ENZO BIOCHEM REPORTS INDUCEMENT AWARDS TO NEW CHIEF EXECUTIVE OFFICER
NEW YORK, NY, Nov. 09, 2021 (GLOBE NEWSWIRE) -- Enzo Biochem, Inc. (NYSE:ENZ) (“Enzo” or the “Company”), a leading biosciences and diagnostics company, announced today that on November 8, 2021, it granted equity awards to Hamid Erfanian. Consistent with the disclosures contained in the Company’s Form 8-K filed with the U.S. Securities and Exchange Commission on October 18, 2021, the Company agreed to grant these equity awards to induce Mr. Erfanian to commence employment as its chief executive officer.
These equity awards are being made in reliance on the employment inducement exemption under the New York Stock Exchange’s Listed Company Manual Rule 303A.08, which requires that the Compensation Committee of the Board of Directors approve the inducement awards, which approval was obtained on October 29, 2021, and that the Company make a public announcement of the grant of the inducement awards. The Company is announcing the grant of the equity awards in this news release to comply with Rule 303A.08.
The approved equity awards are restricted stock units (RSUs) for 260,000 shares of the common stock of the Company and options to purchase 700,000 shares of common stock of the Company. The RSUs and options are scheduled to vest over three years, with one-third of the units vesting on each of the first three anniversaries of the grant date, subject to certain requirements, including Mr. Erfanian’s continued service as an employee of the Company through the applicable vesting dates. The exercise price of the options is equal to the closing price of the Company’s common stock on November 8, 2021, the grant date.
The Company believes that these equity grants create a strong alignment of interests between Mr. Erfanian and Company shareholders. The equity awards were granted outside of the Company’s Amended and Restated 2011 Incentive Plan but generally have terms and conditions consistent with those set forth in that plan. The Company has filed a Form S-8 covering these equity awards.
About Enzo Biochem
Enzo Biochem is a pioneer in molecular diagnostics, leading the convergence of clinical laboratories, life sciences and intellectual property through the development of unique diagnostic platform technologies that provide numerous advantages over previous standards. A global company, Enzo Biochem utilizes cross-functional teams to develop and deploy products, systems and services that meet the ever-changing and rapidly growing needs of health care today and into the future. Underpinning Enzo Biochem’s products and technologies is a broad and deep intellectual property portfolio, with patent coverage across a number of key enabling technologies.
Except for historical information, the matters discussed in this release may be considered "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include declarations regarding the intent, belief or current expectations of the Company and its management, including those related to cash flow, gross margins, revenues, and expenses which are dependent on a number of factors outside of the control of the Company including, inter alia, the markets for the Company’s products and services, costs of goods and services, other expenses, government regulations, litigation, and general business conditions. See Risk Factors in the Company’s Form 10-K for the fiscal year ended July 31, 2021. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could materially affect actual results. The Company disclaims any obligations to update any forward-looking statement as a result of developments occurring after the date of this release.
For: Enzo Biochem, Inc.
David Bench, CFO
Berry & Company Public Relations
Released November 9, 2021