CORRECTING and REPLACING Edgio Inc. Announces Inducement Grant Under Nasdaq Listing Rule 5635(C)(4)
12 December 2023 - 11:14AM
Business Wire
Please replace the release dated December 8, 2023, with the
following corrected version due to revisions.
The updated release reads:
EDGIO INC. ANNOUNCES INDUCEMENT GRANT UNDER
NASDAQ LISTING RULE 5635(C)(4)
Edgio, Inc. (Nasdaq: EGIO) (“Edgio” or the “Company”), the
platform of choice for speed, security, and simplicity at the edge,
today announced that it has issued equity-based awards pursuant to
its Amended and Restated 2021 Inducement Plan to its Chief
Technology Officer, Media, Eric Black; its Chief Revenue Officer,
Todd Hinders; its Vice President, FP&A, Santiago Martello; its
Vice President, Sales Media & Entertainment, Gerald Morgan; and
its Vice President, Product Management, Dan Graham, which were
awarded in connection with the commencement of their employment. On
November 29, 2023, the inducement grant was approved by the
Company’s prior Board of Directors, including the independent
directors serving on its Compensation Committee. The grants were
made as a material inducement to each of Messrs. Black’s, Hinders’,
Martello’s, Morgan’s and Graham’s acceptance of employment with
Edgio in accordance with Nasdaq Listing Rule 5635(c)(4) as a
component of their employment compensation. The inducement grants
consist of Restricted Stock Units (“RSUs”), Performance Restricted
Stock Units (“PSUs”) and Stock Options, for an aggregate of
4,958,449 shares of the Company's common stock. Under the terms of
the equity-based awards, Mr. Black received 1,173,458 RSUs and
293,364 PSUs, Mr. Hinders received 1,120,000 RSUs and 746,667 PSUs,
Mr. Martello received 87,630 RSUs and 368,499 Options, Mr. Morgan
received 545,455 RSUs and 363,636 PSUs, and Mr. Graham received
155,844 RSUs and 103,896 PSUs. The exercise price per share
applicable to the 368,499 Options granted to Mr. Martello is $0.49,
the closing price of the Company’s common stock on the grant date.
The inducement grants are subject to the terms and conditions of
the award agreements covering the RSUs, PSUs, and Stock Options and
the Company's Amended and Restated 2021 Inducement Plan.
About Edgio
Edgio (NASDAQ: EGIO) helps companies deliver online experiences
and content faster, safer, and with more control. Our
developer-friendly, globally scaled edge network, combined with our
fully integrated application and media solutions, provide a single
platform for the delivery of high-performing, secure web properties
and streaming content. Through this fully integrated platform and
end-to-end edge services, companies can deliver content quicker and
more securely, boosting overall revenue and business value. To
learn more, visit edg.io and follow us on Twitter, LinkedIn and
Facebook.
Forward-Looking Statements
This press release contains forward-looking statements that
involve risks and uncertainties. These statements include, among
others, statements regarding our expectations regarding revenue,
gross margin, non-GAAP net loss, EBITDA, Adjusted EBITDA, Adjusted
EBITDA margin, capital expenditures, run-rate savings, churn
reductions, and pipeline conversions, including the impacts of
seasonality, our ability to drive long-term value creation for our
shareholders, our ability to achieve Adjusted EBITDA profitability,
reduce our fixed costs and our breakeven point, and align our cost
structure with our revenue baseline, our ability to leverage excess
capacity and exercise operational discipline, the integration of
Edgecast and our future prospects, areas of investment, and product
launches. Our expectations and beliefs regarding these matters may
not materialize. The potential risks and uncertainties that could
cause actual results or outcomes to differ materially from the
results or outcomes predicted include, among other things,
reduction of demand for our services from new or existing clients,
unforeseen changes in our hiring patterns, adverse outcomes in
litigation, experiencing expenses that exceed our expectations, and
acquisition activities and contributions from acquired businesses.
A detailed discussion of these factors and other risks that affect
our business is contained in our SEC filings, including our most
recent reports on Forms 10-K and 10-Q, particularly under the
heading “Risk Factors.” Copies of these filings are available
online on our investor relations website at investors.edg.io and on
the SEC website at www.SEC.gov. All information provided in
this release and in the attachments is as of December 8, 2023, and
we undertake no duty to update this information in light of new
information or future events, unless required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231208461877/en/
Sally Winship Comollo, Edgio swinship-comollo@edg.io +1
781-366-5590
Edgio (NASDAQ:EGIO)
Historical Stock Chart
From Apr 2024 to May 2024
Edgio (NASDAQ:EGIO)
Historical Stock Chart
From May 2023 to May 2024