Delcath Systems Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

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Delcath Systems, Inc. granted equity awards to new hires, issuing a total of 86,000 shares of common stock. The awards were granted outside of the Company's Omnibus 2020 Equity Incentive Plan. Each employee received options with an exercise price equal to the closing price of Delcath common stock on the grant date. One-third of the options will vest on the first anniversary of the grant date, with the remaining two-thirds vesting in equal monthly installments over the following twenty-four months.

NEW YORK, Sept. 27, 2023 /PRNewswire/ -- Delcath Systems, Inc. (Nasdaq: DCTH) (the "Company" or "Delcath"), an interventional oncology company focused on the treatment of primary and metastatic cancers of the liver, announces that the Company granted equity awards, in the form of a total of 86,000 shares of the Company's common stock, outside of the Company's Omnibus 2020 Equity Incentive Plan as amended ("Plan"), previously approved by the Company's Compensation Committee and the Board of Directors, as a material inducement to employment of four new hires.  Delcath issued Ashleigh Lamson 20,0000 shares, Jessica Stevenson 20,000 shares, Andrea Prescod 18,500 shares, and Akash Patel 27,500 shares. 

The Company issued options to each of the employees upon the new employee's grant date, and all stock options included within the equity inducement awards have an exercise price equal to the closing price of Delcath common stock on the grant date of the award and each award has a ten-year term.  For each of the awards, one-third of the options will vest on the first anniversary of the grant date with the remaining two-thirds of the options vesting in equal monthly installments over the following twenty-four months.

The above-described awards were each granted in accordance with NASDAQ Listing Rule 5635(c)(4), and were granted pursuant to the terms of the Plan.

About Delcath Systems, Inc.

Delcath Systems, Inc. is an interventional oncology company focused on the treatment of primary and metastatic liver cancers. The Company's proprietary products, HEPZATO KIT™ (melphalan for Injection/Hepatic Delivery System), approved for use in the United States by the Food and Drug Administration, and CHEMOSAT Hepatic Delivery System for Melphalan percutaneous hepatic perfusion (PHP), designated under the medical device regulation for use in Europe and the United Kingdom, are designed to administer high-dose chemotherapy to the liver while controlling systemic exposure and associated side effects during a PHP procedure. For more information regarding HEPZATO KIT and its use, including Important Safety Information and Boxed Warning, please visit HEPZATOKIT.com. For more information regarding CHEMOSAT and its use, please visit Chemosat.com.

Contact:

Investor Relations Contact:
Ben Shamsian
Lytham Partners
646-829-9701
shamsian@lythampartners.com

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SOURCE Delcath Systems, Inc.