Biocept Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Biocept, Inc. (NASDAQ: BIOC) announced the granting of inducement stock options for 89,550 shares to 12 new employees on August 31, 2022. The options have an exercise price of $1.03 per share, equal to the closing price on the grant date. These are non-qualified stock options with a ten-year term, vesting over four years, with 25% vesting after one year and the remainder in monthly installments. This action is in compliance with Nasdaq Listing Rule 5635(c)(4) and is part of Biocept's Amended and Restated 2013 Equity Incentive Plan.

Positive

• Granting of stock options may enhance employee retention and motivation.
• Alignment of employee interests with shareholder value through stock ownership.

Negative

• None.

SAN DIEGO--(BUSINESS WIRE)-- Biocept, Inc. (Nasdaq: BIOC), a leading provider of molecular diagnostic assays, products and services, today announced that it has granted inducement stock options to purchase an aggregate of 89,550 shares of its common stock to 12 new employees. The inducement stock options have a grant date of August 31, 2022 and were granted as inducements material to the new employees entering into employment with Biocept in accordance with Nasdaq Listing Rule 5635(c)(4).

The inducement stock options have an exercise price of $1.03 per share, the closing price of Biocept’s common stock on August 31, 2022, are non-qualified stock options, have a ten-year term and vest over four years, with 25% of the shares vesting on the one-year anniversary of the vesting commencement date and the remaining 75% of the shares vesting in equal monthly installments over the following 36 months, subject to the new employees’ continued service with Biocept through the applicable vesting dates. The inducement stock options are subject to the terms and conditions of Biocept’s Amended and Restated 2013 Equity Incentive Plan, as amended.

About Biocept

Biocept, Inc. develops and commercializes molecular diagnostic assays that provide physicians with clinically actionable information for treating and monitoring patients diagnosed with a variety of cancers. In addition to its broad portfolio of blood-based liquid biopsy assays, Biocept has developed the CNSide™ cerebrospinal fluid assay that detects cancer that has metastasized to the central nervous system. Biocept’s patented Target Selector™ technology captures and quantitatively analyzes cerebrospinal fluid tumor cells for tumor-associated molecular markers, using technology first developed for use in blood. Biocept also is leveraging its molecular diagnostic capabilities to offer nationwide COVID-19 RT-PCR testing to support public health efforts during this unprecedented pandemic. For more information, visit www.biocept.com. Follow Biocept on Facebook, LinkedIn and Twitter.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220831005840/en/

Investor and Media Contact:

Jody Cain, LHA Investor Relations

Jcain@lhai.com, 310-691-7100

Source: Biocept, Inc.

FAQ

What is the recent stock option grant by Biocept?

Biocept, Inc. granted inducement stock options for 89,550 shares to 12 new employees on August 31, 2022.

What is the exercise price of the stock options granted by Biocept?

The exercise price is $1.03 per share, equal to the closing stock price on the grant date.

How long is the term for the stock options granted by Biocept?

The stock options have a ten-year term.

How will the stock options vest for Biocept employees?

The options vest over four years, with 25% vesting after one year and the remaining 75% vesting in equal monthly installments.

Which Nasdaq rule is Biocept's option grant complying with?

The stock option grant complies with Nasdaq Listing Rule 5635(c)(4).