LSI Industries Inc. Reports Inducement Grants Under NASDAQ Listing Rules

Rhea-AI Summary

LSI Industries Inc. (LYTS) announces an inducement grant to Kevin Kilkelly, President of Atlas Lighting Products, Inc. The grant includes an option to purchase 30,000 shares of common stock at $14.41 per share, vesting in full after three years.

CINCINNATI--(BUSINESS WIRE)-- LSI Industries Inc. (NASDAQ: LYTS, or the “Company”) a leading U.S. based manufacturer of commercial lighting and display solutions, today announced an inducement grant in accordance with NASDAQ Listing Rule 5635(c)(4) to Kevin Kilkelly, President, Atlas Lighting Products, Inc., effective March 1, 2024. The awards were granted by the Company’s Compensation Committee.

Mr. Kilkelly was granted an inducement stock option to purchase up to 30,000 shares of the Company’s common stock. The award was approved in connection with the commencement of his employment with the Company on February 28, 2024 and has a ten-year term. The option is exercisable at a price of $14.41 per share (the closing price on March 1, 2024). The options will vest in full on the third anniversary date of grant.

About LSI Industries Inc.

Headquartered in Cincinnati, LSI Industries (Nasdaq: LYTS) specializes in the creation of advanced lighting, graphics, and display solutions. The company's American-made products, which include lighting, print graphics, digital graphics, refrigerated, and custom displays, are engineered to elevate brands in competitive markets. With a workforce of nearly 1,600 employees and 11 facilities throughout North America, LSI is dedicated to providing top-quality solutions to its customers. Additional information about LSI is available at www.lsicorp.com.

Forward-Looking Statements

For details on the uncertainties that may cause our actual results to be materially different than those expressed in our forward-looking statements, visit https://investors.lsicorp.com as well as our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q which contain risk factors.

Additional note: Today’s news release, along with past releases from LSI Industries Inc., is available on the Company’s internet site at www.lsicorp.com.

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Investor contact: Noel Ryan, IRC; 770.778.2415; LYTS@vallumadvisors.com

Source: LSI Industries Inc.

FAQ

What inducement grant did LSI Industries Inc. (LYTS) announce?

LSI Industries Inc. (LYTS) announced an inducement grant to Kevin Kilkelly, President of Atlas Lighting Products, Inc.

How many shares of common stock can Kevin Kilkelly purchase?

Kevin Kilkelly was granted an option to purchase up to 30,000 shares of LSI Industries Inc. (LYTS) common stock.

At what price can Kevin Kilkelly exercise the stock option?

Kevin Kilkelly can exercise the stock option at a price of $14.41 per share, based on the closing price on March 1, 2024.

When will the options granted to Kevin Kilkelly vest?

The options granted to Kevin Kilkelly will vest in full on the third anniversary date of the grant.