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180 Life Sciences Corp. (NASDAQ:ATNF) announced Monday that its Board of Directors has approved the accelerated vesting of previously granted equity awards to certain executives and non-executive directors. The decision was made with the recommendation of the company’s Compensation Committee, according to a press release statement based on a filing with the Securities and Exchange Commission.
Effective Friday and Saturday, the Board approved the immediate vesting of stock options and restricted stock awards granted on June 17, 2025. The awards include stock options for Chief Executive Officer Blair Jordan to purchase 410,000 shares and for Chief Accounting Officer Eric R. Van Lent to purchase 25,000 shares, as well as restricted stock grants of 167,576 shares to Jordan and 8,174 shares to Van Lent. These awards had originally been scheduled to vest in two equal installments on the six- and twelve-month anniversaries of the grant date, subject to continued service. The compensation decisions come as the company faces financial challenges, with InvestingPro analysis showing negative EBITDA of $6.56 million in the last twelve months.
The accelerated vesting also applies to non-executive directors. Ryan Smith, Lead Director, Stephen H. Shoemaker, and Dr. Lawrence Steinman received options to purchase 255,000, 165,000, and 110,000 shares, respectively. They also received restricted stock grants of 102,181 shares (Smith), 67,439 shares (Shoemaker), and 44,959 shares (Steinman). The options have an exercise price of $0.9290 per share, reflecting the closing price of the company’s common stock on June 17, 2025.
The company stated that, in accordance with Nasdaq Capital Market rules, no stock options granted under the 2025 Option Incentive Plan can be exercised until shareholder approval is obtained. If shareholder approval is not received within one year of the plan’s adoption, the plan will be unwound and outstanding options canceled.
Additionally, on Saturday, the company, Mr. Van Lent, and EVL Consulting, LLC entered into an amendment to Van Lent’s consulting agreement, extending its term through December 31, 2025, and increasing the termination fee to $25,000.
All information is based on a press release statement and the company’s SEC filing.
In other recent news, 180 Life Sciences Corp. announced the issuance of two new patents for its legacy intellectual property portfolio. The United States Patent and Trademark Office granted a patent for methods to prevent or reduce post-operative cognitive decline, while the Canadian Intellectual Property Office issued a Notice of Allowance for a patent covering treatment of localized fibrotic disorders. The company is also nearing a patent for a method aimed at preventing Post-Operative Cognitive Dysfunction, with a Notice of Allowance received from the USPTO. Additionally, 180 Life Sciences is set to repurchase and cancel a significant portion of its outstanding shares to reduce shareholder dilution and streamline its capital structure. This agreement involves acquiring approximately 23.1% of the company’s outstanding shares in collaboration with Elray Resources, Inc. and Luxor Capital, LLC. The company continues its strategic shift towards the iGaming sector, leveraging its Technology Gaming Platform to explore potential acquisitions in online casinos. An annual meeting of shareholders is scheduled for July 24, 2025, with shareholder proposals due by July 7, 2025. These recent developments reflect 180 Life Sciences’ ongoing efforts to maximize shareholder value and adapt its business strategy.
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