NeuroOne Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
EDEN PRAIRIE, Minn., Sept. 22, 2022 /PRNewswire/ -- NeuroOne Medical Technologies Corporation (NASDAQ: NMTC) ("NeuroOne" or the "Company"), a medical technology company focused on improving surgical care options and outcomes for patients suffering from neurological disorders today announced that, effective September 20, 2022, the Compensation Committee of the Board of Directors approved two equity awards under the NeuroOne Medical Technologies Corporation 2021 Inducement Plan (the "Inducement Plan"), as a material inducement to the 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 awards that are not made under a stockholder approved equity plan.
In connection with entering into employment with NeuroOne, the individuals, who were not previously employees or directors of NeuroOne, each received an option to purchase 1,000 shares of the Company's common stock. The option awards have an exercise price of $1.97 per share, the closing price of NeuroOne's common stock on September 20, 2022, the date of the grant. The options have a ten-year term and vest as to 25% on the first anniversary of each new hire's start date, with the remaining shares vesting in equal monthly installments on the last day of each month over the next thirty-six (36) months, provided the new hire's employment is continuing on each such date.
NeuroOne Medical Technologies Corporation is a developmental stage company committed to providing minimally invasive and hi-definition solutions for EEG recording, brain stimulation and ablation solutions for patients suffering from epilepsy, Parkinson's disease, dystonia, essential tremors, chronic pain due to failed back surgeries and other related neurological disorders that may improve patient outcomes and reduce procedural costs. For more information, visit https://www.n1mtc.com.
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SOURCE NeuroOne Medical Technologies Corporation
