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

Rhea-AI Summary

Seelos Therapeutics (Nasdaq: SEEL) announced the grant of a stock option for 50,000 shares to a new employee, under its 2019 Inducement Plan, compliant with Nasdaq Rule 5635(c)(4). The exercise price is set at $0.97, the closing share price on December 1, 2020. Vesting is structured over four years, with one-fourth vesting annually and the remainder monthly, contingent on continuous employment. This indicates the company's commitment to attracting talent in the competitive biopharmaceutical sector.

Positive

• Stock option granted to attract new talent, enhancing workforce.
• Vesting schedule incentivizes long-term employee retention.

Negative

• None.

NEW YORK, Dec. 2, 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 50,000 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 $0.97, the closing price per share of Seelos' common stock, as reported by Nasdaq, on December 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 disorders. The Company's robust portfolio includes several late-stage clinical assets targeting psychiatric and movement disorders, including 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

 

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SOURCE Seelos Therapeutics, Inc.

FAQ

What stock option did Seelos grant on December 2, 2020?

Seelos Therapeutics granted a stock option to purchase 50,000 shares of common stock to a new employee.

What is the exercise price of Seelos' stock option granted on December 2, 2020?

The exercise price of the stock option is $0.97.

What is the vesting schedule for the stock option granted by Seelos?

The stock option vests 1/4th on the one-year anniversary of employment and 1/48th monthly over the next three years.

Under which plan did Seelos grant the stock option?

The stock option was granted under the Seelos Therapeutics 2019 Inducement Plan.