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

Rhea-AI Summary

BridgeBio Pharma (Nasdaq: BBIO), a biopharmaceutical company specializing in genetic diseases, announced that on July 2, 2024, its compensation committee approved equity grants to 25 new employees. These grants, totaling 123,070 restricted stock units, are part of the Amended and Restated 2019 Inducement Equity Plan.

Each employee will see one-fourth of their restricted stock units vest on August 16, 2025. The remaining shares will vest quarterly thereafter, contingent upon continuous employment with BridgeBio or its subsidiaries. These grants were made as an inducement for employment under Nasdaq Listing Rule 5635(c)(4).

Positive

• BridgeBio Pharma granted 123,070 restricted stock units to 25 new employees, potentially enhancing motivation and retention.
• The equity grants are structured to vest over time, encouraging long-term employee commitment.

Negative

• The issuance of 123,070 restricted stock units could lead to shareholder dilution if the shares are fully vested and exercised.

PALO ALTO, Calif., July 05, 2024 (GLOBE NEWSWIRE) -- BridgeBio Pharma, Inc. (Nasdaq: BBIO) (“BridgeBio” or the “Company”), a commercial-stage biopharmaceutical company focused on genetic diseases, today announced that on July 2, 2024, the compensation committee of BridgeBio’s board of directors approved equity grants to 25 new employees in restricted stock units for an aggregate of 123,070 shares of the Company’s common stock. One-fourth of the shares underlying each employee’s restricted stock units will vest on August 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. 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 recent equity grants did BridgeBio Pharma (BBIO) announce?

BridgeBio Pharma announced equity grants of 123,070 restricted stock units to 25 new employees on July 2, 2024.

When will the restricted stock units granted by BridgeBio Pharma start vesting?

The restricted stock units will start vesting on August 16, 2025.

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

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

Why did BridgeBio Pharma issue the recent equity grants?

The equity grants were made as an inducement material to the new employees' employment, in accordance with Nasdaq Listing Rule 5635(c)(4).

How often will the remaining shares of the restricted stock units vest for BridgeBio Pharma employees?

The remaining shares will vest quarterly after the initial vesting date, provided the employees remain employed with BridgeBio or its subsidiaries.