Rockwell Medical Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Rockwell Medical (RMTI) announced the approval of option grants for two new employees, allowing them to purchase a total of 75,000 shares of common stock. This was done as an inducement for their employment, in line with Nasdaq rules, and the exercise price is set at $0.53, matching the closing stock price on the grant date, November 10, 2021. The options will vest over three years, contingent on continued employment. Rockwell Medical specializes in biopharmaceuticals, focusing on iron deficiency treatments and offers two FDA-approved therapies for hemodialysis patients.

Positive

• Approval of option grants for new employees to enhance talent acquisition.
• Shares priced at $0.53, aligning with the market closing price.

Negative

• None.

WIXOM, Mich., Nov. 12, 2021 (GLOBE NEWSWIRE) -- Rockwell Medical, Inc. (Nasdaq: RMTI), a biopharmaceutical company dedicated to transforming the treatment of iron deficiency and anemia management and improving outcomes for patients around the world, today announced that a majority of the independent directors serving on the Company’s Board of Directors approved option grants to two new employees to purchase an aggregate of 75,000 shares of the Company’s common stock (the “Inducement Grants”). The Inducement Grants have been granted outside of the Company’s 2018 Long Term Incentive Plan (“Plan”) but remain subject to the terms and conditions of such Plan. The Inducement Grants were made as an inducement material to such individuals entering into employment with Rockwell Medical in accordance with Nasdaq Listing Rule 5635(c)(4). The Inducement Grants have an exercise price of $0.53, which is equal to the closing price of Rockwell Medical’s common stock on November 10, 2021, the grant date of the award. The Inducement Grants will vest over a 3-year period, with one-third of the shares vesting on each of the first three anniversaries of the grant date, subject to continued employment through the applicable vesting dates.

About Rockwell Medical

Rockwell Medical is a commercial-stage biopharmaceutical company developing and commercializing its next-generation parenteral iron technology platform, Ferric Pyrophosphate Citrate (FPC), which has the potential to lead transformative treatments for iron deficiency in multiple disease states, reduce healthcare costs and improve patients’ lives. The Company has two FDA-approved therapies indicated for patients undergoing hemodialysis, which are the first two products developed from the FPC platform. The Company is developing FPC for the treatment of iron deficiency in patients outside of dialysis, who are receiving intravenous medications in the home infusion setting, a large and rapidly growing segment of healthcare, and where these patients suffer from chronic diseases associated with high incidence of iron deficiency and anemia. In addition, Rockwell Medical is one of two major suppliers of life-saving hemodialysis concentrate products to kidney dialysis clinics in the United States. For more information, visit www.RockwellMed.com.

ROCKWELL MEDICAL CONTACTS

Investors:
Argot Partners
212.600.1902
Rockwell@argotpartners.com

Media:
David Rosen
Argot Partners
212.600.1902
david.rosen@argotpartners.com

FAQ

What is the recent announcement by Rockwell Medical (RMTI) regarding employee stock options?

Rockwell Medical announced option grants for two new employees to purchase 75,000 shares, with an exercise price of $0.53.

How will the stock options for Rockwell Medical employees vest?

The stock options will vest over three years, with one-third vesting on each of the first three anniversaries of the grant date.

What is the significance of the option grants for Rockwell Medical's workforce?

The option grants serve as an inducement for new employees, which could enhance talent acquisition and retention.

What is the closing price of Rockwell Medical's stock on the grant date?

The closing price on the grant date, November 10, 2021, was $0.53.