Opiant Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
SANTA MONICA, Calif., July 20, 2021 (GLOBE NEWSWIRE) -- Opiant Pharmaceuticals, Inc. (“Opiant”) (NASDAQ: OPNT), a specialty pharmaceutical company developing medicines to treat addictions and drug overdose, today announced, as required by Nasdaq Stock Market rules, the grant of inducement awards to two new employees.
The Compensation Committee of the Board of Directors (“Committee”) of Opiant approved the grant of a non-qualified stock option to purchase 50,000 shares of common stock and an award of restricted stock units covering 15,000 shares of common stock as an inducement material to Matthew Ruth, Opiant’s new Chief Commercial Officer, entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4). In addition, the Committee approved the grant of additional non-qualified stock options to purchase an aggregate of 6,500 shares of common stock and restricted stock units covering an aggregate of 3,200 shares of common stock to anothr new employee, who joined the commercial organization, as a material inducement to that individual becoming employed with Opiant.
The options have an exercise price of $16.41 per share, which is equal to the closing price of Opiant’s common stock on the Nasdaq Stock Market on July 19, 2021, the date of grant. Each option and award of restricted stock units 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 25% of the shares subject to the award vesting on each succeeding annual anniversary of the date of grant, subject to such employee’s continued employment with Opiant through such vesting dates. Each option and award of restricted stock units is subject to the terms and conditions of Opiant’s existing Inducement Plan and the terms and conditions of the stock option and restricted stock unit agreements covering the grants.
About Opiant Pharmaceuticals, Inc.
For Media and Investor Inquiries: