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

Rhea-AI Summary

Cullinan Oncology, Inc. (Nasdaq: CGEM) announced the granting of stock options to three new employees, totaling 56,000 shares. The options, part of a Nasdaq inducement plan, have an exercise price of $11.58, matching the stock's closing price on February 1, 2023. Each option features a ten-year term with a vesting schedule: 25% vesting after the first year, followed by equal monthly installments over the next three years, contingent on continued employment. This move aims to attract talent and incentivize long-term commitment among staff as Cullinan focuses on innovative cancer therapies.

Positive

• Stock options granted to three employees totaling 56,000 shares to attract talent.
• Exercise price of $11.58 aligns with the stock's closing price, indicating fair valuation.

Negative

• None.

CAMBRIDGE, Mass., Feb. 01, 2023 (GLOBE NEWSWIRE) -- Cullinan Oncology, Inc. (Nasdaq: CGEM) (“Cullinan”), a biopharmaceutical company focused on modality-agnostic targeted oncology for patients with cancer, today announced that the compensation committee of the Company's Board of Directors granted stock option awards to purchase an aggregate of 56,000 shares of its common stock to three employees outside Cullinan Oncology, Inc’s 2021 Stock Option and Incentive Plan. The stock options were granted as an inducement material to the individuals entering into employment with Cullinan, in accordance with Nasdaq Listing Rule 5635(c)(4).

Three employees received options to purchase an aggregate of 56,000 shares of Cullinan’s common stock on February 1, 2023 and have an exercise price of $11.58, which is equal to the closing price of Cullinan’s common stock on February 1, 2023. Each option has a ten-year term and vests over four years, with 25 percent of the original number of shares underlying each option vesting on the one-year anniversary of the vesting commencement date and then in equal installments for 36 months thereafter, subject to the employee's continued service with Cullinan through the applicable vesting dates.

About Cullinan Oncology
Cullinan Oncology, Inc. (NASDAQ: CGEM) is a biopharmaceutical company dedicated to creating new standards of care for patients with cancer. We innovate without borders to find the most promising clinic-ready cancer therapies, whether from our own discovery efforts or through exceptional engagement with our academic and industry partners. Anchored in a deep understanding of immuno-oncology and translational cancer medicine, we leverage our scientific excellence in small molecules and biologics to create differentiated ideas, identify unique targets, and select the optimal modality to develop transformative therapeutics across cancer indications. Powered by our novel research model, we push conventional boundaries from candidate selection to cancer therapeutic, applying rigorous early experimentation to fast-track only the most promising assets to the clinic and ultimately commercialization. As a result, our diversified pipeline is strategically built with assets that activate the immune system or inhibit key oncogenic drivers across a wide range of modalities, each with the potential to be the best or first in their class.
Our people possess deep scientific expertise, seek innovation openly, and exercise creativity and urgency to deliver on our promise to bring new therapeutic solutions to patients with cancer. Learn more about our Company at www.cullinanoncology.com, and follow us on LinkedIn and Twitter.

FAQ

What did Cullinan Oncology announce on February 1, 2023?

Cullinan Oncology announced the granting of stock options for 56,000 shares to three new employees as part of an inducement plan.

What is the exercise price of the stock options granted by Cullinan Oncology?

The exercise price of the stock options is $11.58, which is the same as the closing price of its common stock on February 1, 2023.

What is the vesting schedule for the stock options granted by Cullinan Oncology?

The stock options vest 25% after one year, with the remaining shares vesting in equal installments over 36 months.

How many stock options were granted by Cullinan Oncology?

A total of 56,000 stock options were granted to three employees.