SAN DIEGO--(BUSINESS WIRE)--Inseego Corp. (Nasdaq: INSG), an industry leader in solutions for intelligent mobile enterprises, announced today that on July 27, 2018, the compensation committee of Inseego’s Board of Directors approved the grant of 207,000 stock options in the aggregate to 11 new employees.
The stock options were granted pursuant to the Inseego Corp. 2018 Omnibus Incentive Compensation Plan and were granted as inducements material to the new employees entering into employment with Inseego in accordance with NASDAQ Listing Rule 5635(c)(4). Inseego uses employee equity awards, including the inducement awards described herein, to attract new employees and to retain and motivate current employees.
The stock options have an exercise price of $1.85, the closing price of the Company’s common stock on the date of the grant. The stock options will vest over a four-year period, with one-fourth vesting on the first anniversary of the grant date and the remainder vesting on a monthly basis thereafter through the fourth anniversary of the grant date, subject to the new employee’s continued service with the Company. Inseego is providing this information in accordance with NASDAQ Listing Rule 5635(c)(4).
About Inseego Corp.
Inseego Corp. (Nasdaq: INSG) enables high performance mobile applications for large enterprise verticals, service providers and small-medium businesses around the globe. Our product portfolio consists of Enterprise SaaS solutions and IoT & Mobile solutions, which together form the backbone of compelling, intelligent, reliable and secure IoT services with deep business intelligence. Inseego powers mission critical applications with a “zero unscheduled downtime” mandate, such as asset tracking, fleet management, industrial IoT, SD WAN failover management and mobile broadband services. Our solutions are powered by our key innovations in purpose built SaaS cloud platforms, IoT and mobile technologies including the newly emerging 5G technology. Inseego is headquartered in San Diego, California with offices worldwide. www.inseego.com
Cautionary Note Regarding Forward-Looking Statements
This release may contain forward-looking statements, which are made pursuant to the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995, as amended to date. These forward-looking statements involve risks and uncertainties. A number of important factors could cause actual results to differ materially from those in the forward-looking statements contained herein. These factors include risks relating to technological changes, new product introductions, continued acceptance of Inseego's products and dependence on intellectual property rights. These factors, as well as other factors that could cause actual results to differ materially, are discussed in more detail in Inseego's filings with the United States Securities and Exchange Commission (available at www.sec.gov) and other regulatory agencies.
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