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Weave Communications Slashes Option Exercise Price by 64.3%
Software firm’s option reprice is the equivalent of 1.7% of current share count.
November 11, 2022
With shares down 74.5% in the last year Weave Communications (WEAV), a customer communications platform, is repricing 1.15 million stock options now underwater. Originally, the awards had exercise prices between $9.04 and $19.60. With shares trading below $5, Weave has slashed the exercise price to $7, or between 22.5%-64.3%.
This repricing is expected to result in incremental stock-based compensation expense of approximately $1.1 million to be recognized over the weighted average remaining vesting period of 2.5 years. Of this, approximately $0.4 million is expected to be recognized throughout the remainder of 2022.
The affected options are approximately 1.7% of Weave’s shares outstanding.
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