Delcath Systems Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

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Delcath Systems, Inc. announces the granting of equity awards to three new employees as a material inducement to their employment. The grant includes the right to purchase 50,000 shares of the company's common stock at an exercise price of $4.79, with vesting over a period of three years.

NEW YORK, Feb. 16, 2024 /PRNewswire/ -- Delcath Systems, Inc. (Nasdaq: DCTH) (the "Company" or "Delcath"), an interventional oncology company focused on the treatment of primary and metastatic cancers of the liver, announces that the Company granted equity awards, previously approved by the Company's Compensation Committee, as a material inducement to the employment of three individuals whose employment commenced in January 2024.  

The grant totaled the right to purchase an aggregate of 50,000 shares of the Company's common stock and is subject to the terms and conditions of the Company's 2023 Inducement Plan ("Plan"). The options were granted on January 31, 2024, the date the Compensation Committee approved the stock options included within the equity inducement and are subject to an exercise price equal to $4.79, the closing price of Delcath's common stock on the grant date.  One-third of the options will vest on the first anniversary of the grant date with the remaining two-thirds of the options vesting in equal monthly installments over the following twenty-four months. Each option has a ten-year term and the vesting of the options is subject to the employee's continued employment with Delcath on each vesting date.

The above-described awards were each granted in accordance with NASDAQ Listing Rule 5635(c)(4), and were granted pursuant to the terms of the Plan.

About Delcath Systems, Inc.
Delcath Systems, Inc. is an interventional oncology company focused on the treatment of primary and metastatic liver cancers. The Company's proprietary products, HEPZATO KIT™ (melphalan for Injection/Hepatic Delivery System), approved for use in the United States by the Food and Drug Administration, and CHEMOSAT Hepatic Delivery System for Melphalan percutaneous hepatic perfusion (PHP), designated under the medical device regulation for use in Europe and the United Kingdom, are designed to administer high-dose chemotherapy to the liver while controlling systemic exposure and associated side effects during a PHP procedure. For more information regarding HEPZATO KIT and its use, including Important Safety Information and Boxed Warning, please visit HEPZATOKIT.com. For more information regarding CHEMOSAT and its use, please visit Chemosat.com.

Contact:
Investor Relations Contact:
Ben Shamsian Lytham Partners
646-829-9701
shamsian@lythampartners.com

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SOURCE Delcath Systems, Inc.

FAQ

What is the ticker symbol of Delcath Systems, Inc. mentioned in the press release?

The ticker symbol of Delcath Systems, Inc. is DCTH.

How many individuals were granted equity awards by Delcath Systems, Inc.?

Three individuals were granted equity awards by Delcath Systems, Inc.

What is the total number of shares of common stock that can be purchased through the grant?

An aggregate of 50,000 shares of common stock can be purchased through the grant.

What is the exercise price for the stock options granted?

The exercise price for the stock options is $4.79.

How is the vesting of the options structured?

One-third of the options will vest on the first anniversary of the grant date, with the remaining two-thirds vesting in equal monthly installments over the following twenty-four months.