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 for 125,700 shares to three employees on September 1, 2022. The options are part of an inducement plan under Nasdaq Listing Rule 5635(c)(4) and have an exercise price of $13.02, matching the stock's closing price. Each option has a ten-year term and vests over four years, with 25% vesting after one year and the remainder in equal installments over the next three years, contingent on continued employment. This move aims to attract talent to support Cullinan’s growth in cancer therapies.

Positive

• Stock options granted to enhance employee retention and attract talent.
• Options align with market value, reflecting positive stock performance.

Negative

• None.

CAMBRIDGE, Mass., Sept. 01, 2022 (GLOBE NEWSWIRE) -- Cullinan Oncology, Inc. (Nasdaq: CGEM) (“Cullinan”) today announced that the compensation committee of the Company's Board of Directors granted stock option awards to purchase an aggregate of 125,700 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 125,700 shares of Cullinan’s common stock on September 1, 2022 and have an exercise price of $13.02, which is equal to the closing price of Cullinan’s common stock on September 1, 2022. 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.

Contacts
Investor Relations
Chad Messer
+1 203.464.8900
cmesser@cullinanoncology.com

Media
Rose Weldon
+1 215.801.7644
rweldon@cullinanoncology.com

 

FAQ

What did Cullinan Oncology announce on September 1, 2022?

On September 1, 2022, Cullinan Oncology announced the granting of stock options for 125,700 shares to three employees as an inducement for employment.

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

The exercise price of the stock options granted is $13.02 per share.

How long do the stock options from Cullinan Oncology last?

Each stock option has a ten-year term from the grant date.

When do the stock options vest for Cullinan Oncology employees?

The stock options vest over four years, with 25% vesting on the one-year anniversary and the remainder in equal monthly installments over the next three years.