Soleno Therapeutics Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
March 08 2024 - 4:05PM
Soleno Therapeutics, Inc. (“Soleno”) (NASDAQ: SLNO), a
clinical-stage biopharmaceutical company developing novel
therapeutics for the treatment of rare diseases, today announced,
as required by Nasdaq Stock Market rules, the grant of inducement
awards to five new employees.
The independent members of the Board of Directors of Soleno
approved the grant of non-qualified stock options to purchase
144,300 shares of common stock to five employees as an inducement
for them entering into employment with the Company in accordance
with Nasdaq Listing Rule 5635(c)(4).
The options have an exercise price of $45.40 per share, which is
equal to the closing price of Soleno’s common stock on the Nasdaq
Stock Market on March 5, 2024, the date of grant. The option award
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 1/48th of the shares subject to
the award vesting on each succeeding monthly anniversary of the
date of grant, subject to such employee’s continued employment with
Soleno through such vesting dates. The option awards are subject to
the terms and conditions of Soleno’s existing 2020 Inducement
Equity Incentive Plan and the terms and conditions of the stock
option covering the grant.
About Soleno Therapeutics, Inc.Soleno is
focused on the development and commercialization of novel
therapeutics for the treatment of rare diseases. The company’s lead
candidate, DCCR extended-release tablets, a once-daily oral tablet
for the treatment of PWS, recently completed its Phase 3
development program to support a planned NDA submission. For more
information, please visit www.soleno.life.
Corporate Contact:Brian RitchieLifeSci
Advisors, LLC212-915-2578
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