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

Rhea-AI Summary

Nuwellis, Inc. (Nasdaq: NUWE) announced the approval of equity awards for seven new employees under its 2021 Inducement Plan, effective November 15, 2022. These awards include options to purchase a total of 9,695 shares with an exercise price of $0.11 per share. The options vest over four years, with 25% vesting after the first year. This approval aligns with Nasdaq Listing Rule 5635(c)(4), which mandates public disclosure of such equity awards. Nuwellis aims to enhance patient care through its Aquadex SmartFlow® system, treating fluid overload in patients.

Positive

• Approval of equity awards for seven new hires, strengthening the workforce.
• Options to purchase 9,695 shares at an exercise price of $0.11 indicates alignment with market value.

Negative

• None.

MINNEAPOLIS, Nov. 18, 2022 (GLOBE NEWSWIRE) -- Nuwellis, Inc. (Nasdaq: NUWE), today announced that, effective November 15, 2022, the independent directors approved equity awards under Nuwellis’ 2021 Inducement Plan, as material inducements to seven 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 9,695 shares of the company’s common stock. The option awards have an exercise price of $.11 per share, the closing price of Nuwellis’ common stock on November 15, 2022, the date of the 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, and 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 device company dedicated to transforming the lives of patients suffering from fluid overload through science, collaboration, and innovation. The company is focused on developing, manufacturing, and commercializing the Aquadex SmartFlow® system for ultrafiltration therapy. Nuwellis is headquartered in Minneapolis, Minn., with a wholly owned subsidiary in Ireland.

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.

FAQ

What does Nuwellis, Inc. (NUWE) do?

Nuwellis, Inc. focuses on developing medical devices to manage fluid overload in patients, particularly through the Aquadex SmartFlow® system.

When were the equity awards approved by Nuwellis (NUWE)?

The equity awards were approved effective November 15, 2022.

How many shares were awarded to new employees at Nuwellis (NUWE)?

A total of 9,695 shares were awarded to seven new employees.

What is the exercise price for the options granted by Nuwellis (NUWE)?

The exercise price for the options is $0.11 per share.

What is the vesting period for the equity awards at Nuwellis (NUWE)?

The options vest over four years, with 25% vesting after the first year.