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

Rhea-AI Summary

Helius Medical Technologies (HSDT) announced that its independent directors have approved the issuance of equity awards as part of its 2021 Inducement Plan, effective May 23, 2022. Four new employees, not previously associated with Helius, received options to purchase a total of 21,000 shares at an exercise price of $1.40 each, which reflects the closing stock price on the date of the grant. These options will vest over four years, providing Helius with a strategic advantage in attracting talent while adhering to Nasdaq regulations.

Positive

• Independent directors approved equity awards as inducements for four new hires, enhancing talent acquisition.
• Equity awards issued at the market price, indicating a responsible financial strategy.

Negative

• None.

NEWTOWN, Pa., May 24, 2022 (GLOBE NEWSWIRE) -- Helius Medical Technologies, Inc. (Nasdaq: HSDT) (“Helius” or the “Company”), a neurotech company focused on neurological wellness, today announced that, effective May 23, 2022, its independent directors approved equity awards under Helius’ 2021 Inducement Plan, as a material inducement to four individuals entering into employment with the Company. The equity awards were 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 four individuals, who were not previous employees or directors of Helius, received options to purchase an aggregate of 21,000 shares of the Company’s Class A common stock. The option awards have an exercise price of $1.40 per share, the closing price of Helius’ common stock on May 23, 2022, the date of the grant. The options have a ten-year term and vest over a period of four years, with 25% vesting on each of the first, second, third and fourth anniversary of each individual’s hire date, 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.

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 purpose of Helius Medical Technologies' equity awards on May 23, 2022?

The equity awards were approved to attract four new employees as part of Helius' 2021 Inducement Plan.

How many shares were granted to new employees at Helius Medical Technologies?

The new employees received options to purchase a total of 21,000 shares.

What was the exercise price for the equity awards granted by Helius Medical Technologies?

The exercise price for the equity awards was $1.40 per share.

How long is the vesting period for the stock options granted by Helius?

The stock options vest over a period of four years.