STRATA Skin Sciences, Inc. Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

STRATA Skin Sciences, Inc. announced that Dr. Dolev Rafaeli has been granted an equity-based award as an inducement for joining the company as its Vice-Chairman, CEO, and President. The award consists of a stock option to purchase 1,754,569 shares of the company's common stock, with a strike price of $0.53 per share. The options will vest over a three-year period, with the first batch of 145,465 options vesting on January 31, 2024, and subsequent batches vesting every three months thereafter, subject to Dr. Rafaeli's continued employment and the terms of the award agreement.

HORSHAM, Pa., Oct. 31, 2023 (GLOBE NEWSWIRE) -- STRATA Skin Sciences, Inc. (NASDAQ: SSKN) (the “Company”), a medical technology company dedicated to developing, commercializing and marketing innovative products for the treatment of dermatologic conditions, today announced that, as previously reported on its Form 8-K filed on October 30, 2023, effective as of the close of trading on October 31, 2023, the Company granted equity-based awards, in accordance with Nasdaq Listing Rule 5635(c)(4), to Dr. Dolev Rafaeli as an inducement material to Dr. Rafaeli entering into an employment agreement with the Company and commencing employment as its Vice-Chairman, Chief Executive Officer and President. Dr. Rafaeli received an equity-based award of a stock option to purchase 1,754,569 shares of the Company’s common stock, with a strike price of $0.53 per share, vesting over a three-year period, with 145,465 options vesting on January 31, 2024, and 145,464 options vesting every three months thereafter, provided in general that Dr. Rafaeli remains in the Company’s employ through each applicable vesting date and subject to the terms and conditions of the applicable award agreement.

About STRATA Skin Sciences, Inc.
STRATA Skin Sciences is a medical technology company dedicated to developing, commercializing and marketing innovative products for the in-office treatment of various dermatologic conditions such as psoriasis, vitiligo, and acne. Its products include the XTRAC^® excimer laser, VTRAC^® lamp systems, and the TheraClear^®X Acne Therapy System.

STRATA is proud to offer these exciting technologies in the U.S. through its unique Partnership Program. STRATA’s popular partnership approach includes a fee per treatment cost structure versus an equipment purchase, installation and use of the device, on-site training for practice personnel, service and maintenance of the equipment, dedicated account and customer service associates, and co-op advertising support to help raise awareness and promote the program within the practice.

Safe Harbor
This press release includes "forward-looking statements" within the meaning of the Securities Litigation Reform Act of 1995. These statements include but are not limited to the Company’s plans, objectives, expectations and intentions and may contain words such as “will,” “may,” “seeks,” and “expects,” that suggest future events or trends. These statements, the Company’s ability to launch and sell an acne treatment device and to integrate that device into its product offerings, the Company’s ability to develop, launch and sell products recently acquired or to be developed in the future, the Company’s ability to develop social media marketing campaigns, direct to dermatologist marketing campaigns, and the Company’s ability to build a leading franchise in dermatology and aesthetics, are based on the Company’s current expectations and are inherently subject to significant uncertainties and changes in circumstances. Actual results may differ materially from the Company’s expectations due to financial, economic, business, competitive, market, regulatory, adverse market conditions labor supply shortages, or supply chain interruptions resulting from the coronavirus, fiscal, and political factors, responses, or conditions affecting the Company, the medical device industry and our customers and patients in general, as well as more specific risks and uncertainties set forth in the Company’s SEC reports on Forms 10-Q and 10-K. Given such uncertainties, any or all these forward-looking statements may prove to be incorrect or unreliable. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not undertake any obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release. The Company urges investors to carefully review its SEC disclosures available at www.sec.gov and www.strataskinsciences.com.

Investor Contact:
Rich Cockrell
CG Capital
Phone: +1 (404) 736-3838
sskn@cg.capital 

FAQ

What is the name of the company mentioned in the press release?

The company mentioned in the press release is STRATA Skin Sciences, Inc.

What is the stock ticker symbol of STRATA Skin Sciences, Inc.?

The stock ticker symbol of STRATA Skin Sciences, Inc. is SSKN.

Who is Dr. Dolev Rafaeli?

Dr. Dolev Rafaeli is the individual who has been granted an equity-based award by STRATA Skin Sciences, Inc. He will be serving as the Vice-Chairman, Chief Executive Officer, and President of the company.

What is the strike price of the stock option granted to Dr. Rafaeli?

The strike price of the stock option granted to Dr. Rafaeli is $0.53 per share.

How many shares can Dr. Rafaeli purchase through the stock option?

Dr. Rafaeli can purchase 1,754,569 shares of the company's common stock through the stock option.

What is the vesting period for the stock option?

The stock option will vest over a three-year period.

When will the first batch of options vest?

The first batch of options, consisting of 145,465 shares, will vest on January 31, 2024.

How often will subsequent batches of options vest?

Subsequent batches of options will vest every three months.

What are the conditions for vesting?

The options will vest as long as Dr. Rafaeli remains employed by the company on each applicable vesting date and complies with the terms and conditions of the award agreement.