Endologix Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
February 11 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 eight
newly hired employees (the “Awardees”). The awards were approved by
the Company’s Compensation Committee, which is comprised of
independent Directors, on January 31, 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 434,500 shares of the
Company’s common stock, par value $0.001 per share (“Common
Stock”), at an exercise price of $0.7575 per share. The date of
grant for the awards was January 31, 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 January 31,
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
Endologix, Inc. develops, manufactures, markets and sells
innovative medical devices for the treatment of aortic disorders.
The Company's products are intended for the minimally invasive
endovascular treatment of abdominal aortic aneurysms
(AAA). AAA occurs when a portion of the abdominal aorta
bulges into an aneurysm because of a weakening of the vessel wall,
which may result in life threatening internal bleeding upon
rupture. The overall patient mortality rate for
ruptured AAA is approximately 80%, making it among the
leading causes of death in the United States. For more
information, visit www.endologix.com.
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Investor Contact:Endologix, Inc.Vaseem Mahboob, CFO(949)
595-7200
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