Neuronetics Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
MALVERN, Pa., Aug. 05, 2022 (GLOBE NEWSWIRE) -- Neuronetics, Inc. (NASDAQ: STIM), a commercial stage medical technology company focused on designing, developing, and marketing products that improve the quality of life for patients who suffer from neurohealth disorders, today announced the granting of inducement awards to twelve new non-executive employees. In accordance with NASDAQ Listing Rule 5635(c)(4), the awards were approved by Neuronetics’ Compensation Committee and made as a material inducement to each employee's entry into employment with the Company.
In connection with the commencement of their employment, the Company granted 55,680 Restricted Stock Units (“RSUs”) with a fair value estimated at the date of grant based on the grant date fair value of the Company’s common stock equal to the closing trading price on the Nasdaq Global Select Market. The RSUs vest ratably in three equal installments on the first, second and third anniversaries of the grant date, subject to the employee's continued service with the Company through the applicable vesting date. The RSUs are subject to the terms of the Neuronetics 2020 Inducement Plan.
“Safe harbor” statement under the Private Securities Litigation Reform Act of 1995: