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

Rhea-AI Summary

Avadel Pharmaceuticals plc (Nasdaq: AVDL) announced on February 3, 2023, the approval from its Compensation Committee to grant non-statutory options for 38,000 ordinary shares to two new employees. This move is in line with Nasdaq Listing Rule 5635(c)(4) and aims to incentivize the new hires as part of the 2021 Inducement Plan. The options will have a ten-year term and vest gradually over four years, starting with 25% vesting on the first anniversary. Avadel focuses on innovative solutions for medicine and is known for its investigational drug, LUMRYZ™, aimed at treating narcolepsy.

Positive

• Granting of 38,000 stock options, encouraging employee retention and motivation.
• Options are tied to a long-term vesting schedule, fostering commitment.
• Conforms to Nasdaq regulations, maintaining corporate governance standards.

Negative

• None.

DUBLIN, Ireland, Feb. 03, 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 two (2) new employees to purchase an aggregate of 38,000 ordinary shares under Avadel’s 2021 Inducement Plan. The awards were granted as an inducement material to the employees’ 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 recent stock option grant did Avadel Pharmaceuticals announce?

Avadel Pharmaceuticals announced the grant of 38,000 non-statutory options to two new employees on February 3, 2023.

How long is the vesting period for the stock options granted by Avadel?

The stock options granted by Avadel have a vesting period of four years, with 25% vesting each year.

What is the purpose of the stock options granted to new employees?

The stock options are intended as an inducement for the employees' acceptance of employment with Avadel.

Which rule did Avadel follow for the stock options grant?

Avadel's stock options grant complies with Nasdaq Listing Rule 5635(c)(4).

What is Avadel Pharmaceuticals focused on?

Avadel Pharmaceuticals focuses on transforming medicines to improve patient outcomes, with a lead drug candidate for narcolepsy.