Nuwellis, Inc. Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
August 24 2021 - 9:00AM
Nuwellis, Inc. (NASDAQ: NUWE), today announced that, effective
August 18, 2021, the independent directors approved four equity
awards under Nuwellis’ 2021 Inducement Plan, as material inducement
to four 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 Nuwellis, Inc.,
the individuals, who were not previously employees or directors of
Nuwellis, received options to purchase an aggregate of 42,345
shares of the company’s common stock. The option awards have an
exercise price of $4.57 per share, the closing price of Nuwellis’
common stock on August 18, 2021, the date of the grant. The options
have a ten-year term 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 NuwellisNuwellis, Inc. (Nasdaq:NUWE) is a
medical device company dedicated to changing the lives of patients
suffering from fluid overload through science, collaboration, and
innovation. The company is focused on developing, manufacturing,
and commercializing the Aquadex SmartFlow® system for
ultrafiltration therapy. Nuwellis is headquartered in Minneapolis,
Minn., with a wholly-owned subsidiary in Ireland.
About the Aquadex SmartFlow SystemThe Aquadex
SmartFlow system delivers clinically proven therapy using a simple,
flexible and smart method of removing excess fluid from patients
suffering from hypervolemia (fluid overload). The Aquadex SmartFlow
system is indicated for temporary (up to 8 hours) or extended
(longer than 8 hours in patients who require hospitalization) use
in adult and pediatric patients weighing 20 kg or more whose fluid
overload is unresponsive to medical management, including
diuretics. All treatments must be administered by a health care
provider, within an outpatient or inpatient clinical setting, under
physician prescription, both having received training in
extracorporeal therapies.
CONTACT:
George Montague
Chief Financial Officer, Nuwellis, Inc.
ir@nuwellis.com
Matt Bacso
Gilmartin Group
Matt.Bacso@gilmartinir.com
MEDIA:
Jessica Stebing
Health+Commerce
jstebing@healthandcommerce.com
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