EMCORE Announces Inducement Plan and Grants under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

EMCORE Corporation (Nasdaq: EMKR) announced the adoption of its 2022 New Employee Inducement Plan, effective August 8, 2022. This plan is designed to grant equity awards to new hires, particularly those who were not previously associated with EMCORE. On August 10, 2022, the Board granted 363,100 restricted stock units to 124 new employees linked to the acquisition of KVH Industries' Fiber Optic Gyroscope and Inertial Navigation Systems business. The announcement complies with Nasdaq Listing Rule 5635(c)(4).

Positive

• Adoption of the Inducement Plan to attract new talent.
• Grant of 363,100 restricted stock units to 124 new employees, supporting growth post-acquisition.

Negative

• None.

ALHAMBRA, Calif., Aug. 12, 2022 (GLOBE NEWSWIRE) -- EMCORE Corporation (Nasdaq: EMKR) (“EMCORE”), a leading provider of advanced mixed-signal products that serve the aerospace and defense, communications, and sensing markets, today announced that effective August 8, 2022, the Board of Directors of the Company (the “Board”) adopted the EMCORE Corporation 2022 New Employee Inducement Plan (the “Inducement Plan”). The Inducement Plan will be used exclusively for the grant of equity awards to individuals who were not previously an employee or non-employee director of EMCORE (or following a bona fide period of non-employment) as an inducement material to such individual’s entering into employment with EMCORE in accordance with Nasdaq Listing Rule 5635(c)(4). Effective as of August 10, 2022, the Board granted an aggregate of 363,100 restricted stock units under the Inducement Plan to 124 new employees hired in connection with EMCORE’s acquisition of the Fiber Optic Gyroscope (FOG) and Inertial Navigation Systems business segment of KVH Industries, Inc. (Nasdaq: KVHI), contingent on such individuals accepting employment with the Company.

EMCORE is providing this information in compliance with Nasdaq Marketplace Rule 5635(c)(4).

About EMCORE Corporation

EMCORE is a leading provider of advanced mixed-signal products that serve the aerospace and defense, communications, and sensing markets. Our best-in-class components and systems support a broad array of applications including navigation and inertial sensing, defense optoelectronics, broadband communications, optical sensing, and specialty chips for telecom and data centers. We leverage industry-leading Quartz MEMS, Lithium Niobate, and Indium Phosphide chip-level technology to deliver state-of-the-art component and system-level products across our end-market applications. EMCORE has vertically-integrated manufacturing capability at its facilities in Alhambra, CA, Budd Lake, NJ, and Concord, CA. Our manufacturing facilities maintain ISO 9001 quality management certification, and we are AS9100 aerospace quality certified at our facilities in Budd Lake and Concord. For further information about EMCORE, please visit http://www.emcore.com. 

Investor Contact:

EMCORE Corporation
Tom Minichiello
Chief Financial Officer
(626) 293-3400
investor@emcore.com

FAQ

What is the purpose of EMCORE Corporation's 2022 New Employee Inducement Plan?

The plan aims to grant equity awards to new hires as an incentive for joining EMCORE.

How many restricted stock units were granted under the Inducement Plan?

EMCORE granted 363,100 restricted stock units to 124 new employees.

What company did EMCORE acquire related to the stock units granted?

EMCORE acquired the Fiber Optic Gyroscope and Inertial Navigation Systems business from KVH Industries.

When was the Inducement Plan effective?

The Inducement Plan became effective on August 8, 2022.