Nova LifeStyle Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
15 September 2016 - 2:15AM
Nova LifeStyle, Inc. (NASDAQ:NVFY) (“Nova
LifeStyle” or the “Company”), a U.S.-based, leading innovative
designer, manufacturer and distributor of modern life style
furniture, today announced that on May 18, 2016 the Company entered
into employment agreements with three designers (Mr. Xie Bin, Mr.
Yang Xing and Ms. E Zhao) pursuant to which the Company agreed to
issue 120,000 restricted shares per year to each of the designers.
The employment agreements with the three new employees each have a
two-year term. The awards were made pursuant to
the NASDAQ inducement grant exception as a component of
our new hires' employment compensation. Nova LifeStyle places
great emphasis on the consistent introduction of innovative,
contemporary designs as integral elements of the Company’s
branding. In order to maintain the flow of fresh designs,
Company leadership views equity awards as a valuable tool in
attracting top design talent.
The inducement grants were approved by Nova
LifeStyle's Compensation Committee on January 29,
2016 and are being made as an inducement material to each
employee's acceptance of employment with the Company in accordance
with NASDAQ Listing Rule 5635(c)(4).
About Nova LifeStyleNova
LifeStyle, Inc., a NASDAQ Global Markets Exchange listed company
headquartered in California, is a fast growing, innovative
designer, manufacturer and distributor of modern LifeStyle
furniture; primarily sofas, dining rooms, cabinets, office
furniture and related components, bedrooms, and various accessories
in matching collections. Nova's products are made in the U.S.,
Europe, and Asia and include LifeStyle brands such as Diamond Sofa,
Colorful World, Giorgio Mobili, Nova QwiK, and Bright Swallow
International. Nova's products feature urban contemporary styles
that integrate comfort and functionality incorporating upscale
luxury designs appealing to LifeStyle-conscious middle and upper
middle-income consumers in the U.S., China, Europe, and elsewhere
in the world. To learn more about Nova LifeStyle, Inc., please
visit our website at www.NovaLifeStyle.com or download
the NVFY IRapp from the investor page.
Safe Harbor StatementAll
statements in this press release that are not historical are
forward-looking statements made pursuant to the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995.
There can be no assurance that actual results will not differ from
the Company's expectations. You are cautioned not to place undue
reliance on any forward-looking statements in this press release as
they reflect Nova's current expectations with respect to future
events and are subject to risks and uncertainties that may cause
actual results to differ materially from those contemplated.
Potential risks and uncertainties include, but are not limited to,
the risks described in Nova's filings with the Securities and
Exchange Commission.
Company Contact:
INVESTOR RELATIONS:
The Equity Group Inc.
In U.S.
Adam Prior, Senior Vice President
+1 (212) 836-9606
aprior@equityny.com
In China
Katherine Yao, Senior Associate
+86-10-6587-6435
kyao@equityny.com
Nova Lifestyle (NASDAQ:NVFY)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Nova Lifestyle (NASDAQ:NVFY)
Historical Stock Chart
Von Jul 2023 bis Jul 2024