Adamis announces inducement option grants under nasdaq listing rule 5635(c)(4)

San diego, feb. 18, 2022 (globe newswire) -- adamis pharmaceuticals corporation (nasdaq: admp), a specialty biopharmaceutical company primarily focused on developing and commercializing products in various therapeutic areas, including allergy, opioid overdose, respiratory and inflammatory disease, today announced that the compensation committee of the board of directors and the company's independent directors approved the grant of stock options on february 15, 2022, to purchase an aggregate of 130,000 shares of common stock to two non-officer employees who were not previously employees of the company. the stock options were granted as material inducements to acceptance of employment in accordance with nasdaq listing rule 5635(c)(4). the stock options have a ten-year term and have an exercise price of $0.62 per share, the closing price of the company's common stock on february 15, 2022, the grant date. the options vest over a three year period, with the option vesting and becoming exercisable with respect to one-sixth of the shares subject to the option on the six month anniversary of the date of first employment and the remainder vesting in equal monthly installments over a 36 month period from the date of first employment, provided the employee continues to provide service to the company through the applicable vesting dates. the stock options were granted outside of the company's 2020 equity incentive plan.
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