Endologix Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
March 20 2019 - 4:01PM
Business Wire
Endologix, Inc. (Nasdaq:ELGX) (the “Company”), a developer
and marketer of innovative treatments for aortic disorders,
announced today the grant of inducement equity awards to nine newly
hired employees (the “Awardees”). The awards were approved by the
Company’s Compensation Committee, which is comprised of independent
Directors, on March 13, 2019, as an inducement material to the
Awardees’ entry into employment with the Company, as permitted
under NASDAQ Listing Rule 5635(c)(4).
The inducement grants to the Awardees consisted of options (the
“Options”) to purchase up to an aggregate of 46,000 shares of the
Company’s common stock, par value $0.001 per share (“Common
Stock”), at an exercise price of $6.76 per share. The date of grant
for the awards was March 13, 2019. The exercise price of the
Options is equal to the closing price per share of the Company’s
Common Stock as reported by NASDAQ on March 13, 2019.
One-third (33%) of the shares subject to the Options shall vest
on the first anniversary of the grant date, with the remaining
shares vesting in twenty-four (24) equal, consecutive, monthly
installments as measured from the first anniversary of the grant
date.
About Endologix, Inc.
The Company develops and manufactures minimally invasive
treatments for aortic disorders. The Company's focus is in
endovascular stent grafts for the treatment of abdominal aortic
aneurysms (AAA). AAA is a weakening of the wall of the aorta, the
largest artery in the body, resulting in a balloon-like
enlargement. Once an AAA develops, it continues to enlarge and, if
left untreated, becomes increasingly susceptible to rupture. The
overall patient mortality rate for ruptured AAA is approximately
80%, making it a leading cause of death in the U.S. For more
information, visit www.endologix.com.
The Nellix® EndoVascular Aneurysm Sealing System and Ovation
Alto® Abdominal Stent Graft System, the Company's next generation
Ovation system device, are approved only as investigational devices
and are not currently approved for commercial purposes in any
market.
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INVESTOR:Endologix, Inc.Vaseem Mahboob, CFO(949) 595-7200
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