Beyond Air (NASDAQ:XAIR) Approves Equity Incentive Plan and Stock Option Repricing

On November 22, 2024, Beyond Air, Inc. (NASDAQ:XAIR) announced the approval of its Seventh Amended and Restated 2013 Equity Incentive Plan (the “Amended 2013 Plan”) during the 2025 Annual Meeting of Stockholders. The plan includes an increase of 3,000,000 shares of common stock reserved for issuance. Additionally, the Board of Directors now has the authority to modify the exercise or grant price of an option, cancel an option, or take any other action treated as a repricing under accounting principles.

Following this approval, the Board also authorized a one-time stock repricing of 10,586,473 options held by Company Board members, officers, and employees. This repricing was in accordance with the Amended 2013 Plan and aimed to lower the exercise price per share to $0.54 from the original prices, which exceeded $0.54 on the Effective Date, November 22, 2024.

The stock option repricing affected named executive officers, such as Chief Executive Officer and Chairman of the Board Steven Lisi, whose 2,950,000 options were repriced from an exercise price range of $1.53 to $6.87 to the new $0.54 price. Other members included in the repricing were directors and officers, with various original exercise price ranges adjusted to $0.54.

Furthermore, stockholders of Beyond Air voted to approve the Second Amendment to the Amended and Restated Certificate of Incorporation. This amendment increased the number of authorized shares of common stock from 100,000,000 to 500,000,000, with the newly authorized shares possessing identical rights to the existing common stock. The Certificate of Amendment was filed with the Secretary of State of Delaware on November 25, 2024.

At the Annual Meeting, stockholders voted on various matters, including the election of directors, the ratification of the independent registered public accounting firm, and the approval of the Amended 2013 Plan, along with other proposals. The results for each proposal were disclosed, with the majority of votes in favor of the resolutions.

Overall, Beyond Air’s recent actions reflect strategic decisions in equity incentive planning and aligning compensation practices in response to the evolving market dynamics and business objectives.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Beyond Air’s 8K filing here.

Beyond Air Company Profile

Beyond Air, Inc operates as a commercial-stage medical device and biopharmaceutical company in the United States. The company engages in the development of LungFit platform, a nitric oxide generator and delivery system. It offers LungFit PH for the treatment of persistent pulmonary hypertension of the newborn.