Nuwellis, Inc. Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
November 18 2022 - 4:00PM
Nuwellis, Inc. (Nasdaq: NUWE), today announced that, effective
November 15, 2022, the independent directors approved equity awards
under Nuwellis’ 2021 Inducement Plan, as material inducements to
seven 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 9,695 shares of the company’s common stock. The option awards
have an exercise price of $.11 per share, the closing price of
Nuwellis’ common stock on November 15, 2022, the date of the
grants. 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
transforming 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.
CONTACTS
INVESTORS:
Vivian Cervantes
Gilmartin Group LLC
ir@nuwellis.com
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