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

Rhea-AI Summary

Soleno Therapeutics (NASDAQ: SLNO) announced the grant of stock options to new VP of Clinical Development, Michael Woloschak, in compliance with Nasdaq rules.

The non-qualified stock option is for 75,000 shares at an exercise price of $0.763, equal to Soleno's stock closing price on November 16, 2021. The options vest over four years, beginning with 1/4 on the one-year anniversary of September 27, 2021, and subsequently 1/48 each month, contingent on continued employment.

Soleno focuses on developing therapies for rare diseases, including its candidate for Prader-Willi Syndrome.

Positive

• Grant of 75,000 stock options to a new executive may enhance company leadership.
• The exercise price of options aligns with the market, indicating stability.

Negative

• None.

REDWOOD CITY, Calif., Nov. 19, 2021 (GLOBE NEWSWIRE) -- Soleno Therapeutics, Inc. (Soleno) (NASDAQ: SLNO), a clinical-stage biopharmaceutical company developing novel therapeutics for the treatment of rare disease, today announced, as required by Nasdaq Stock Market rules, the grant of inducement awards to a new employee.

The independent members of the Board of Directors of Soleno approved the grant of a non-qualified stock option to purchase 75,000 shares of common stock to Michael Woloschak, Soleno’s new Vice President of Clinical Development, as an inducement for him entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).

The options have an exercise price of $0.763 per share, which is equal to the closing price of Soleno’s common stock on the Nasdaq Stock Market on November 16, 2021, the date of grant. The option award will vest over a four-year period, with 1/4^th of the total number of shares subject to the option vesting on the one-year anniversary of September 27, 2021 and 1/48^th of the total shares subject to the option vesting each month thereafter on the same day of the month, subject to such employee’s continued employment with Soleno through such vesting dates. The option award is 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 Prader-Willi Syndrome (PWS), is currently being evaluated in a Phase 3 clinical development program. For more information, please visit www.soleno.life.

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

FAQ

What stock options were granted by Soleno Therapeutics on November 19, 2021?

Soleno Therapeutics granted 75,000 stock options to new VP of Clinical Development, Michael Woloschak, at an exercise price of $0.763.

How does the vesting schedule for Soleno's stock options work?

The stock options vest over four years, with 1/4 of the shares vesting on the one-year anniversary of September 27, 2021, and 1/48 each month thereafter.

What is the focus of Soleno Therapeutics' development efforts?

Soleno Therapeutics focuses on developing novel therapeutics for rare diseases, particularly its lead candidate for Prader-Willi Syndrome.