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

Rhea-AI Summary

Biocept (NASDAQ: BIOC) has granted inducement stock options to purchase 220,800 shares to 16 new employees. The options were awarded on August 31, 2021, at an exercise price of $3.62 per share, equivalent to the stock's closing price on that date. These non-qualified options will have a ten-year term and vest over four years, with 25% vesting after one year and the remainder vesting monthly over the next three years. This move aligns with Nasdaq rules and aims to attract and retain talent in the company.

Positive

• Inducement stock options granted to 16 new employees, potentially enhancing workforce quality.
• Alignment with Nasdaq Listing Rule 5635(c)(4) indicates compliance and governance.

Negative

• None.

SAN DIEGO--(BUSINESS WIRE)-- Biocept (Nasdaq: BIOC), a leading provider of molecular diagnostic assays and services, today announced that it has granted inducement stock options to purchase an aggregate of 220,800 shares of its common stock to 16 new employees. These inducement stock options have a grant date of August 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 $3.62 per share, the closing price of Biocept’s common stock on August 31, 2021, 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 to aid in the diagnosis, treatment and monitoring of patients with cancer. In addition to its broad portfolio of blood-based liquid biopsy tests, the company has developed the CNSide cerebrospinal fluid assay, designed to diagnose cancer that has metastasized to the central nervous system. Biocept also is leveraging its molecular diagnostic capabilities to offer nationwide RT-PCR-based COVID-19 testing and services 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/20210831006038/en/

Investors:

Jody Cain, LHA Investor Relations

Jcain@lhai.com, 310-691-7100

Media:

Andrea Sampson, Sampson PR Group

asampson@sampsonprgroup.com, 562-304-0301

Source: Biocept, Inc.

FAQ

What stock options were granted by Biocept?

Biocept granted inducement stock options to purchase 220,800 shares to 16 new employees.

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

The exercise price of the stock options is $3.62 per share.

When were the stock options granted by Biocept?

The stock options were granted on August 31, 2021.

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

The inducement stock options have a ten-year term.

How do the stock options vest for Biocept employees?

25% vest after one year, with the remaining 75% vesting in equal monthly installments over the following three years.