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Practices for the Timing of Awards as They Relate to the Disclosure of Material Non-Public Information
We do not grant equity awards in anticipation of the release of material nonpublic information and we do not time the release of material nonpublic information based on equity award grant dates or for the purpose of affecting the value of executive compensation. In addition, we do not take material nonpublic information into account when determining the timing and terms of such awards. Although we do not have a formal policy with respect to the timing of our equity award grants, the Compensation and Nominating Committee anticipates that it will grant most awards on a predetermined annual schedule.
In fiscal 2024, we granted an award of stock options to one of our named executive officers in the period beginning four business days before the filing or furnishing of a periodic report or current report disclosing material nonpublic information and ending one business day after the filing or furnishing of any such report with the SEC when we granted stock options to Dr. Aric Coffman on May 9, 2024 in connection with Dr. Coffman’s appointment as our Chief Executive Officer effective on May 8, 2024. The following table provides the specific information concerning Dr. Coffman’s stock option award:
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Aric Coffman |
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5/09/2024 |
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12,100,000(4)
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$0.73(4)
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$5,723,893 |
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2.5% |
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(1)
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The Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 and its Current Report on Form 8-K announcing its financial results for the quarter ended March 31, 2024 were filed on May 8, 2024. |
(2)
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Represents the grant date fair value of the award, computed in accordance with FASB ASC 718. |
(3)
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Based on closing prices of the Company’s common stock of $0.714 on May 7, 2024 and $0.732 on May 9, 2024. |
(4)
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These amounts do not reflect the Reverse Stock Split. |
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