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

Rhea-AI Summary

Seelos Therapeutics (Nasdaq: SEEL) announced on July 15, 2020, the grant of a stock option for 50,000 shares at an exercise price of $1.01 to a new employee, in accordance with Nasdaq Listing Rule 5635(c)(4). The option is non-qualified, with vesting occurring over four years, contingent on the employee's continuous employment. This move aims to incentivize talent acquisition as the company develops therapies for central nervous system disorders and rare diseases, including conditions like Major Depressive Disorder and Parkinson's Disease.

Positive

• Granting of stock options may help attract and retain talent.
• Focus on central nervous system disorders indicates ongoing commitment to addressing unmet medical needs.

Negative

• None.

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 on July 15, 2020, the compensation committee of Seelos' board of directors approved the grant of a stock option to purchase 50,000 shares of common stock to one new employee.  The stock option was granted as inducements 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 $1.01, the closing price per share of Seelos' common stock, as reported by Nasdaq, on July 15, 2020, the date of grant. The option is a non-qualified stock option and 1/4th of the shares subject to the option vest on the one-year anniversary of the grant date and an additional 1/48th of the shares subject to the option 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

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SOURCE Seelos Therapeutics, Inc.

FAQ

What stock option was granted by Seelos Therapeutics on July 15, 2020?

Seelos Therapeutics granted a stock option to purchase 50,000 shares at an exercise price of $1.01.

Why did Seelos Therapeutics grant stock options?

The stock options were granted as inducements to encourage a new employee to join the company.

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

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

What is the purpose of Seelos Therapeutics' stock option grants?

The purpose is to attract and retain talent as Seelos develops therapies for central nervous system disorders.

What NASDAQ rule governs the stock option grant by Seelos?

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