Endologix Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
November 08 2018 - 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 three
newly hired employees (together, the “Awardees”). The awards were
approved by the Company’s Compensation Committee, which is
comprised of independent Directors, on November 6, 2018, 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 to
purchase up to an aggregate of 171,500 shares of the Company’s
common stock, par value $0.001 per share (“Common Stock”), at an
exercise price of $1.37 per share (the “Awards”). The exercise
price of the Awards is equal to the closing price per share of
Common Stock as reported by NASDAQ on November 6, 2018. The
date of grant for the Awards was November 6, 2018.
One-third (33%) of the shares subject to the Awards 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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Investors:Endologix, Inc.Vaseem Mahboob, CFO949-595-7200
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