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

Rhea-AI Summary

Biocept, Inc. (Nasdaq: BIOC) announced the grant of inducement stock options for 144,580 shares to eighteen new employees as of May 31, 2021. The options have an exercise price of $4.52 per share, based on the closing price on May 28, 2021. These non-qualified stock options have a ten-year term and will vest over four years, with 25% vesting after one year and the remainder vesting in equal monthly installments for the next 36 months, contingent on continued employment. This initiative aligns with Nasdaq Listing Rule 5635(c)(4).

Positive

• Inducement stock options granted to attract and retain talent.
• Options vesting structure encourages employee retention.
• Exercise price set at closing price, potentially benefiting employees.

Negative

• None.

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 144,580 shares of its common stock to eighteen new employees. These inducement stock options have a grant date of May 31, 2021, 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 $4.52 per share, the closing price of Biocept’s common stock on May 28, 2021 (which is the last date preceding the grant date on which the closing price of Biocept’s common stock was reported), 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 employee’s 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.

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 (CSF) assay that detects cancer that has metastasized to the central nervous system. Biocept’s patented Target Selector™ technology captures and quantitatively analyzes CSF 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/20210602005390/en/

FAQ

What stock options did Biocept grant to new employees?

Biocept granted inducement stock options to purchase 144,580 shares to eighteen new employees.

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

The exercise price for the stock options is $4.52 per share.

When were the stock options granted to Biocept employees?

The stock options were granted on May 31, 2021.

What is the vesting schedule for the stock options at Biocept?

The options vest over four years, with 25% vesting after one year and the remaining 75% vesting monthly over the next 36 months.

Under what rule did Biocept grant these inducement stock options?

The grant was made in accordance with Nasdaq Listing Rule 5635(c)(4).