NeuroOne Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

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NeuroOne Medical Technologies Corporation (NMTC) announces an equity award under the Inducement Plan to a new employee, granting 65,000 shares at $1.07 per share. The award vests over ten years, with 25% vesting after one year and the rest quarterly.

EDEN PRAIRIE, Minn., Feb. 23, 2024 (GLOBE NEWSWIRE) -- NeuroOne Medical Technologies Corporation (NASDAQ: NMTC) ("NeuroOne" or the "Company"), a medical technology company focused on improving surgical care options and outcomes for patients suffering from neurological disorders today announced that, effective February 23, 2024, the Compensation Committee of the Board of Directors approved an equity award under the NeuroOne Medical Technologies Corporation 2021 Inducement Plan (the “Inducement Plan”), as a material inducement to one 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 awards that are not made under a stockholder approved equity plan.

In connection with entering into employment with NeuroOne, the individual, who was not previously an employee or director of NeuroOne, received an option to purchase 65,000 shares of the Company’s common stock. The option award has an exercise price of $1.07 per share, the closing price of NeuroOne’s common stock on February 23, 2024, the date of the grant. The option has a ten-year term and vests as to 25% on the first anniversary of the new hire’s start date, with the remaining shares vesting in 12 equal quarterly installments on the last day of each quarter, provided the new hire’s employment is continuing on each such date.

About NeuroOne

NeuroOne Medical Technologies Corporation is a developmental stage company committed to providing minimally invasive and hi-definition solutions for EEG recording, brain stimulation and ablation solutions for patients suffering from epilepsy, Parkinson's disease, dystonia, essential tremors, chronic pain due to failed back surgeries and other related neurological disorders that may improve patient outcomes and reduce procedural costs. For more information, visit https://www.nmtc1.com.

Contact:
800-631-4030
ir@nmtc1.com

FAQ

What did NeuroOne Medical Technologies Corporation announce?

NeuroOne announced an equity award under the Inducement Plan to a new employee.

How many shares were granted to the new employee?

The new employee received an option to purchase 65,000 shares of the company's common stock.

At what price were the shares granted?

The shares were granted at an exercise price of $1.07 per share.

How long is the term of the option?

The option has a ten-year term.

How does the vesting schedule work for the option?

The option vests as to 25% on the first anniversary of the new hire's start date, with the remaining shares vesting in 12 equal quarterly installments.