Helius Medical Technologies, Inc. Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
NEWTOWN, Pa., Aug. 11, 2021 (GLOBE NEWSWIRE) -- Helius Medical Technologies, Inc. (Nasdaq: HSDT) (TSX: HSM) (“Helius” or the “Company”), a neurotech company focused on neurological wellness, today announced that, effective August 10, 2021, its independent directors approved an equity award under Helius’ 2021 Inducement Plan, as a material inducement to an individual entering into employment with the Company. The equity award was 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 Helius, the individual, who was not a previously employee or director of Helius, received an option to purchase 2,000 shares of the Company’s Class A common stock. The option award has an exercise price of $15.39 per share, the closing price of Helius’ common stock on August 10, 2021, the date of the grant. The options have a ten-year term and vest over a period of four years, with 25% vesting on each of the first, second, third and fourth anniversary of August 2, 2021, 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 Helius Medical Technologies, Inc.
Helius Medical Technologies is a neurotech company focused on neurological wellness. The Company’s purpose is to develop, license and acquire unique and non-invasive platform technologies that amplify the brain’s ability to heal itself. The Company’s first commercial product is the Portable Neuromodulation Stimulator (PoNS™). For more information, visit www.heliusmedical.com.
About the PoNS™ Device and PoNS Treatment™
The Portable Neuromodulation Stimulator (PoNS™) is an innovative non-surgical device, inclusive of a controller and mouthpiece, which delivers electrical stimulation to the surface of the tongue to provide treatment of gait deficit. The PoNS device is indicated for use in the United States as a short term treatment of gait deficit due to mild-to-moderate symptoms from multiple sclerosis (“MS”) and is to be used as an adjunct to a supervised therapeutic exercise program in patients 22 years of age and over by prescription only. It is authorized for sale in Canada as a class II, non-implantable, medical device intended as a short term treatment (14 weeks) of gait deficit due to mild and moderate symptoms from MS, and chronic balance deficit due to mild-to-moderate traumatic brain injury (“mmTBI”) and is to be used in conjunction with physical therapy. PoNS is an investigational medical device in the European Union (“EU”) and Australia (“AUS”). It is currently under premarket review by the AUS Therapeutic Goods Administration.
Investor Relations Contact:
Westwicke on behalf of Helius Medical Technologies, Inc.
Jack Powell, Vice President