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

Rhea-AI Summary

Helius Medical Technologies (HSDT) announced the approval of equity awards under its 2021 Inducement Plan for two new employees, effective December 16, 2021. The independent directors sanctioned options to purchase 7,500 shares of Class A common stock at an exercise price of $5.12. These options will vest over four years, with quarterly vesting tied to continued employment. Helius focuses on neurological wellness through its Portable Neuromodulation Stimulator (PoNS), aimed at treating gait deficits in multiple sclerosis patients.

Positive

• Equity awards approved for new hires could attract valuable talent.
• Seven thousand five hundred shares awarded may incentivize performance.

Negative

• Options have a long vesting period of four years, delaying potential impact.

NEWTOWN, Pa., Dec. 20, 2021 (GLOBE NEWSWIRE) -- Helius Medical Technologies, Inc. (Nasdaq: HSDT) (“Helius” or the “Company”), a neurotech company focused on neurological wellness, today announced that, effective December 16, 2021, its independent directors approved equity awards under Helius’ 2021 Inducement Plan, as a material inducement to two 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 two individuals, who were not previous employees or directors of Helius, received options to purchase an aggregate of 7,500 shares of the Company’s Class A common stock. The option awards have an exercise price of $5.12 per share, the closing price of Helius’ common stock on December 17, 2021, 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 are the recent equity awards approved by Helius Medical Technologies (HSDT)?

Helius approved equity awards under its 2021 Inducement Plan for two new employees, granting options to purchase 7,500 shares at $5.12 each.

What is the significance of the equity awards on HSDT’s stock?

The equity awards could attract talent, but the long vesting period may delay the impact on stock performance.

When were the equity awards approved for HSDT?

The equity awards were approved on December 16, 2021.

What is Helius Medical Technologies' focus area?

Helius specializes in neurological wellness using non-implantable technologies, particularly the Portable Neuromodulation Stimulator (PoNS).

What does the PoNS device treat?

The PoNS device treats gait deficits in patients with mild-to-moderate multiple sclerosis as part of a therapeutic exercise program.