Soleno Therapeutics Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
06 January 2024 - 12:00AM
Soleno Therapeutics, Inc. (“Soleno”) (NASDAQ: SLNO), a
clinical-stage biopharmaceutical company developing novel
therapeutics for the treatment of rare diseases, today announced,
as required by Nasdaq Stock Market rules, the grant of
inducement awards to three new employees.
The independent members of the Board of Directors of Soleno,
approved the grant of non-qualified stock options to purchase
102,500 shares of common stock to three employees, as an inducement
for them entering into employment with the Company in accordance
with Nasdaq Listing Rule 5635(c)(4).
The options have an exercise price of $36.70 per
share, which is equal to the closing price of Soleno’s common stock
on the Nasdaq Stock Market on January 4, 2024, the
date of grant. The option award will vest over a four-year period,
with 25% of the shares subject to the award vesting on the one-year
anniversary of the date of grant, and thereafter an additional
1/48th of the shares subject to the award vesting on each
succeeding monthly anniversary of the date of grant, subject to
such employee’s continued employment with Soleno through such
vesting dates. The option awards are subject to the terms and
conditions of Soleno’s existing 2020 Inducement Equity Incentive
Plan and the terms and conditions of the stock option covering the
grant.
About Soleno Therapeutics,
Inc. Soleno is focused on the development and
commercialization of novel therapeutics for the treatment of rare
diseases. The company’s lead candidate, DCCR extended-release
tablets, a once-daily oral tablet for the treatment of PWS,
recently completed its Phase 3 development program to support a
planned NDA submission. For more information, please
visit www.soleno.life.
Corporate Contact:Brian RitchieLifeSci
Advisors, LLC212-915-2578
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