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

Rhea-AI Summary

Soleno Therapeutics, Inc. announced the grant of inducement awards to five new employees, with non-qualified stock options to purchase 144,300 shares of common stock. The options have an exercise price of $45.40 per share and will vest over a four-year period. This move aligns with Nasdaq Stock Market rules and aims to attract top talent to support Soleno's development of novel therapeutics for rare diseases.

REDWOOD CITY, Calif., March 08, 2024 (GLOBE NEWSWIRE) -- Soleno Therapeutics, Inc. (“Soleno”) (NASDAQ: SLNO), a clinical-stage biopharmaceutical company developing novel therapeutics for the treatment of rare diseases, today announced, as required by Nasdaq Stock Market rules, the grant of inducement awards to five new employees.

The independent members of the Board of Directors of Soleno approved the grant of non-qualified stock options to purchase 144,300 shares of common stock to five employees as an inducement for them entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).

The options have an exercise price of $45.40 per share, which is equal to the closing price of Soleno’s common stock on the Nasdaq Stock Market on March 5, 2024, the date of grant. The option award will vest over a four-year period, with 25% of the shares subject to the award vesting on the one-year anniversary of the date of grant, and thereafter an additional 1/48th of the shares subject to the award vesting on each succeeding monthly anniversary of the date of grant, subject to such employee’s continued employment with Soleno through such vesting dates. The option awards are subject to the terms and conditions of Soleno’s existing 2020 Inducement Equity Incentive Plan and the terms and conditions of the stock option covering the grant.

About Soleno Therapeutics, Inc.
Soleno is focused on the development and commercialization of novel therapeutics for the treatment of rare diseases. The company’s lead candidate, DCCR extended-release tablets, a once-daily oral tablet for the treatment of PWS, recently completed its Phase 3 development program to support a planned NDA submission. For more information, please visit www.soleno.life.

Corporate Contact:
Brian Ritchie
LifeSci Advisors, LLC
212-915-2578

FAQ

What did Soleno Therapeutics announce regarding new employees?

Soleno announced the grant of inducement awards to five new employees.

How many shares of common stock can the new employees purchase?

The new employees can purchase 144,300 shares of common stock.

What is the exercise price per share for the stock options?

The exercise price per share for the stock options is $45.40.

How long is the vesting period for the option awards?

The option awards will vest over a four-year period.

What is the vesting schedule for the option awards?

25% of the shares subject to the award vest on the one-year anniversary of the date of grant, with an additional 1/48th of the shares vesting on each succeeding monthly anniversary.