Endologix Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
December 10 2019 - 3:01PM
Business Wire
Endologix, Inc. (Nasdaq: ELGX) (the “Company”), a developer and
marketer of innovative treatments for aortic disorders, announced
today the grant of an inducement equity award to a newly hired
employee (the “Awardee”). The award was approved by the Company’s
Compensation Committee, which is comprised of independent
directors, on December 3, 2019 as an inducement material to the
Awardee’s entry into employment with the Company, as permitted
under NASDAQ Listing Rule 5635(c)(4).
The inducement grant to the Awardee consists of options
(“Options”) to purchase up to an aggregate of 2,210 shares of the
Company’s common stock, par value $0.001 per share (“Common
Stock”), at an exercise price of $2.30 per share. The grant date
for the Options was December 3, 2019. The exercise price of the
Options is equal to the closing price per share of Common Stock, as
reported by NASDAQ, on December 3, 2019.
One-third (33%) of the shares subject to the Options will vest
on the first anniversary of the grant date, with the remaining
shares vesting in 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, CFO (949) 595-7200
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