Arcutis Biotherapeutics Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
Arcutis Biotherapeutics, Inc. (Nasdaq: ARQT) announced the grant of 27,550 restricted stock units to four newly hired employees under the 2022 Inducement Plan. This award, approved by the Compensation Committee, aims to attract talent as part of the company’s growth strategy. The stock units will vest over four years, with 25% vesting annually, contingent upon continuous employment. This move aligns with Nasdaq Listing Rule 5635(c)(4) and emphasizes Arcutis' commitment to addressing dermatological conditions through innovation and a robust pipeline of clinical programs for inflammatory diseases like plaque psoriasis and atopic dermatitis.
- Grant of 27,550 restricted stock units may enhance employee retention and attract top talent.
- Commitment to innovation in immuno-dermatology with a strong focus on inflammatory conditions.
- None.
WESTLAKE VILLAGE, Calif., March 03, 2023 (GLOBE NEWSWIRE) -- Arcutis Biotherapeutics, Inc. (Nasdaq: ARQT), an early commercial-stage biopharmaceutical company focused on developing meaningful innovations in immuno-dermatology, today reported the grant of an aggregate of 27,550 restricted stock units of Arcutis’ common stock to four newly hired employees. These awards were approved by the Compensation Committee of Arcutis’ Board of Directors and granted under the Arcutis Biotherapeutics, Inc. 2022 Inducement Plan, with a grant date of March 01, 2023, as an inducement material to the new employees entering into employment with Arcutis, in accordance with Nasdaq Listing Rule 5635(c)(4).
The restricted stock units vest over four years, with 25 percent vesting on each annual anniversary of the vesting commencement date, subject to the employee being continuously employed by Arcutis as of such vesting dates.
Arcutis is providing this information in accordance with Nasdaq Listing Rule 5635(c)(4).
About Arcutis
Arcutis Biotherapeutics, Inc. (Nasdaq: ARQT) is a medical dermatology company that champions meaningful innovation to address the urgent needs of individuals living with immune-mediated dermatological diseases and conditions. With a commitment to solving the most persistent patient challenges in dermatology, Arcutis harnesses our unique dermatology development platform coupled with our dermatology expertise to build differentiated therapies against biologically validated targets. Arcutis’ dermatology development platform includes a robust pipeline with multiple clinical programs for a range of inflammatory dermatological conditions including plaque psoriasis, atopic dermatitis, and seborrheic dermatitis. For more information, visit www.arcutis.com or follow Arcutis on LinkedIn, Facebook, and Twitter.
Forward-Looking Statements
This press release contains “forward-looking” statements, including, among others, statements regarding its potential to address urgent needs and expectations with regard to the timing of data and regulatory events. These statements involve substantial known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements and you should not place undue reliance on our forward-looking statements. Risks and uncertainties that may cause our actual results to differ include risks inherent in the clinical development process and regulatory approval process, the timing of regulatory filings, the timing and expenses of commercialization efforts, and our ability to defend our intellectual property. For a further description of the risks and uncertainties applicable to our business, see the “Risk Factors” section of our Form 10-K filed with U.S. Securities and Exchange Commission (SEC) on February 28, 2023, as well as any subsequent filings with the SEC. We undertake no obligation to revise or update information herein to reflect events or circumstances in the future, even if new information becomes available.
Contacts:
Media
Amanda Sheldon, Head of Corporate Communications
asheldon@arcutis.com
Investors
Eric McIntyre, Head of Investor Relations
emcintyre@arcutis.com
FAQ
What is the significance of the 27,550 restricted stock units granted by Arcutis Biotherapeutics?
How do the restricted stock units vest for employees at Arcutis?
When were the restricted stock units granted to Arcutis employees?
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