Psychemedics Corporation Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
August 18 2023 - 2:00PM
Psychemedics Corporation (NASDAQ: PMD), the world’s largest
provider of hair testing for drugs of abuse, announced the grant of
inducement awards to its newly appointed President and Chief
Executive Officer, Brian Hullinger, upon his entering into
employment with the Company in accordance with Nasdaq Listing Rule
5635(c)(4). Mr. Hullinger received an inducement grant option to
purchase up to 300,000 shares of common stock. The inducement
awards were granted on August 17, 2023, Mr. Hullinger’s hire date
as the Chief Executive Officer, and also the date on which he was
elected to the Psychemedics Corporation Board of Directors. The
options have a ten-year term and an exercise price of $4.65 per
share, the closing price per share of Psychemedics Corporation
common stock as reported by Nasdaq on August 17, 2023. The options
were awarded in three tranches. Under the first tranche, option
awards covering up to 100,000 shares vest over two years, with 50%
of the original number of shares underlying the option vesting on
the one-year anniversary of the date of grant and 50% on the
two-year anniversary of the grant, subject to Mr. Hullinger’s
continued service with the Company through the applicable vesting
dates. Under the second and third tranches, options to acquire
100,000 shares each were granted and each becomes exercisable in
full only upon the attainment and continuation in effect for a
specified period of time of a particular stock price on the Nasdaq
Stock Market.
Psychemedics Corporation is the world’s largest
provider of hair testing for the detection of drugs of abuse. The
Company’s patented process is used by thousands of U.S. and
international clients, including over 10% of the Fortune 500
companies, for pre-employment and random drug testing. Major police
departments, Federal Reserve Banks, schools, and other public
entities also rely on our unique patented drug testing process. We
strongly believe our drug testing method to be superior to any
other product currently in use, including traditional urine testing
and other hair testing methods.
The Psychemedics Corporation web site is
www.psychemedics.com
Investor Relations:
Phone: 978-206-8220Email: InvestorRelations@Psychemedics.com
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