ClearPoint Neuro Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)

Rhea-AI Summary

ClearPoint Neuro, Inc. (Nasdaq: CLPT) announced on April 23, 2021, that its Board of Directors approved the grant of stock options and restricted shares to Mr. Danilo D’Alessandro. The package includes 30,000 restricted shares and a stock option for 75,000 shares at an exercise price of $5.80, with vesting starting September 29, 2021. This grant follows NASDAQ guidelines and aims to facilitate Mr. D’Alessandro's acceptance of employment. The company focuses on enabling advanced therapies for neurological disorders through its FDA-cleared products.

Positive

• Award of 30,000 restricted shares and stock options for 75,000 shares at $5.80 to new executive.
• Demonstrates commitment to attract key talent to advance the company's mission.

Negative

• None.

SOLANA BEACH, Calif., April 23, 2021 (GLOBE NEWSWIRE) -- ClearPoint Neuro, Inc. (Nasdaq: CLPT) (the “Company”), a global therapy-enabling platform company providing navigation and delivery to the brain, announced today that on September 14, 2020, the Company’s Board of Directors approved the grant to Mr. Danilo D’Alessandro of (i) 30,000 shares of restricted common stock and (ii) a non-qualified stock option awards to purchase 75,000 shares of common stock with an exercise price of $5.80, the closing price on his start date, September 29, 2020. The stock option and restricted share awards will vest in three equal annual installments beginning on September 29, 2021. These awards were granted as an inducement equity award outside of the Company’s 2013 Incentive Compensation Plan in accordance with NASDAQ Listing Rule 5635(c)(4), and were made as an inducement material to the acceptance of employment with the Company by Mr. D’Alessandro. The options and restricted shares are further subject to the terms and conditions of the award agreements that are exhibits to Mr. D’Alessandro’s employment agreement, which was filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission (“SEC”) on September 14, 2020, and were previously reflected on Mr. D’Alessandro’s Form 4 filed with the SEC on September 30, 2020.

About ClearPoint Neuro

ClearPoint Neuro’s mission is to improve and restore quality of life to patients and their families by enabling therapies for the most complex neurological disorders with pinpoint accuracy. Applications of the Company’s current product portfolio include deep brain stimulation, laser ablation, biopsy, neuro-aspiration, and delivery of drugs, biologics, and gene therapy to the brain. The ClearPoint Neuro Navigation System has FDA clearance, is CE-marked, and is installed in over 60 active clinical sites in the United States, Canada, and Europe. The Company’s SmartFlow^® cannula is being used in partnership or evaluation with over 25 individual biologics and drug delivery companies in various stages – from preclinical research to late-stage regulatory trials. To date, more than 4,000 cases have been performed and supported by the Company’s field-based clinical specialist team, which offers support and services for our partners. For more information, please visit www.clearpointneuro.com.

Forward-Looking Statements

Statements herein concerning the Company’s plans, growth and strategies may include forward-looking statements within the context of the federal securities laws. Statements regarding the Company's future events, developments and future performance, as well as management's expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. Uncertainties and risks may cause the Company's actual results to differ materially from those expressed in or implied by forward-looking statements. Particular uncertainties and risks include those relating to: the impact of COVID-19 and the measures adopted to contain its spread; future revenues from sales of the Company’s ClearPoint Neuro Navigation System products; and the Company’s ability to market, commercialize and achieve broader market acceptance for the Company’s ClearPoint Neuro Navigation System products. More detailed information on these and additional factors that could affect the Company’s actual results are described in the “Risk Factors” section in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, which has been filed with the Securities and Exchange Commission, and in the Company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2021, which the Company intends to file with the Securities and Exchange Commission on or before May 17, 2021.

Contact:

Jacqueline Keller, Vice President, Marketing
(949) 900-6833
jkeller@clearpointneuro.com

Caroline Corner, Investor Relations
ir@clearpointneuro.com

FAQ

What stock options were granted to Danilo D’Alessandro by ClearPoint Neuro (CLPT)?

Danilo D’Alessandro received 30,000 restricted shares and stock options to purchase 75,000 shares at an exercise price of $5.80.

When do the stock awards for Danilo D’Alessandro vest?

The stock awards will vest in three equal annual installments beginning on September 29, 2021.

What is ClearPoint Neuro’s focus in the market?

ClearPoint Neuro focuses on enabling therapies for complex neurological disorders through its navigation and delivery systems.

Is ClearPoint Neuro (CLPT) listed on NASDAQ?

Yes, ClearPoint Neuro is listed on NASDAQ under the symbol CLPT.

What are the potential risks mentioned in ClearPoint Neuro’s press release?

Risks include impacts from COVID-19, future revenue uncertainties, and challenges in marketing and market acceptance for products.