LSI Industries Inc. Reports Inducement Grant Under Nasdaq Listing Rules
02/12/2019 | 10:03am EDT
CINCINNATI, Feb. 12, 2019 (GLOBE NEWSWIRE) -- LSI Industries Inc. (NASDAQ: LYTS) today announced the grant of an inducement award to Michael C. Beck, Senior Vice President - Operations. The award was approved by the Board of Director’s Compensation Committee on January 23, 2019 as an inducement material to Mr. Beck’s entering into employment with the Company in accordance with NASDAQ Listing Rule 5635(c)(4). The award was approved in connection with the commencement of his employment with the Company on February 11, 2019.
The inducement grant consists of an option to purchase up to 50,000 shares of common stock and has a ten-year term. The option will be exercisable at a price of $3.18 per share (the closing price on February 11, 2019) and will vest only if Mr. Beck remains an employee of the Company for three years.
For details on the uncertainties that may cause our actual results to be materially different than those expressed in our forward-looking statements, visit http://www.lsi-industries.com/fls as well as our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q which contain risk factors.
About the Company
LSI Industries Inc. is a U.S.-based designer, manufacturer and marketer of lighting, graphics and technology solutions for both indoor and outdoor applications. The Company is a leader in the primary markets it serves including petroleum, automotive, quick serve restaurants, grocery, banking, retail, renovation, parking and warehousing. Products are marketed throughout North America by a network of independent sales representatives and distributors, as well as through national accounts. LSI partners with its customers to provide a full range of design support, engineering, installation and project management services. Headquartered in Blue Ash, Ohio, LSI currently employs over 1,200 employees and operates eight facilities throughout the U.S. The Company’s common shares are traded on the NASDAQ Global Select Market under the symbol LYTS. Additional information can be found on the Investor Relations page at www.lsi-industries.com.
For further information, contact Jim Galeese, Executive Vice President and Chief Financial Officer at (513) 793-3200.
Additional note: Today’s news release, along with past releases from LSI Industries, is available on the Company’s internet site at www.lsi-industries.com or by calling the Investor Relations Department at (513) 793-3200.