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

Rhea-AI Summary

Nuwellis, Inc. (NASDAQ: NUWE) announced on February 22, 2022, that its independent directors approved equity awards for five new employees as part of the 2021 Inducement Plan. The awards include options for a total of 7,694 shares, with an exercise price of $1.10 per share, matching the stock's closing price on the grant date. These options have a ten-year term and vest over four years. Nuwellis focuses on treating fluid overload through its Aquadex SmartFlow system, providing innovative ultrafiltration therapy to patients unresponsive to traditional medical management.

Positive

• Approval of equity awards may enhance talent acquisition, potentially benefiting the company's growth.
• The Aquadex SmartFlow system addresses a significant medical need in managing fluid overload.

Negative

• None.

MINNEAPOLIS, Feb. 22, 2022 (GLOBE NEWSWIRE) -- Nuwellis, Inc. (NASDAQ: NUWE), today announced that, effective February 22, 2022, the 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 7,694 shares of the company’s common stock. The option awards have an exercise price of $1.10 per share, the closing price of Nuwellis’ common stock on February 22, 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 equity awards were approved by Nuwellis on February 22, 2022?

Nuwellis approved equity awards for five individuals, totaling options for 7,694 shares with an exercise price of $1.10 per share.

What is the vesting schedule for the equity awards granted by Nuwellis?

The options vest over four years, with 25% vesting after one year and the remaining 75% vesting in approximately equal monthly increments.

What is the focus of Nuwellis, Inc. in the medical device industry?

Nuwellis is focused on transforming lives through its Aquadex SmartFlow system, which treats patients suffering from fluid overload.

What does the Aquadex SmartFlow system do?

The Aquadex SmartFlow system is designed to remove excess fluid from patients with hypervolemia, using clinically proven ultrafiltration therapy.

How long can the Aquadex SmartFlow system be used for patients?

The system is indicated for temporary use of up to 8 hours or extended use for hospitalized patients requiring longer treatment.