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Arcturus Therapeutics Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Arcturus Therapeutics Holdings Inc. (NASDAQ: ARCT) announced stock options grants totaling 13,800 shares to three new employees. The grants, approved by the Compensation Committee and Board, serve as an incentive for employment acceptance. The exercise price is set at $35.52, matching the closing stock price on December 15, 2021. The options vest over four years, starting with 25% after one year and the remainder monthly over the next three years, contingent on continued employment. Arcturus focuses on developing mRNA medicines and vaccines for various diseases.
Positive
Inducement grants of stock options could attract skilled employees, enhancing the company's workforce.
The stock options have a long vesting period of four years, indicating a commitment to employee retention.
Negative
The stock options could dilute existing shareholders' equity if exercised.
SAN DIEGO--(BUSINESS WIRE)--
Arcturus Therapeutics Holdings Inc. (the “Company”, “Arcturus”, Nasdaq: ARCT), a leading clinical-stage messenger RNA medicines company focused on the development of infectious disease vaccines and significant opportunities within liver and respiratory rare diseases, today announced that the Compensation Committee of the Company’s Board of Directors and the Company’s Board of Directors approved inducement grants of stock options to purchase an aggregate of 13,800 shares of Arcturus’ common stock to three newly-hired employees. The equity awards were granted pursuant to the Nasdaq Rule 5635(c)(4) 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 the Company.
The options have an exercise price equal to $35.52 per share, the closing price of the Company’s common stock as reported by Nasdaq on December 15, 2021. The options have a ten-year term and vest over four years, with 25% of the number of shares underlying the stock option vesting on one-year anniversary of the applicable vesting commencement date (based on the quarter in which the applicable employee’s employment commenced) and the remaining shares vesting monthly over 36 months thereafter. The equity awards are subject to each individual’s continued service with the Company through the applicable vesting dates.
About Arcturus Therapeutics Founded in 2013 and based in San Diego, California, Arcturus Therapeutics Holdings Inc. (Nasdaq: ARCT) is a clinical-stage mRNA medicines and vaccines company with enabling technologies: (i) LUNAR® lipid-mediated delivery, (ii) STARR™ mRNA Technology and (iii) mRNA drug substance along with drug product manufacturing expertise. Arcturus’ diverse pipeline of RNA therapeutic and vaccine candidates includes mRNA vaccine programs for SARS-CoV-2 (COVID-19) and Influenza, and other programs to potentially treat ornithine transcarbamylase (OTC) deficiency, and cystic fibrosis along with partnered programs including glycogen storage disease type III, hepatitis B virus, and non-alcoholic steatohepatitis (NASH). Arcturus’ versatile RNA therapeutics platforms can be applied toward multiple types of nucleic acid medicines including messenger RNA, small interfering RNA, replicon RNA, antisense RNA, microRNA, DNA, and gene editing therapeutics. Arcturus’ technologies are covered by its extensive patent portfolio (patents and patent applications issued in the U.S., Europe, Japan, China and other countries). Arcturus’ commitment to the development of novel RNA therapeutics has led to collaborations with Janssen Pharmaceuticals, Inc., part of the Janssen Pharmaceutical Companies of Johnson & Johnson, Ultragenyx Pharmaceutical, Inc., Takeda Pharmaceutical Company Limited, CureVac AG, Duke-NUS Medical School, and the Cystic Fibrosis Foundation. For more information visit www.ArcturusRx.com. In addition, please connect with us on Twitter and LinkedIn.
Forward Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. Any statements, other than statements of historical fact included in this press release, are forward-looking statements, including those regarding strategy, future operations, collaborations, the likelihood of success (including safety and efficacy) of the Company’s pipeline, the likelihood that a patent will issue from any patent application and the impact of general business and economic conditions. Arcturus may not actually achieve the plans, carry out the intentions or meet the expectations or projections disclosed in any forward-looking statements such as the foregoing and you should not place undue reliance on such forward-looking statements. Such statements are based on management’s current expectations and involve risks and uncertainties, including those discussed under the heading "Risk Factors" in Arcturus’ most recent Annual Report on Form 10-K, and in subsequent filings with, or submissions to, the SEC, which are available on the SEC’s website at www.sec.gov. Except as otherwise required by law, Arcturus disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date they were made, whether as a result of new information, future events or circumstances or otherwise.
