LAKE BARRINGTON, Ill., Dec. 4, 2017 /PRNewswire/ -- CTI Industries Corporation (NASDAQ Capital Market: CTIB) ("CTI" or the "Company") today reported, in accordance with NASDAQ Stock Market Rules, an equity inducement award to Jeffrey S. Hyland, who joined the Company as its President on December 1, 2017. As an inducement to Mr. Hyland entering into employment with CTI, and in accordance with NASDAQ Listing Rule 5635 (c)(4), the Compensation Committee of the Board of Directors authorized the grant, on December 1, 2017, to Mr. Hyland of options to purchase up to 260,000 shares of the common stock of the Company at the price of $3.79 per share, the last price per share of the Company's common stock on the day prior to the date of the grant. The inducement award was made outside of the Company's 2009 Stock Incentive Plan, but the options are subject to terms and conditions generally consistent with those in the Plan. The options become exercisable when vested over a period of five years at the rate of 43,342 shares on May 1, 2018 and each May 1 annually thereafter to May 1, 2022 and with respect to 43,290 shares on December 1, 2022. Vesting is subject to Mr. Hyland's continued service through each vesting date and may be accelerated in certain circumstances generally consistent with the Stock Incentive Plan.
About CTI: CTI Industries Corporation is one of the leading manufacturers and marketers of foil and latex balloons, develops, produces and markets vacuum sealing systems for household use, produces laminated and printed films for commercial uses and markets home organizing products. CTI markets its products throughout the United States and in a number of other countries.
This press release may contain "forward-looking" statements within the meaning of Section 17A of the Securities Act and Section 21E of the Securities Exchange Act. These forward-looking statements may include, but are not limited to, statement containing works such as "may," "should," "could," "would," "expect," "plan," "goal," "anticipate," "believe," "estimate," "predict," "potential," "continue," or similar expressions. Actual results could differ materially from those projected or implied in the forward-looking statements, which involve a number of risks and uncertainties, including (i) the risks of generating and maintaining sales in a highly competitive market, (ii) the ability of the Company to enter into or maintain contracts or relationships with customers, distributors, licensors and suppliers, (iii) manufacturing risks, (iv) the ability to obtain capital, as well as other risks and uncertainties reported by the Company in its public filings, with the Securities and Exchange Commission, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10Q.
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SOURCE CTI Industries Corporation