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

Rhea-AI Summary

Dublin, Ireland, Feb. 16, 2023 – Avadel Pharmaceuticals (Nasdaq: AVDL) announced the grant of non-statutory options for 28,000 ordinary shares to two new employees as part of its 2021 Inducement Plan. The options, which have a ten-year term and vest over four years, were awarded to incentivize the new hires in compliance with Nasdaq Listing Rule 5635(c)(4). Avadel is focused on transforming medicines, with its lead candidate, LUMRYZ™, targeting narcolepsy through innovative drug delivery technology.

Positive

• Grant of options for 28,000 shares enhances employee retention and incentivization.
• Options vesting schedule promotes long-term commitment from new employees.

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• None.

DUBLIN, Ireland, Feb. 16, 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 28,000 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 is the significance of Avadel Pharmaceuticals' recent stock option grant?

Avadel Pharmaceuticals' grant of stock options aims to incentivize new employees, enhancing retention and aligning their interests with shareholder value.

How many shares were granted to new employees at Avadel Pharmaceuticals?

Avadel Pharmaceuticals granted a total of 28,000 ordinary shares to two new employees.

What is the vesting schedule for the new stock options granted by Avadel?

The stock options have a ten-year term and vest over four years, with 25% vesting on the first anniversary and 25% on each subsequent anniversary.

Under which plan were the stock options granted by Avadel Pharmaceuticals?

The stock options were granted under Avadel’s 2021 Inducement Plan.