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SAN DIEGO and GAINESVILLE, Ga., Jan. 05, 2024 (GLOBE NEWSWIRE) -- Societal CDMO, Inc. ("Societal CDMO"; NASDAQ: SCTL), a contract development and manufacturing organization (CDMO) dedicated to solving complex formulation and manufacturing challenges primarily in small molecule therapeutic development, today announced the addition of new employees to fill open roles throughout the organization. Inducement Equity Award In connection with the hiring of these personnel, the compensation committee of Societal CDMO's board of directors approved inducement stock option grants to purchase an aggregate of 32,630 shares of Societal CDMO's common stock. The option awards were granted pursuant to the NASDAQ inducement grant exception as a component of each individual's employment compensation and were granted as an inducement material to his or her acceptance of employment with Societal CDMO in accordance with NASDAQ Listing Rule 5635(c)(4). The option awards were granted on December 29, 2023. The option awards will have an exercise price equal to the closing price of Societal CDMO's common stock on December 29, 2023 and a ten-year term and will vest in equal monthly installments over four years. The option awards are subject to each individual's continued service with Societal CDMO through the applicable vesting dates. About Societal CDMO In addition to our experience in handling DEA controlled substances and developing and manufacturing modified-release dosage forms, Societal CDMO has the expertise to deliver on our clients' pharmaceutical development and manufacturing projects, regardless of complexity level. We do all of this in our best-in-class facilities, which total 145,000 square feet, in Gainesville, Georgia and San Diego, California. Societal CDMO: Bringing Science to Society. For more information about Societal CDMO's customer solutions, visit societalcdmo.com. Forward-Looking Statements  Contacts: Stephanie Diaz (Investors) Vida Strategic Partners 415-675-7401 sdiaz@vidasp.com Tim Brons (Media) Vida Strategic Partners 415-675-7402 tbrons@vidasp.com Ryan D. Lake (CFO) Societal CDMO 770-531-8365 ryan.lake@societalCDMO.com
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