BridgeBio Pharma Reports Inducement Grants under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

On June 6, 2024, BridgeBio Pharma announced that its board's compensation committee approved equity grants to 18 new employees. These grants consist of restricted stock units totaling 90,591 shares of common stock. Under the vesting schedule, one-fourth of the shares will vest on May 16, 2025, with the remaining shares vesting quarterly over the subsequent three years, contingent on continued employment. The grants were made under BridgeBio’s Amended and Restated 2019 Inducement Equity Plan as part of an inducement to join the company, following Nasdaq Listing Rule 5635(c)(4).

Positive

• Equity grants to new employees can boost motivation and align interests with shareholders.
• The vesting schedule encourages long-term employee retention.
• Grants made under an amended and restated plan show strategic adjustments and governance.

Negative

• Dilution of existing shareholders' equity with the issuance of 90,591 new shares.
• The effectiveness of these inducement grants is contingent on continued employee retention.
• No immediate revenue or profit impact from these equity grants.

PALO ALTO, Calif., June 10, 2024 (GLOBE NEWSWIRE) -- BridgeBio Pharma, Inc. (Nasdaq: BBIO) (“BridgeBio” or the “Company”), a commercial-stage biopharmaceutical company focused on genetic diseases and cancers, today announced that on June 6, 2024, the compensation committee of BridgeBio’s board of directors approved equity grants to 18 new employees in restricted stock units for an aggregate of 90,591 shares of the Company’s common stock. One-fourth of the shares underlying each employee’s restricted stock units will vest on May 16, 2025, with one-twelfth of the remaining shares underlying each such employee’s restricted stock units vesting on a quarterly basis thereafter, in each case, subject to each such employee’s continued employment with the Company or one of its subsidiaries on such vesting dates. All of the above-described awards were made under BridgeBio’s Amended and Restated 2019 Inducement Equity Plan (the “Plan”).

The above-described awards were each granted as an inducement material to the employees entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4) and were granted pursuant to the terms of the Plan. The Plan was adopted by BridgeBio’s board of directors in November 2019, and amended and restated on February 10, 2023 and on December 13, 2023.

About BridgeBio Pharma, Inc.

BridgeBio Pharma, Inc. is a commercial-stage biopharmaceutical company founded to discover, create, test, and deliver transformative medicines to treat patients who suffer from genetic diseases and cancers with clear genetic drivers. BridgeBio’s pipeline of development programs ranges from early science to advanced clinical trials. BridgeBio was founded in 2015 and its team of experienced drug discoverers, developers and innovators are committed to applying advances in genetic medicine to help patients as quickly as possible. For more information visit bridgebio.com and follow us on LinkedIn and Twitter.

BridgeBio Contact:

Vikram Bali
contact@bridgebio.com
(650)-789-8220

FAQ

What are the details of BridgeBio Pharma's equity grants announced on June 6, 2024?

BridgeBio Pharma's board approved equity grants totaling 90,591 shares to 18 new employees, vesting over four years starting May 16, 2025.

Why did BridgeBio Pharma issue equity grants under Nasdaq Listing Rule 5635(c)(4)?

The equity grants were issued as an inducement for new employees to join the company, in accordance with Nasdaq Listing Rule 5635(c)(4).

What is the vesting schedule for the equity grants issued by BridgeBio Pharma?

One-fourth of the shares will vest on May 16, 2025, with the remaining shares vesting quarterly over the next three years.

How many shares were issued in BridgeBio Pharma's recent equity grants?

A total of 90,591 shares of common stock were issued to 18 new employees.

Under which plan were BridgeBio Pharma's recent equity grants made?

The grants were made under BridgeBio’s Amended and Restated 2019 Inducement Equity Plan.