AUSTIN, Texas, Nov. 03, 2022 (GLOBE NEWSWIRE) -- Inspire Semiconductor Holdings Inc. (TSXV: INSP) (“InspireSemi” or the “Company”), a chip design company that has built a technology foundation to deliver revolutionary performance, today announced that its board of directors has approved the grant of stock options (the "Options") in accordance with the Company’s omnibus equity incentive plan (the "Plan") to certain directors, officers, employees and consultants of the Company to acquire a total of 4,694,970 subordinate voting shares in the capital of the Company at an exercise price of $0.185, being the closing trading price of the Company's subordinate voting shares on the TSX Venture Exchange ("TSX-V") on November 2, 2022.
All of the Options are exercisable for a period of ten years, ending on November 3, 2032, and are subject to the terms of the Plan, applicable option agreements and the requirements of the TSX-V.
1,214,397 of the Options were granted to directors of the Company and vest in equal monthly amounts over a three year period from a vesting commencement date of October 14, 2022. 50,000 of the Options were granted to a consultant of the Company and vest in equal monthly amounts over a one year period from the date of grant.
The remaining 3,430,573 Options were issued to officers and employees of the Company and vest in equal monthly amounts over 4 years, other than 1,190,835 Options granted to new employees which are subject to a one year cliff. Of these Options, all have a vesting commencement date as of the date of grant other than 740,835 which have vesting commencement dates in September 2022.
2,704,879 of the Options contain provisions allowing for acceleration of vesting upon a Change of Control (as such term is defined in the Plan).
All of the Option grants are subject to the approval of the TSX-V.
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About InspireSemi
InspireSemi is an Austin-based chip design company that has built a technology foundation that delivers revolutionary performance, energy efficiency, versatility, and a thriving open software ecosystem. This enables us to address multiple diversified, uncorrelated markets of High-Performance Computing (HPC), AI, and blockchain. Led by an accomplished team with a proven track record, it has a unique and strongly differentiated accelerated computing solution compared to existing approaches for these markets
For more information, visit https://inspiresemi.com/
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Media Contact
Katie Olivier
Shelton Group
+1-214-272-7200
kolivier@sheltongroup.com
Investor Relations Contact
Phil Carlson/Scott Eckstein
KCSA Strategic Communication
inspiresemi@kcsa.com
Cautionary Statement on Forward-Looking Information
This release may contain forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of InspireSemi to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These forward-looking statements are based on management's current expectations and beliefs but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. Actual results may differ materially from those currently anticipated in such statements, and InspireSemi undertakes no obligation to update such statements, except as required by law.
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
