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

Rhea-AI Summary

BridgeBio Pharma, a biopharmaceutical company focusing on genetic diseases and cancers, announced the approval of equity grants to 24 new employees. These grants, totaling 97,557 shares of the Company's common stock, were approved by the compensation committee on May 9, 2024. The vesting schedule for these restricted stock units starts on May 16, 2025, with one-fourth of the shares vesting initially, followed by quarterly vesting of the remaining shares. These inducements, granted under the Amended and Restated 2019 Inducement Equity Plan, comply with Nasdaq Listing Rule 5635(c)(4).

Positive

• Approval of equity grants to 24 new employees, illustrating company growth and investment in talent.
• Total of 97,557 shares granted, potentially enhancing employee motivation and retention.
• Vesting schedule ensures long-term commitment from new hires.
• Compliance with Nasdaq Listing Rule 5635(c)(4) highlights regulatory adherence.

Negative

• Equity grants may lead to shareholder dilution, affecting share value.
• The vesting schedule extends over several years, potentially delaying full realization of employee benefits.

PALO ALTO, Calif., May 15, 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 May 9, 2024, the compensation committee of BridgeBio’s board of directors approved equity grants to 24 new employees in restricted stock units for an aggregate of 97,557 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 did BridgeBio Pharma announce on May 15, 2024?

BridgeBio Pharma announced the approval of equity grants to 24 new employees on May 15, 2024.

How many shares were granted by BridgeBio Pharma?

BridgeBio Pharma granted a total of 97,557 shares of common stock.

When will the vesting of the shares begin?

The vesting of the shares will begin on May 16, 2025.

Under which plan were the equity grants made?

The equity grants were made under the Amended and Restated 2019 Inducement Equity Plan.

What is the significance of Nasdaq Listing Rule 5635(c)(4) in this context?

Nasdaq Listing Rule 5635(c)(4) allows the granting of equity awards as an inducement material to new employees entering into employment with the company.