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

Rhea-AI Summary

Bionano Genomics (Nasdaq: BNGO) announced the grant of non-qualified stock options under its 2020 Inducement Plan to new employees including Chief Informatics Officer Soheil Shams, who received options for 400,000 shares. An additional 18 employees received options for a total of 454,000 shares linked to Bionano’s acquisition of BioDiscovery, Inc. All options will vest over four years, starting with 25% at one year from the vesting commencement date of October 18, 2021. The exercise price for the options is set at $5.40 per share, matching the closing stock price on November 1, 2021.

Positive

• Granting stock options can help attract and retain talented employees, aligning their interests with shareholders.
• The acquisition of BioDiscovery, Inc. may enhance Bionano's capabilities and expand its market presence.

Negative

• The issuance of a large number of stock options can lead to potential shareholder dilution.
• The company's reliance on acquisitions for growth may pose risks if the integration of BioDiscovery is not successful.

SAN DIEGO, Nov. 02, 2021 (GLOBE NEWSWIRE) -- Bionano Genomics, Inc. (Nasdaq: BNGO) announced today that, in accordance with Nasdaq Listing Rule 5635(c)(4), the Compensation Committee of its Board of Directors granted the following non-qualified stock options pursuant to the company’s 2020 Inducement Plan to new employees as an inducement material to such employees entering into employment with Bionano:

• to Soheil Shams, Bionano’s Chief Informatics Officer, an option to purchase up to 400,000 shares of common stock; and
  
  
• to 18 employees in connection with Bionano’s acquisition of BioDiscovery, Inc., options to purchase up to an aggregate of 454,000 shares of common stock.
  

The shares subject to each option will vest over four years, with 25% of the shares subject to each option vesting on the one-year anniversary of the vesting commencement date of October 18, 2021 and the balance of the shares vesting in a series of 36 successive equal monthly installments thereafter, subject to each new employee’s continuous service through each applicable vesting date.

Each of the foregoing stock options has an exercise price of $5.40 per share, which is equal to the closing price of Bionano’s common stock on November 1, 2021, the grant date.

About Bionano Genomics

Bionano is a provider of genome analysis solutions that can enable researchers and clinicians to reveal answers to challenging questions in biology and medicine. The Company’s mission is to transform the way the world sees the genome through optical genome mapping (OGM) solutions, diagnostic services and software. The Company offers OGM solutions for applications across basic, translational and clinical research. Through its Lineagen business, the Company also provides diagnostic testing for patients with clinical presentations consistent with autism spectrum disorder and other neurodevelopmental disabilities. Through its BioDiscovery business, the Company also offers an industry-leading, platform-agnostic software solution, which integrates next-generation sequencing and microarray data designed to provide analysis, visualization, interpretation and reporting of copy number variants, single-nucleotide variants and absence of heterozygosity across the genome in one consolidated view. For more information, visit www.bionanogenomics.com, www.lineagen.com or www.biodiscovery.com

CONTACTS
Company Contact:
Erik Holmlin, CEO
Bionano Genomics, Inc.
+1 (858) 888-7610
eholmlin@bionanogenomics.com 

Investor Relations and Media Contact:
Amy Conrad
Juniper Point
+1 (858) 366-3243
amy@juniper-point.com 

FAQ

What was announced by Bionano Genomics on November 2, 2021?

Bionano Genomics announced the grant of non-qualified stock options to new employees as part of its 2020 Inducement Plan.

How many stock options were granted to Chief Informatics Officer Soheil Shams?

Soheil Shams was granted options to purchase up to 400,000 shares of common stock.

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

The exercise price of the stock options is $5.40 per share.

How many employees received stock options in connection with Bionano's acquisition of BioDiscovery?

A total of 18 employees received stock options related to the acquisition of BioDiscovery, Inc.

What is the vesting period for the stock options granted by Bionano?

The stock options will vest over four years, with 25% vesting after one year and the remainder vesting in monthly installments.