Vislink Technologies, Inc. Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Vislink Technologies, Inc. announced the granting of 29,055 restricted stock units (RSUs) to Michael Bond as an inducement for becoming the Chief Financial Officer. The RSUs are time-based and performance-based, with 9,406 time-based RSUs vesting over two years and the performance-based RSUs vesting based on specified revenue metrics by December 31, 2026.

Mt. Olive, NJ, Jan. 19, 2024 (GLOBE NEWSWIRE) -- Vislink Technologies, Inc. (“Vislink” or the “Company”) (Nasdaq: VISL) announced today that effective January 19, 2024, Michael Bond will be granted a time-based and performance-based award of 29,055 restricted stock units (“RSUs”) of the Company, outside of the Company’s existing equity compensation plans, in connection with Mr. Bond’s becoming employed as of that date as Chief Financial Officer of the Company. These RSUs were granted as an inducement grant, material to Mr. Bond becoming an employee of Vislink, and in accordance with Nasdaq Listing Rule 5635(c)(4).

9,406 of the inducement RSUs are time-based and will vest as to one-half of such time-based RSUs on each anniversary date over a period of two years. The balance of the inducement RSUs is performance-based. The performance-based RSUs will vest in three equal tranches upon the Company’s attainment of specified revenue metrics on or before December 31, 2026, subject in each case to Mr. Bond’s continued employment by the Company on the applicable vesting date. Upon vesting, the RSUs shall be settled in shares of the Company’s common stock.

Note on Forward-looking Statements

Certain statements in this press release are forward-looking statements that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. This press release contains forward-looking statements that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. Any statements, other than statements of historical fact included in this press release, including those regarding the Company’s strategy, future operations, future revenues, growth, profitability results, and financial position, risks of supply chain constraints and inflationary pressures, projected expenses, prospects, plans including footprint and technology asset consolidations, objectives of management, new capabilities, product and solutions launches including AI-assisted and 5G streaming technologies, expected timing of receipt of revenue and cash from orders and accounts receivables, projected pipeline sales opportunities and transactions in our sales pipeline, Q4 cash collection and revenue from late Q3 orders, acquisitions integration including the recently acquired BMS assets, cost savings, and expected market opportunities across the Company’s operating segments including the live event production market, the effects of the COVID-19 pandemic, the sufficiency of the Company’s capital resources to fund the Company’s operations and any statements regarding future results are forward-looking statements. Vislink may not actually achieve the plans, carry out the intentions, or meet the expectations or projections disclosed in any forward-looking statements such as the foregoing, and you should not place undue reliance on such forward-looking statements. Such statements are based on management’s current expectations and involve risks and uncertainties, including those discussed in Vislink’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the Securities and Exchange Commission (“SEC”) on March 31, 2023, and in subsequent filings with, or submissions to, the SEC from time to time.

The statements made in this press release speak only as of the date stated herein, and subsequent events and developments may cause the Company’s expectations and beliefs to change. While the Company may elect to update these forward-looking statements publicly at some point in the future, the Company expressly disclaims any obligation to do so, whether as a result of new information, future events, or otherwise, except as required by law. These forward-looking statements should not be relied upon as representing the Company’s views as of any date after the date stated herein.

About Vislink Technologies, Inc.

Vislink Technologies is a global technology leader in capturing, delivering, and managing high-quality live video and associated data. With a renowned heritage in video communications encompassing over 50 years, Vislink has revolutionized live video communications by delivering the highest-quality video from the scene, even in the most challenging transmission conditions—enabling broadcasters and public safety agencies to capture and share live video seamlessly and securely. Through its Mobile Viewpoint product lines, Vislink also provides live streaming solutions using bonded cellular, 5G, and AI-driven technologies for automated news and sports productions. Vislink’s shares of common stock are publicly traded on the Nasdaq Capital Market under the ticker symbol “VISL.” For more information, visit www.vislink.com.

Media Contact:
Nicole Rosen
D. Pagan Communications
nicoler@dpagan.com 

Investor Relations Contact:
Matt Glover and Alec Wilson
Gateway Group, Inc.
VISL@gateway-grp.com

FAQ

How many restricted stock units (RSUs) were granted to Michael Bond?

29,055 RSUs were granted to Michael Bond.

What is the vesting schedule for the time-based RSUs?

9,406 time-based RSUs will vest as to one-half on each anniversary date over a period of two years.

When will the performance-based RSUs vest?

The performance-based RSUs will vest in three equal tranches upon the Company’s attainment of specified revenue metrics on or before December 31, 2026.

What happens upon vesting of the RSUs?

Upon vesting, the RSUs shall be settled in shares of the Company’s common stock.