Endologix Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4) on November 6, 2018
IRVINE, Calif.--(BUSINESS WIRE)-- Endologix Inc. (Nasdaq: ELGX) (the “Company”), a developer and marketer of innovative treatments for aortic disorders, announced today the grant of inducement equity awards to three newly hired employees (together, the “Awardees”). The awards were approved by the Company’s Compensation Committee, which is comprised of independent Directors, on November 6, 2018, as an inducement material to the Awardees’ entry into employment with the Company, as permitted under NASDAQ Listing Rule 5635(c)(4).
The inducement grants to the Awardees consisted of options to purchase up to an aggregate of 171,500 shares of the Company’s common stock, par value $0.001 per share (“Common Stock”), at an exercise price of $1.37 per share (the “Awards”). The exercise price of the Awards is equal to the closing price per share of Common Stock as reported by NASDAQ on November 6, 2018. The date of grant for the Awards was November 6, 2018.
One-third (33%) of the shares subject to the Awards shall vest on the first anniversary of the grant date, with the remaining shares vesting in twenty-four (24) equal, consecutive, monthly installments as measured from the first anniversary of the grant date.
Endologix, Inc. develops, manufactures, markets and sells innovative medical devices for the treatment of aortic disorders. The Company's products are intended for the minimally invasive endovascular treatment of abdominal aortic aneurysms (AAA). AAA occurs when a portion of the abdominal aorta bulges into an aneurysm because of a weakening of the vessel wall, which may result in life threatening internal bleeding upon rupture. The overall patient mortality rate for ruptured AAA is approximately 80%, making it among the leading causes of death in the United States. For more information, visit www.endologix.com.
Vaseem Mahboob, CFO
Source: Endologix, Inc.