Genelux Corporation Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
WESTLAKE VILLAGE, Calif., Sept. 14, 2023 (GLOBE NEWSWIRE) -- Genelux Corporation (NASDAQ: GNLX), a late clinical-stage immuno-oncology company, today announced that on September 11, 2023, the Company’s Board of Directors (the “Board”) granted inducement awards consisting of non-qualified stock options to purchase 444,300 shares of common stock to seven new employees under the Company’s 2023 Inducement Plan, including an option to purchase 150,000 shares of common stock to Lourie Zak, the Company’s new Chief Financial Officer, an option to purchase 88,000 shares of common stock to Caroline Jewett, the Company’s new Head of Quality, and an option to purchase 54,000 shares of common stock to Ralph Smalling, the Company’s new Head of Regulatory. The Board approved the awards as an inducement material to such new employees’ employment in accordance with Nasdaq Listing Rule 5635(c)(4).
Each stock option has an exercise price per share equal to $22.40 per share, the Company’s closing sales price on September 11, 2023. Each stock option will vest over four years, with 25% of the underlying shares vesting on the one-year anniversary of the applicable vesting comencement date and the balance of the underlying shares vesting monthly thereafter over 36 months, subject to the new employees’ continued service relationship with the Company through the applicable vesting dates. The awards are subject to the terms and conditions of the Company’s 2023 Inducement Plan and the terms and conditions of an applicable award agreement covering the grant.
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Source: Genelux Corporation
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