IRVINE, Calif., June 05, 2019 (GLOBE NEWSWIRE) -- Lantronix, Inc. (the “Company”) (NASDAQ: LTRX), a global provider of secure data access and management solutions for the industrial Internet of Things (IoT), today announced that David Goren has joined Lantronix as vice president of legal, business affairs.
“We are pleased to have a proven successful leader of David’s caliber joining Lantronix,” said Paul Pickle, Lantronix CEO. “David’s enthusiasm and extensive industry knowledge will undoubtedly make a significant impact at Lantronix as we execute our vision.”
“With an installed base of millions of connected devices worldwide, Lantronix has a long-established reputation as an innovator in delivering compelling connectivity solutions,” said Goren. “I am extremely excited to have the opportunity to work with Paul and the rest of the Lantronix team to build upon this solid foundation and to help the company in its next phase of growth.”
Prior to joining Lantronix, David was part of the management team that grew Microsemi’s annual revenue from approximately $370 million to $2 billion. David played a key role in executing Microsemi’s acquisition strategy while building compliance programs and a legal department. David also led Microsemi’s successful intellectual property strategy. David started his career in the semiconductor industry in 2002 as the General Counsel of PowerDsine, Ltd. He served in that role through PowerDsine’s initial revenue growth, IPO, and finally, the acquisition of the company by Microsemi. Microsemi was acquired by Microchip Technology, Inc. in May 2018 for $10.3 billion.
In connection with the commencement of his employment, Lantronix granted David inducement awards consisting of 50,000 restricted share units (RSUs) and 85,000 stock options. The RSU award is scheduled to vest over four years as follows: 12,500 RSUs are scheduled to vest on June 1, 2020, and the remaining RSUs are scheduled to vest ratably each quarter thereafter over a period of three years. The options are scheduled to vest as to 21,250 shares on June 3, 2020, and the remaining options are scheduled to vest ratably each month thereafter over a period of three years. The per share exercise price of the options is $3.48 which was the closing price of the Company’ common stock on June 3, 2019, the date of grant of the awards. The inducement RSUs and options were granted as employment inducement awards in accordance with NASDAQ Listing Rule 5635(c)(4).
About Lantronix
Lantronix, Inc. is a global provider of secure data access and management solutions for Internet of Things (IoT) assets. Our mission is to be the leading supplier of IoT solutions that enable companies to dramatically simplify the creation, deployment, and management of IoT projects while providing secure access to data for applications and people.
With more than two decades of experience in creating robust machine to machine (M2M) technologies, Lantronix is an innovator in enabling our customers to build new business models and realize the possibilities of the Internet of Things. Our connectivity solutions are deployed inside millions of machines serving a wide range of industries, including industrial, medical, security, transportation, retail, financial, environmental, and government.
Lantronix is headquartered in Irvine, California. For more information, visit www.lantronix.com.
Learn more at the Lantronix blog, www.lantronix.com/blog, featuring industry discussion and updates. To follow Lantronix on Twitter, please visit www.twitter.com/Lantronix. View our video library on YouTube at www.youtube.com/user/LantronixInc or connect with us on LinkedIn at www.linkedin.com/company/lantronix.
Lantronix Media Contact:
Gail Kathryn Miller
Corporate Marketing & Communications Manager
media@lantronix.com
949-453-7158
Lantronix Analyst and Investor Contact:
Jeremy Whittaker
Chief Financial Officer
investors@lantronix.com
949-453-7241
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