Company Update (NASDAQ:EYES): Second Sight Medical Products, Inc. Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
Second Sight Medical Products Inc (NASDAQ:EYES), a developer, manufacturer and marketer of implantable visual prosthetics to provide some useful vision to blind patients, announced today that on December 1, 2015, the Board of Directors approved the grant of 190,000 inducement restricted stock units (“RSUs”) to Will McGuire, the Company’s Chief Executive Officer. The award will vest over four years, with 25 percent (25%) of the underlying shares vesting on August 18, 2016, the first anniversary of Mr. McGuire’s employment with the Company, and in twelve equal installments of six and one quarter percent (6.25%) on the next twelve quarterly periods thereafter. Each RSU unit, upon vesting, entitles Mr. McGuire to receive one share of the common stock of the Company. The grant is being made as an inducement material to Mr. McGuire’s acceptance of employment with the Company, in accordance with NASDAQ Listing Rule 5635(c)(4). Vesting of the award is also subject to Mr. McGuire’s continuous service with the Company through each vesting date. (Original Source)
Shares of Second Sight Medical Products closed yesterday at $5.14, down $0.09 or -1.72%. EYES has a 1-year high of $19.63 and a 1-year low of $4.57. The stock’s 50-day moving average is $6.03 and its 200-day moving average is $10.35.
Second Sight Medical Products Inc develops, manufactures and markets implantable prosthetic devices that can restore some functional vision to patients blinded by outer retinal degenerations, such as Retinitis Pigmentosa.