Lucira Health Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Lucira Health, a medical technology company, announced the grant of 1,051,405 restricted stock units (RSUs) to new employees on July 27, 2022. This grant, approved by its Board of Directors, serves as an inducement to support new employment, in line with Nasdaq Listing Rule 5635(c)(4). The RSUs will vest over four years, with an initial 25% vesting after a year, followed by quarterly vesting, contingent on continued employee service. Lucira specializes in innovative infectious disease testing technologies, including rapid COVID-19 testing kits.

Positive

• Grant of 1,051,405 RSUs indicates company growth and new hiring initiatives.
• RSUs vesting over four years promotes employee retention.

Negative

• None.

EMERYVILLE, Calif., Aug. 01, 2022 (GLOBE NEWSWIRE) -- Lucira Health, Inc. ("Lucira Health" or "Lucira") (Nasdaq: LHDX), a medical technology company focused on the development and commercialization of innovative infectious disease tests today announced that on July 27, 2022, the Board of Directors of Lucira granted inducement awards consisting of 1,051,405 restricted stock units (“RSUs”) under Lucira’s 2022 Inducement Plan. The Board of Directors approved the awards as an inducement material to the new employees’ employment in accordance with Nasdaq Listing Rule 5635(c)(4).

The RSUs will vest over four years, with 25% of the underlying shares vesting on the one year anniversary of the applicable vesting commencement date and 1/16th of the underlying shares vesting quarterly thereafter, subject to the new employees’ continued service relationship with Lucira through the applicable vesting dates. The awards are subject to the terms and conditions of Lucira’s 2022 Inducement Plan and the terms and conditions of an applicable award agreement covering the grant.

About Lucira Health
Lucira is a medical technology company focused on the development and commercialization of transformative and innovative infectious disease test kits. Lucira’s testing platform produces lab quality molecular testing in a single-use, consumer-friendly, palm-size test kit powered by two AA batteries. Lucira designed its test kits to provide accurate, reliable, and on-the-spot molecular test results anywhere and at any time. The Lucira™ Check-It COVID-19 Test Kit (OTC) and Lucira™ COVID-19 All-In-One Test Kit (Rx) are designed to provide a clinically relevant COVID-19 result within 30 minutes from sample collection. For more information, visit www.lucirahealth.com.

Investor Contact
Greg Chodaczek
Investorrelations@lucirahealth.com
332-895-3230

FAQ

What is the significance of the RSUs granted by Lucira Health on July 27, 2022?

The RSUs are intended as an inducement for new employees, highlighting Lucira's growth strategy and commitment to attracting talent.

How will the RSUs vest for Lucira Health employees?

The RSUs will vest over four years, with 25% vesting after one year and the remaining shares vesting quarterly.

What does Lucira Health focus on in the medical technology sector?

Lucira Health focuses on developing innovative infectious disease test kits, including rapid COVID-19 testing solutions.

Under which plan were the RSUs granted to Lucira Health employees?

The RSUs were granted under Lucira's 2022 Inducement Plan.