Seelos Therapeutics Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Seelos Therapeutics, Inc. (Nasdaq: SEEL) announced the grant of a stock option to purchase 20,000 shares to a new employee under the 2019 Inducement Plan. The exercise price is set at $1.06, based on the closing price on July 1, 2020. The options vest over four years, with 1/4th vesting after one year and the remainder monthly thereafter, contingent on continuous employment. This action is in compliance with Nasdaq Listing Rule 5635(c)(4). Seelos focuses on developing therapies for central nervous system disorders and rare diseases.

NEW YORK, July 16, 2020 /PRNewswire/ -- Seelos Therapeutics, Inc. (Nasdaq: SEEL), a clinical-stage biopharmaceutical company focused on the development of therapies for central nervous system disorders and rare diseases, announced today that it has granted a stock option to purchase 20,000 shares of common stock to one new employee. The stock option was granted pursuant to the Seelos Therapeutics, Inc. 2019 Inducement Plan and granted as an inducement material to the new employee entering into employment with Seelos in accordance with Nasdaq Listing Rule 5635(c)(4).

The stock option has an exercise price equal to $1.06, the closing price per share of Seelos' common stock, as reported by Nasdaq, on July 1, 2020, the date of grant. The option is a non-qualified stock option and 1/4th of the shares vest on the one-year anniversary of the new employee's commencement of employment and an additional 1/48th of the shares vest monthly thereafter over the next three years, in each case provided that the new employee remains continuously employed by Seelos through the applicable vesting date, inclusive.

Seelos is providing this information in accordance with Nasdaq Listing Rule 5635(c)(4).

About Seelos Therapeutics
Seelos Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on the development and advancement of novel therapeutics to address unmet medical needs for the benefit of patients with central nervous system (CNS) disorders and other rare diseases. The Company's robust portfolio includes several late-stage clinical assets targeting indications including Acute Suicidal Ideation and Behavior (ASIB) in Major Depressive Disorder (MDD) or Post-Traumatic Stress Disorder (PTSD), Sanfilippo syndrome, Parkinson's Disease, other psychiatric and movement disorders plus orphan diseases.

For more information, please visit our website: http://seelostherapeutics.com, the content of which is not incorporated herein by reference.

Forward-looking Statements
This press release contains forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially from those projected. Forward-looking statements include statements about the employees and equity plans. Risks and uncertainties include risks associated with the Company's employees and equity plans, and additional risks set forth in the Company's filings with the Securities and Exchange Commission. These forward-looking statements represent the Company's judgment as of the date of this release. The Company disclaims, however, any intent or obligation to update these forward-looking statements.  

Contact Information:
Anthony Marciano
Head of Corporate Communications
Seelos Therapeutics, Inc. (Nasdaq: SEEL)
300 Park Ave., 12th Fl.
New York, NY 10022
(646) 293-2136
anthony.marciano@seelostx.com
www.seelostherapeutics.com
https://twitter.com/seelostx
https://www.linkedin.com/company/seelos

View original content:http://www.prnewswire.com/news-releases/seelos-therapeutics-announces-inducement-grant-under-nasdaq-listing-rule-5635c4-301095061.html

SOURCE Seelos Therapeutics, Inc.

FAQ

What is the stock option grant announced by Seelos Therapeutics on July 16, 2020?

Seelos Therapeutics announced a stock option grant to a new employee for 20,000 shares at an exercise price of $1.06, in accordance with the 2019 Inducement Plan.

What are the vesting terms for the stock options granted by Seelos Therapeutics?

The stock options vest over four years, with 1/4th vesting on the one-year anniversary of employment and an additional 1/48th vesting monthly thereafter.

What does Nasdaq Listing Rule 5635(c)(4) stipulate regarding stock options?

Nasdaq Listing Rule 5635(c)(4) requires disclosure of stock options granted as inducements to new employees.

What is the current focus of Seelos Therapeutics?

Seelos Therapeutics is focused on developing therapies for central nervous system disorders and rare diseases.