadel in accordance with Nasdaq Listing Rule 5635(c)(4). The options have a ten-year term and vest over four years, with 25% vesting on the one-year anniversary of the grant date and 25% on each anniversary thereafter. The options are subject to the terms and conditions of Avadel’s 2021 Inducement Plan approved by the Board of Directors in November 2021 and the terms and conditions of award agreements covering the grants.

About Avadel Pharmaceuticals plc
Avadel Pharmaceuticals plc (Nasdaq: AVDL) is a biopharmaceutical company focused on transforming medicines to transform lives. Our approach includes applying innovative solutions to the development of medications that address the challenges patients face with current treatment options. Our current lead drug candidate, LUMRYZ™, is an investigational formulation of sodium oxybate leveraging our proprietary drug delivery technology and designed to be taken once at bedtime for the treatment of cataplexy or excessive daytime sleepiness in adults with narcolepsy. For more information, please visit www.avadel.com.

Investor Contact:
Courtney Turiano
Stern Investor Relations, Inc.
Courtney.Turiano@sternir.com
(212) 698-8687

Media Contact:
Gabriella Greig
Real Chemistry
ggreig@realchemistry.com
(203) 249-2688

FAQ

What was announced by Avadel Pharmaceuticals on March 21, 2023?

Avadel Pharmaceuticals announced the grant of non-statutory options to a new employee to purchase 15,000 ordinary shares.

How many shares were granted as options to the new employee?

The company granted options to purchase 15,000 ordinary shares.

What is the vesting schedule for the granted options by Avadel Pharmaceuticals?

The options vest over four years, with 25% vesting on the one-year anniversary and annually thereafter.

Under which plan were the options granted?

The options were granted under Avadel's 2021 Inducement Plan.