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ANADIGICS, Inc.: ANADIGICS Announces Inducement Grant to Mario Rivas in Compliance With NASDAQ Rules

^{Published on 2009-04-06 13:13:31, Last Modified on 2009-11-03 08:50:26 - Market Wire}
 

WARREN, NJ--(Marketwire - April 6, 2009) - As required by NASDAQ Marketplace Rule 4350(i)(1)(A)(iv), ANADIGICS, Inc. (NASDAQ: [ ANAD ]) (the "Company") today announced the grant, disclosed in the Company's Form 8-K filing dated January 15, 2009, to Mario A. Rivas, President and Chief Executive Officer of the Company, on February 1, 2009, of options expiring on February 1, 2019, to purchase 700,000 shares of the Company's common stock at an exercise price of $2.03 per share, the closing price of the Company's common stock on January 30, 2009, of which options to purchase 250,000 shares vest on February 1, 2011, and options to purchase 450,000 shares vest on February 1, 2012. If the Company terminates Mr. Rivas' employment without "cause" or if Mr. Rivas terminates his employment for "good reason" (as such terms are defined in Mr. Rivas' employment agreement), Mr. Rivas is entitled to receive immediate vesting of all such stock options. The grant, considered an "inducement award" as defined by NASDAQ Marketplace Rule 4350(i)(1)(A)(iv), was granted outside the terms of the Company's existing equity incentive plans and was approved by the Company's Compensation Committee and Board of Directors.

About ANADIGICS, Inc.

ANADIGICS, Inc. is a leading provider of semiconductor solutions in the rapidly growing broadband wireless and wireline communications markets. Founded in 1985 and headquartered in Warren, NJ, the company's award-winning products include power amplifiers, tuner integrated circuits, active splitters, line amplifiers, and other components, which can be sold individually or packaged as integrated radio frequency and front end modules. For more information, visit [ www.anadigics.com ].

Safe Harbor Statement

Except for historical information contained herein, this press release contains projections and other forward-looking statements (as that term is defined in the Securities Exchange Act of 1934, as amended). These projections and forward-looking statements reflect the Company's current views with respect to future events and financial performance and can generally be identified as such because the context of the statement will include words such as "believe," "anticipate," "expect," or words of similar import. Similarly, statements that describe our future plans, objectives, estimates or goals are forward-looking statements. No assurances can be given, however, that these events will occur or that these projections will be achieved and actual results and developments could differ materially from those projected as a result of certain factors. Important factors that could cause actual results and developments to be materially different from those expressed or implied by such projections and forward-looking statements include those factors detailed from time to time in our reports filed with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2008, and those discussed elsewhere herein.