Nuwellis, Inc. Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Nuwellis, Inc. (NUWE) Approves Equity Awards Under 2021 Inducement Plan for New Hires. The company's independent directors approved equity awards as material inducements to five individuals entering into employment with the company. The options to purchase a total of 1,943 shares of the company's common stock were granted at an exercise price of $0.60 per share, with a ten-year term and vesting over a period of four years.

MINNEAPOLIS, Nov. 14, 2023 (GLOBE NEWSWIRE) -- Nuwellis, Inc. (Nasdaq: NUWE) today announced that, effective November 14, 2023, the Company’s independent directors approved equity awards under Nuwellis’ 2021 Inducement Plan, as material inducements to five 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 Nuwellis, Inc., the individuals, who were not previously employees or directors of Nuwellis, received options to purchase an aggregate of 1,943 shares of the Company’s common stock. All of the options have an exercise price of $0.60 per share, the closing price of Nuwellis’ common stock on November 14, 2023, the effective date of those grants. The options have a ten-year term and vest over a period of four years, with 25% vesting one year after the date of grant and the remaining 75% vesting in 36 approximately equal monthly increments, provided the new hire’s employment is continuing on each such date, subject to acceleration or forfeiture upon the occurrence of certain events as set forth in the new hire’s option agreement. 

About Nuwellis 

Nuwellis, Inc. (Nasdaq: NUWE) is a medical technology company dedicated to transforming the lives of patients suffering from fluid overload through science, collaboration, and innovation. The Company is focused on commercializing the Aquadex SmartFlow® system for ultrafiltration therapy. Nuwellis is headquartered in Minneapolis, with a wholly owned subsidiary in Ireland. For more information, visit www.nuwellis.com or visit us on LinkedIn and Twitter. 

About the Aquadex SmartFlow System 

The Aquadex SmartFlow system delivers clinically proven therapy using a simple, flexible and smart method of removing excess fluid from patients suffering from hypervolemia (fluid overload). The Aquadex SmartFlow system is indicated for temporary (up to 8 hours) or extended (longer than 8 hours in patients who require hospitalization) use in adult and pediatric patients weighing 20 kg or more whose fluid overload is unresponsive to medical management, including diuretics. All treatments must be administered by a health care provider, within an outpatient or inpatient clinical setting, under physician prescription, both having received training in extracorporeal therapies. 

CONTACTS

INVESTORS:

Vivian Cervantes

Gilmartin Group

ir@nuwellis.com

 

Source: Nuwellis, Inc. 

 

FAQ

What did Nuwellis, Inc. announce on November 14, 2023?

Nuwellis, Inc. announced the approval of equity awards under its 2021 Inducement Plan for new hires.

How many individuals received equity awards from Nuwellis, Inc.?

Five individuals received equity awards from Nuwellis, Inc.

What is the exercise price of the options granted by Nuwellis, Inc.?

The exercise price of the options granted by Nuwellis, Inc. is $0.60 per share.

How long is the term of the options granted by Nuwellis, Inc.?

The options granted by Nuwellis, Inc. have a ten-year term.

How do the options granted by Nuwellis, Inc. vest?

The options granted by Nuwellis, Inc. vest over a period of four years, with 25% vesting one year after the date of grant and the remaining 75% vesting in approximately equal monthly increments.

What is the purpose of announcing equity awards under Nasdaq Listing Rule 5635(c)(4)?

The purpose of announcing equity awards under Nasdaq Listing Rule 5635(c)(4) is to comply with the requirement for a public announcement of equity awards that are not made under a stockholder-approved equity plan.