ProPhase Labs Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

ProPhase Labs, Inc. grants an inducement stock option to purchase up to 50,000 shares of common stock to Lance Bisesar, the new Controller. The option award will vest over four years, with a strike price of $6.20 per share and a 7-year exercise period.

Garden City, NY, April 01, 2024 (GLOBE NEWSWIRE) -- ProPhase Labs, Inc. (NASDAQ: PRPH) (“ProPhase” or the “Company”), a next-generation biopharma, genomics, and diagnostics company, today announced that it has granted an inducement stock option to purchase up to 50,000 shares of the Company’s common stock to Lance Bisesar, who recently joined the Company as Controller. This award was made in accordance with the employment inducement award exemption provided by Nasdaq Rule 5635(c)(4) and was therefore not awarded under the Company’s stockholder approved equity plan. The option award will vest as follows, contingent upon continued service: 25% will vest on each of the next four anniversaries of the grant date. The options will have a strike price of $6.20 per share and will be exercisable for a period of 7 years.

About ProPhase Labs

ProPhase Labs, Inc. (Nasdaq: PRPH) is a next-generation biotech, genomics and diagnostics company. Our goal is to create a healthier world with bold action and the power of insight. We’re revolutionizing healthcare with industry-leading Whole Genome Sequencing solutions, while developing potential game changer diagnostics and therapeutics in the fight against cancer. This includes a potentially life-saving cancer test focused on early detection of esophageal cancer and potential breakthrough cancer therapeutics with novel mechanisms of action. Our world-class CLIA labs and cutting-edge diagnostic technology provide wellness solutions for healthcare providers and consumers. We develop, manufacture, and commercialize health and wellness solutions to enable people to live their best lives. We are committed to executional excellence, smart diversification, and a synergistic, omni-channel approach. ProPhase Labs’ valuable subsidiaries, their synergies, and significant growth underscores our multi-billion dollar potential.

For more information, visit www.ProPhaseLabs.com.

ProPhase Media Relations and Institutional Investor Contact:
ProPhase Labs, Inc.
267-880-1111
investorrelations@prophaselabs.com

ProPhase Retail Investor Relations Contact:
Renmark Financial Communications
John Boidman
514-939-3989
Jboidman@renmarkfinancial.com

Source: ProPhase Labs, Inc.

FAQ

How many shares of ProPhase Labs, Inc. common stock can Lance Bisesar purchase through the inducement stock option?

Lance Bisesar can purchase up to 50,000 shares of ProPhase Labs, Inc. common stock.

What is the vesting schedule for the option award granted to Lance Bisesar?

The option award will vest over four years, with 25% vesting on each of the next four anniversaries of the grant date.

What is the strike price for the stock option granted to Lance Bisesar?

The stock option has a strike price of $6.20 per share.

How long is the exercise period for the stock option granted to Lance Bisesar?

The stock option is exercisable for a period of 7 years.