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 75,000 shares to a new employee under its 2019 Inducement Plan, compliant with Nasdaq Listing Rule 5635(c)(4). The exercise price is set at $1.46, matching the closing price on January 4, 2021. The option is a non-qualified stock option, with vesting terms that include 1/4th of the shares vesting after one year and the remainder vesting monthly over three years, contingent on continued employment.

Seelos aims to address unmet medical needs in central nervous system and rare disorders.

Positive

• Stock option grant of 75,000 shares may attract talent.
• Exercise price aligns with recent stock performance.

Negative

• Stock options may dilute existing shareholder equity.

NEW YORK, Jan. 5, 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 $1.46, the closing price per share of Seelos' common stock, as reported by Nasdaq, on January 4, 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 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 is the stock option grant by Seelos Therapeutics?

Seelos Therapeutics granted a stock option for 75,000 shares to a new employee as part of its 2019 Inducement Plan.

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

The exercise price for the stock options is set at $1.46.

When do the stock options granted by Seelos Therapeutics vest?

The stock options vest 1/4th after one year of employment and the remaining 1/48th monthly over three years.

What Nasdaq rule does the stock option grant comply with?

The stock option grant complies with Nasdaq Listing Rule 5635(c)(4).

What does Seelos Therapeutics focus on?

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