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

Rhea-AI Summary

Avadel Pharmaceuticals plc (Nasdaq: AVDL) announced the approval of non-statutory options by its Compensation Committee to three new employees. The aggregate of 40,500 ordinary shares will be granted under Avadel's 2021 Inducement Plan. These options come with a ten-year term and will vest over four years, with the first 25% vesting on the one-year anniversary. This move aligns with Nasdaq Listing Rule 5635(c)(4) and aims to incentivize new talent joining the biopharmaceutical company focused on innovative medication solutions, including its lead drug candidate, LUMRYZ™.

Positive

• Approval of options could enhance employee retention and motivation.
• The grant aligns with strategic talent acquisition efforts.

Negative

• None.

DUBLIN, Ireland, Jan. 23, 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 three (3) new employees to purchase an aggregate of 40,500 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 options were approved by Avadel Pharmaceuticals on January 23, 2023?

Avadel Pharmaceuticals approved the grant of non-statutory options to three new employees to purchase an aggregate of 40,500 ordinary shares.

How long is the term for the options granted by Avadel Pharmaceuticals?

The options granted have a ten-year term.

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

The options will vest over four years, with 25% vesting on the one-year anniversary and 25% on each subsequent anniversary.

What does the grant of options signify for Avadel Pharmaceuticals?

The grant signifies Avadel's efforts to attract and retain talent while complying with Nasdaq regulations.