Heritage Global Partners Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Heritage Global Inc. (NASDAQ: HGBL) has announced a non-qualified stock option grant under Nasdaq Listing Rule 5635(c)(4) in connection with its acquisition of American Laboratory Trading (ALT). The Heritage Global Board approved an option to purchase 150,000 shares at an exercise price of $1.78, which is equal to the closing stock price on August 20, 2021. This option is granted to Jayson Bernstein, President of ALT, and will vest in equal annual installments over four years commencing August 23, 2021, contingent on his continued employment.

Positive

• Approval of a stock option grant enhances talent acquisition strategy.
• The acquisition of ALT may expand Heritage Global's service offerings and market presence.

Negative

• None.

SAN DIEGO--(BUSINESS WIRE)-- Heritage Global Inc. (Nasdaq: HGBL), an asset services company specializing in financial and industrial asset transactions, is reporting an inducement option grant under Nasdaq Listing Rule 5635(c)(4). In connection with the acquisition of substantially all of the assets of American Laboratory Trading (“ALT”) by a subsidiary of Heritage Global, the Heritage Global Board of Directors approved a non-qualified stock option award to purchase 150,000 shares of Heritage Global's common stock to Jayson Bernstein, President of ALT. The option was granted outside of Heritage Global's 2016 Stock Option Plan as an inducement material to Mr. Bernstein's acceptance of employment with Heritage Global following its acquisition of substantially all of the assets of ALT. The stock option will have an exercise price equal to $1.78, the closing price of Heritage Global's common stock on August 20, 2021. The stock option vests in equal annual installments over four years, commencing on August 23, 2021, and is subject to Mr. Bernstein's continued service through the applicable vesting dates.

About Heritage Global Inc.

Heritage Global Inc. (NASDAQ: HGBL) is an asset services company specializing in financial and industrial asset transactions. The company provides a full suite of services including market making, acquisitions, dispositions, valuations and secured lending. Heritage Global focuses on identifying, valuing, acquiring and monetizing underlying tangible and intangible assets across twenty-eight global sectors. The company acts as an adviser, as well as a principal, acquiring or brokering turnkey manufacturing facilities, surplus industrial machinery and equipment, industrial inventories, accounts receivable portfolios, intellectual property, and entire business enterprises.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210826005655/en/

John Nesbett/Jennifer Belodeau

IMS Investor Relations

203/972-9200

jnesbett@imsinvestorrelations.com

jbelodeau@institutionalms.com

Source: Heritage Global Inc.

FAQ

What is the significance of the stock option grant by Heritage Global (HGBL)?

The stock option grant is significant as it serves as an inducement for Jayson Bernstein to accept a role after Heritage Global's acquisition of ALT, potentially enhancing talent retention.

What are the terms of the stock option granted to Jayson Bernstein?

The stock option allows for the purchase of 150,000 shares at an exercise price of $1.78, vesting annually over four years starting August 23, 2021.

How does the acquisition of ALT impact Heritage Global (HGBL)?

The acquisition of ALT is expected to enhance Heritage Global's capabilities in asset transactions by integrating ALT's services.

When was the stock option for HGBL granted?

The stock option was granted in connection with the acquisition of ALT and approved by the board following the acquisition.

What was the closing price of HGBL's stock on the day the option was granted?

The closing price of Heritage Global's stock on August 20, 2021, was $1.78.