CHF Solutions, Inc. Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
February 11 2020 - 4:45PM
CHF Solutions, Inc. (NASDAQ: CHFS), today announced that, on
February 5, 2020, the independent directors approved five equity
awards under CHF Solution’s New-Hire Equity Incentive Plan, as
material inducements to five individuals entering into employment
with the Company. The equity awards were approved in
accordance with NASDAQ Listing Rule 5635(c)(4), which also requires
a public announcement of equity awards that are not made under a
stockholder approved equity plan.
In connection with entering into employment with CHF Solutions,
the five individuals, who were not previously employees or
directors of CHF Solutions, received options to purchase an
aggregate of 28,000 shares of the Company’s common stock. The
option awards have an exercise price of $0.448 per share, the
closing price of CHF Solution’s common stock on February 5, 2020,
the date of the grant. The options have ten-year terms and
vest over a period of four years, with 25% vesting one year after
the date of grant and the remaining 75% vesting in 36 approximately
equal monthly increments, provided the new hire’s employment is
continuing on each such date, and subject to acceleration or
forfeiture upon the occurrence of certain events as set forth in
the new hire’s option agreement.
About CHF SolutionsCHF Solutions, Inc.
(Nasdaq:CHFS) is a medical device company dedicated to changing the
lives of patients suffering from fluid overload through science,
collaboration, and innovative technology. The company is focused on
developing, manufacturing, and commercializing the Aquadex
FlexFlow® and Aquadex SmartFlow™ systems for ultrafiltration
therapy. CHF Solutions is a Delaware corporation headquartered in
Minneapolis, Minnesota with wholly owned subsidiaries in Australia
and Ireland. The company has been listed on the Nasdaq Capital
Market since February 2012.
About Aquadex FlexFlow and Aquadex SmartFlow
Systems The Aquadex FlexFlow and Aquadex SmartFlow systems
are clinically proven therapies that provide a safe, effective, and
predictable method of removing excess fluid from patients suffering
from fluid overload. The Aquadex FlexFlow system is indicated for
temporary (up to eight hours) ultrafiltration treatment of patients
with fluid overload who have failed diuretic therapy, and for
extended (longer than 8 hours) ultrafiltration treatment of
patients with fluid overload who have failed diuretic therapy and
require hospitalization. The company has submitted an application
to the FDA requesting for 510(k) clearance of the Aquadex SmartFlow
system, including pediatric patients who weigh 20kg or more. All
treatments must be administered by a healthcare provider, under
physician prescription, both of whom having received training in
extracorporeal therapies.
CONTACTS:
INVESTORS: Claudia Napal Drayton Chief
Financial Officer CHF Solutions, Inc. 952-345-4205
ir@chf-solutions.com-or- Bret Shapiro Managing Partner CORE IR
516-222-2560 brets@coreir.com www.coreir.com
MEDIA: Jules Abraham JQA Partners, Inc.
917-885-7378 jabraham@jqapartners.com
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