CHF Solutions, Inc. Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
November 15 2019 - 5:30PM
CHF Solutions, Inc. (NASDAQ: CHFS), today announced that, on
November 12, 2019, the independent directors approved eight equity
awards under CHF Solution’s New-Hire Equity Incentive Plan, as
material inducements to eight 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 CHF Solutions,
the eight individuals, who were not previously employees or
directors of CHF Solutions, received options to purchase an
aggregate of 77,500 shares of the Company’s common stock. The
option awards have an exercise price of $0.70 per share, the
closing price of CHF Solution’s common stock on November 12, 2019,
the date of the grant. The options have ten-year terms 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 CHF SolutionsCHF Solutions, Inc.
(Nasdaq:CHFS) is a medical device company dedicated to changing the
lives of patients suffering from fluid overload through science,
collaboration, and innovative. The company is focused on
developing, manufacturing and commercializing the Aquadex FlexFlow
system for ultrafiltration therapy. CHF Solutions is a Delaware
corporation headquartered in Minneapolis, Minnesota with wholly
owned subsidiaries in Australia and Ireland. The company has been
listed on the Nasdaq Capital Market since February 2012.
About Aquadex FlexFlow® System The Aquadex
FlexFlow system is a clinically proven therapy that provides a
safe, effective, and predictable method of removing excess fluid
from patients suffering from fluid overload. The Aquadex FlexFlow
system is indicated for temporary (up to eight hours)
ultrafiltration treatment of patients with fluid overload who have
failed diuretic therapy, and for extended (longer than 8 hours)
ultrafiltration treatment of patients with fluid overload who have
failed diuretic therapy and require hospitalization. The company
has submitted an application to the FDA requesting a modification
to the 510(k) clearance for the Aquadex FlexFlow system to include
pediatric patients above 20kg. All treatments must be administered
by a healthcare provider, under physician prescription, both of
whom having received training in extracorporeal therapies.
CONTACTS:
INVESTORS:
Claudia Napal Drayton
Chief Financial Officer
CHF Solutions, Inc.
952-345-4205
ir@chf-solutions.com
-or-
Bret Shapiro
Managing Partner
CORE IR
516-222-2560
brets@coreir.com
www.coreir.com
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