electroCore Announces Inducement Grant under NASDAQ Listing Rule 5635(c)(4)

Rhea-AI Summary

electroCore, Inc. (NASDAQ: ECOR), a bioelectronic medicine and wellness company, has announced the appointment of Stephen Smith as VP of Quality, Regulatory, and Compliance. As part of his employment package, the Compensation Committee granted Smith 10,000 restricted stock units (RSUs) on August 1, 2024. This grant was made as an inducement material under NASDAQ Listing Rule 5635(c)(4). The RSUs will vest over a three-year period, with 33% vesting on each anniversary of the grant date, contingent on Smith's continued employment with electroCore.

Positive

• Appointment of a new VP for Quality, Regulatory, and Compliance, potentially strengthening the company's leadership team
• Use of RSUs as part of the compensation package, aligning the new executive's interests with those of shareholders

Negative

• Potential dilution of existing shareholders due to the issuance of 10,000 RSUs

ROCKAWAY, N.J., Aug. 02, 2024 (GLOBE NEWSWIRE) -- electroCore, Inc. (the “Company”), (NASDAQ: ECOR), a commercial-stage bioelectronic medicine and wellness company, today announced that on August 1, 2024, Stephen Smith joined electroCore as the Company’s VP, Quality, Regulatory, and Compliance, and the Compensation Committee of electroCore’s Board of Directors granted 10,000 restricted stock units (“RSUs”) to Mr. Smith in connection with the commencement of his employment. The RSUs were granted as an inducement material to Mr. Smith’s commencement of employment pursuant to NASDAQ Listing Rule 5635(c)(4). 33% of the RSUs will vest on each of the first, second and third anniversaries of the date of grant, subject to Mr. Smith’s continued employment by the Company on the applicable vesting date.

About electroCore, Inc.

electroCore, Inc. is a commercial stage bioelectronic medicine and wellness company dedicated to improving health and promoting general wellness through its non-invasive vagus nerve stimulation (“nVNS”) technology platform. The company’s is focused on the commercialization of medical devices for the management and treatment of certain medical conditions and consumer product offerings utilizing nVNS to promote general wellbeing and human performance in the United States and select overseas markets.

For more information, visit www.electrocore.com.

Contact:
ECOR Investor Relations
(973) 302-9253
investors@electrocore.com

FAQ

What position did Stephen Smith take at electroCore (ECOR)?

Stephen Smith joined electroCore (ECOR) as the VP of Quality, Regulatory, and Compliance on August 1, 2024.

How many restricted stock units (RSUs) were granted to Stephen Smith by electroCore (ECOR)?

electroCore (ECOR) granted 10,000 restricted stock units (RSUs) to Stephen Smith as part of his employment package.

What is the vesting schedule for the RSUs granted to Stephen Smith by electroCore (ECOR)?

The RSUs granted to Stephen Smith by electroCore (ECOR) will vest 33% on each of the first, second, and third anniversaries of the grant date, subject to his continued employment.

Under which NASDAQ rule did electroCore (ECOR) grant the RSUs to Stephen Smith?

electroCore (ECOR) granted the RSUs to Stephen Smith as an inducement material pursuant to NASDAQ Listing Rule 5635(c)(4).