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

Rhea-AI Summary

Seelos Therapeutics (Nasdaq: SEEL) announced on December 21, 2021, the grant of a stock option to purchase 75,000 shares of common stock to a new employee. The option, part of the 2019 Inducement Plan, has an exercise price of $1.65, reflecting the closing stock price on December 20, 2021. Vesting occurs with 1/4th after one year, then monthly over three years, contingent on continuous employment. This move aligns with Nasdaq Listing Rule 5635(c)(4) and underscores Seelos Therapeutics' commitment to attract talent as it advances its pipeline targeting CNS disorders and rare diseases.

Positive

• Granting stock options may attract and retain talent, enhancing workforce stability.
• The option exercise price aligns with recent stock value, potentially indicating confidence in current valuation.

Negative

• None.

NEW YORK, Dec. 21, 2021 /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 75,000 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 $1.65, the closing price per share of Seelos' common stock, as reported by Nasdaq, on December 20, 2021, 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), amyotrophic lateral sclerosis (ALS), 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
Chief Communications Officer
Seelos Therapeutics, Inc. (Nasdaq: SEEL)
300 Park Ave., 2nd 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

Mike Moyer
Managing Director
LifeSci Advisors, LLC
250 West 55th St., Suite 3401
New York, NY 10019
(617) 308-4306
mmoyer@lifesciadvisors.com

 

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SOURCE Seelos Therapeutics, Inc.

FAQ

What stock options were granted by Seelos Therapeutics on December 21, 2021?

Seelos Therapeutics granted a stock option to purchase 75,000 shares of common stock to a new employee.

What is the exercise price for the stock options granted by SEEL?

The exercise price for the stock options is $1.65 per share.

How long is the vesting period for the stock options at Seelos Therapeutics?

The stock options vest 1/4th on the one-year anniversary and then monthly over the next three years.

Under which Nasdaq rule was the stock option grant made?

The stock option grant was made in accordance with Nasdaq Listing Rule 5635(c)(4).

What does Seelos Therapeutics focus on?

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