Edgio Inc. Announces Inducement Grant Under Nasdaq Listing Rule 5635(C)(4)

Rhea-AI Summary

Edgio, Inc. (EGIO) has issued equity-based awards to its VP Business Operations, Brian White, as a material inducement for his acceptance of employment. The grant consists of 400,000 Restricted Stock Units (RSUs) and was approved by the Company's independent directors and Board of Directors. The grant is subject to the terms and conditions of the award agreement and the Company's Amended and Restated 2021 Inducement Plan.

PHOENIX--(BUSINESS WIRE)-- Edgio, Inc. (Nasdaq: EGIO) (“Edgio” or the “Company”), the platform of choice for speed, security, and simplicity at the edge, today announced that it has issued equity-based awards pursuant to its Amended and Restated 2021 Inducement Plan to Brian White, its VP Business Operations, which were awarded in connection with the commencement of his employment. The inducement grant was approved by the Company's independent directors serving on its Compensation Committee and the Company’s Board of Directors and was made as a material inducement to Mr. White’s acceptance of employment with Edgio in accordance with Nasdaq Listing Rule 5635(c)(4) as a component of his employment compensation. The inducement grant consists of Restricted Stock Units (“RSUs”), for 400,000 shares of the Company's common stock. The inducement grant is dated February 2, 2024, and subject to the terms and conditions of the award agreement covering the RSUs and the Company's Amended and Restated 2021 Inducement Plan.

About Edgio

Edgio (NASDAQ: EGIO) helps companies deliver online experiences and content faster, safer, and with more control. Our developer-friendly, globally scaled edge network, combined with our fully integrated application and media solutions, provide a single platform for the delivery of high-performing, secure web properties and streaming content. Through this fully integrated platform and end-to-end edge services, companies can deliver content quicker and more securely, boosting overall revenue and business value. To learn more, visit edg.io and follow us on Twitter, LinkedIn and Facebook.

Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties. These statements include, among others, statements regarding our expectations regarding revenue, gross margin, non-GAAP net loss, EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, capital expenditures, run-rate savings, churn reductions, and pipeline conversions, including the impacts of seasonality, our ability to drive long-term value creation for our shareholders, our ability to achieve Adjusted EBITDA profitability, reduce our fixed costs and our breakeven point, and align our cost structure with our revenue baseline, our ability to leverage excess capacity and exercise operational discipline, the integration of Edgecast and our future prospects, areas of investment, and product launches. Our expectations and beliefs regarding these matters may not materialize. The potential risks and uncertainties that could cause actual results or outcomes to differ materially from the results or outcomes predicted include, among other things, reduction of demand for our services from new or existing clients, unforeseen changes in our hiring patterns, adverse outcomes in litigation, experiencing expenses that exceed our expectations, and acquisition activities and contributions from acquired businesses. A detailed discussion of these factors and other risks that affect our business is contained in our SEC filings, including our most recent reports on Forms 10-K and 10-Q, particularly under the heading “Risk Factors.” Copies of these filings are available online on our investor relations website at investors.edg.io and on the SEC website at www.SEC.gov. All information provided in this release and in the attachments is as of February 6, 2024, and we undertake no duty to update this information in light of new information or future events, unless required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240206019600/en/

Media Contacts:

Sally Winship Comollo, Edgio

swinship-comollo@edg.io

+1 781-366-5590

Source: Edgio, Inc.

FAQ

What is the ticker symbol for Edgio, Inc.?

The ticker symbol for Edgio, Inc. is EGIO.

Who received the equity-based awards from Edgio, Inc.?

Brian White, the VP Business Operations, received the equity-based awards.

How many shares are included in the inducement grant?

The inducement grant consists of 400,000 shares of the Company's common stock.

When was the inducement grant dated?

The inducement grant is dated February 2, 2024.

What is the purpose of the inducement grant?

The inducement grant was awarded as a material inducement to Mr. White’s acceptance of employment with Edgio in accordance with Nasdaq Listing Rule 5635(c)(4) as a component of his employment compensation.