EDEN PRAIRIE, Minn., Aug. 24, 2021 (GLOBE NEWSWIRE) -- Nuwellis, Inc. (NASDAQ: NUWE), today announced that, effective August 18, 2021, the independent directors approved four equity awards under Nuwellis' 2021 Inducement Plan, as material inducement to four individuals entering into employment with the company. The equity awards were approved in accordance with NASDAQ Listing Rule 5635(c)(4), which also requires a public announcement of equity awards that are not made under a stockholder approved equity plan.
In connection with entering into employment with Nuwellis, Inc., the individuals, who were not previously employees or directors of Nuwellis, received options to purchase an aggregate of 42,345 shares of the company's common stock. The option awards have an exercise price of $4.57 per share, the closing price of Nuwellis' common stock on August 18, 2021, the date of the grant. The options have a ten-year term and vest over a period of four years, with 25% vesting one year after the date of grant and the remaining 75% vesting in 36 approximately equal monthly increments, provided the new hire's employment is continuing on each such date, and subject to acceleration or forfeiture upon the occurrence of certain events as set forth in the new hire's option agreement.
Nuwellis, Inc. (Nasdaq:NUWE) is a medical device company dedicated to changing the lives of patients suffering from fluid overload through science, collaboration, and innovation. The company is focused on developing, manufacturing, and commercializing the Aquadex SmartFlow® system for ultrafiltration therapy. Nuwellis is headquartered in Minneapolis, Minn., with a wholly-owned subsidiary in Ireland.
George Montague
Chief Financial Officer, Nuwellis, Inc.ir@nuwellis.com
Matt BacsoGilmartin GroupMatt.Bacso@gilmartinir.com