Nuwellis, Inc. Reports Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)
20 November 2021 - 8:00AM
Nuwellis, Inc. (NASDAQ: NUWE), today announced that, effective
November 17, 2021, the independent directors approved an equity
award under Nuwellis’ 2021 Inducement Plan, as a material
inducement to an individual entering into employment with the
company. The equity award was 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 individual, who was not previously an employee
or director of Nuwellis, received an option to purchase an
aggregate of 24,560 shares of the company’s common stock. The
option award has an exercise price of $1.76 per share, the closing
price of Nuwellis’ common stock on November 17, 2021, the date of
the grant. The option has a ten-year term and vests 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.
About NuwellisNuwellis, Inc.
(Nasdaq: NUWE) is a medical device company dedicated to
transforming 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.
About the Aquadex SmartFlow
SystemThe Aquadex SmartFlow system delivers clinically
proven therapy using a simple, flexible and smart method of
removing excess fluid from patients suffering from hypervolemia
(fluid overload). The Aquadex SmartFlow system is indicated for
temporary (up to 8 hours) or extended (longer than 8 hours in
patients who require hospitalization) use in adult and pediatric
patients weighing 20 kg or more whose fluid overload is
unresponsive to medical management, including diuretics. All
treatments must be administered by a health care provider, within
an outpatient or inpatient clinical setting, under physician
prescription, both having received training in extracorporeal
therapies.
CONTACTS
INVESTORS:
George Montague
Chief Financial Officer
Nuwellis, Inc.
IR@Nuwellis.com
Matt Basco, CFA
Gilmartin Group LLC
Matt.basco@gilmartinir.com
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