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

Rhea-AI Summary

Biocept, Inc. (NASDAQ: BIOC) has granted inducement stock options for 7,360 shares to two new employees as part of their employment agreements. The options, issued on February 28, 2023, have an exercise price of $0.52, corresponding to Biocept's closing stock price on the same day. These are non-qualified stock options with a ten-year term and a vesting period of four years, where 25% vest after the first year and the remainder vest monthly across the following 36 months, contingent on continued employment. This grant complies with Nasdaq Listing Rule 5635(c)(4).

Positive

• Inducement stock options granted to new employees to attract talent
• Stock options granted at a price reflecting the company's recent closing price ($0.52), indicating alignment with market conditions

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 7,360 shares of its common stock to two new employees. The inducement stock options have a grant date of February 28, 2023 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 $0.52 per share, the closing price of Biocept’s common stock on February 28, 2023, 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. For more information, visit www.biocept.com. Follow Biocept on Facebook, LinkedIn, Twitter, and Instagram.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230301005402/en/

Investor and Media Contact:

Jody Cain, LHA Investor Relations

Jcain@lhai.com, 310-691-7100

Source: Biocept, Inc.

FAQ

What stock options were granted by Biocept?

Biocept granted inducement stock options for 7,360 shares to two new employees.

What was the exercise price for Biocept's stock options?

The exercise price for the stock options is $0.52 per share.

When were the stock options granted by Biocept?

The stock options were granted on February 28, 2023.

How long is the term for Biocept's stock options?

The stock options have a ten-year term.

What is the vesting schedule for Biocept's stock options?

25% of the options vest after one year, and the remaining 75% vest monthly over the next 36 months.