Helius Medical Technologies, Inc. Reports Inducement Grant Under Nasdaq Listing Rule 5635(C)(4)

Rhea-AI Summary

Helius Medical Technologies (HSDT) announced on December 30, 2022, that its independent directors approved an equity award under its 2021 Inducement Plan for a new employee. The award includes an option to purchase 50,000 shares at an exercise price of $0.215 per share, the closing price on the grant date. The option vests over four years and has a ten-year term. Helius specializes in neurotechnology, aiming to enhance neurologic wellness through devices like the Portable Neuromodulation Stimulator (PoNS), which addresses gait deficits in multiple sclerosis.

Positive

• Approval of equity award may attract talent to Helius.
• The new hire could enhance company capabilities in neurotech development.

Negative

• None.

NEWTOWN, Pa., Dec. 30, 2022 (GLOBE NEWSWIRE) -- Helius Medical Technologies, Inc. (Nasdaq: HSDT) (“Helius” or the “Company”), a neurotech company focused on neurological wellness, today announced that, effective December 27, 2022, its independent directors approved an equity award under Helius’ 2021 Inducement Plan, as a material inducement to an individual entering into employment with the Company. The equity award was approved in accordance with Nasdaq Listing Rule 5635(c)(4), which also requires a public announcement of equity awards that are not made under a stockholder approved equity plan.

In connection with entering into employment with Helius, the individual, who was not a previous employee or director of Helius, received an option to purchase 50,000 shares of the Company’s Class A common stock. The option award has an exercise price of $0.215 per share, the closing price of Helius’ common stock on December 27, 2022, the date of the grant. The option has a ten-year term and vests over a period of four years, with 25% vesting on each of the first, second, third and fourth anniversary of December 27, 2022, provided the new hire’s employment is continuing on each such date, and subject to acceleration or forfeiture upon the occurrence of certain events as set forth in the new hire’s option agreement.

About Helius Medical Technologies, Inc.

Helius Medical Technologies is a leading neurotech company in the medical device field focused on neurologic deficits using non-implantable platform technologies that amplify the brain’s ability to compensate and promote neuroplasticity, improving the lives of people dealing with neurologic diseases.

The Company’s first commercial product is the Portable Neuromodulation Stimulator (PoNS^®). For more information, visit www.heliusmedical.com.

About the PoNS Device and PoNS Therapy™

The Portable Neuromodulation Stimulator (PoNS) is an innovative non-surgical medical device, inclusive of a controller and mouthpiece, which delivers electrical stimulation to the surface of the tongue to improve balance and gait. The PoNS device is indicated for use in the United States as a short-term treatment of gait deficit due to mild-to-moderate symptoms from multiple sclerosis (“MS”) and is to be used as an adjunct to a supervised therapeutic exercise program in patients 22 years of age and over by prescription only. Helius is advancing PoNS post-approval research in MS through a recently launched Therapeutic Experience Program (TEP) designed to partner with neurologists and neurorehabilitation therapists at 10-12 US centers of excellence, who express an interest in becoming “early adopters” of PoNS therapy. For more information visit www.ponstherapy.com.

PoNS is also authorized for sale in Canada for two indications: (i) PoNS is authorized as a short-term treatment (14 weeks) of chronic balance deficit due to mild-to-moderate traumatic brain injury (“mmTBI”) and is to be used in conjunction with physical therapy; and (ii) PoNS is authorized for use as a short term treatment (14 weeks) of gait deficit due to mild and moderate symptoms from MS and is to be used in conjunction with physical therapy. PoNS is also authorized for sale in Australia for short term use by healthcare professionals as an adjunct to a therapeutic exercise program to improve balance and gait.

Investor Relations Contact

Lisa M. Wilson, In-Site Communications, Inc.
T: 212-452-2793
E: lwilson@insitecony.com

FAQ

What is the recent equity award approved by Helius Medical Technologies (HSDT)?

Helius approved an equity award allowing a new employee to purchase 50,000 shares at $0.215 each.

When was the equity award for HSDT approved?

The equity award was approved on December 27, 2022.

What is the purpose of the Portable Neuromodulation Stimulator (PoNS) by Helius?

PoNS is designed to treat gait deficits due to mild-to-moderate multiple sclerosis.

What are the vesting terms of the new equity award for HSDT?

The option vests over four years, with 25% vesting annually.