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 147,000 shares to four new employees on November 1, 2022. The options, issued outside of its 2021 Stock Option and Incentive Plan, feature an exercise price of $13.26, matching the company's closing stock price on the grant date. Each option vests over four years, with the first installment vesting after one year. This grant follows Nasdaq Listing Rule 5635(c)(4), aimed at incentivizing new hires as Cullinan continues its focus on developing targeted oncology therapies.

Positive

• Stock options granted to four new employees, supporting recruitment efforts.
• Exercise price of $13.26 aligns with recent closing stock price.

Negative

• None.

CAMBRIDGE, Mass., Nov. 01, 2022 (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 147,000 shares of its common stock to four 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).

Four employees received options to purchase an aggregate of 147,000 shares of Cullinan’s common stock on November 1, 2022 and have an exercise price of $13.26, which is equal to the closing price of Cullinan’s common stock on November 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.

FAQ

What is the significance of the stock option grant by Cullinan Oncology (CGEM) on November 1, 2022?

The stock option grant is aimed at incentivizing four new employees, aligning their interests with the company’s performance.

How many shares were granted in Cullinan's stock option award?

A total of 147,000 shares were granted to four employees.

What was the exercise price for the stock options granted by Cullinan Oncology?

The exercise price for the stock options was set at $13.26.

What are the vesting terms for the stock options awarded to Cullinan's employees?

The options vest over four years, with 25% vesting on the first anniversary and the remainder vesting in equal installments over the following 36 months.

Under what Nasdaq rule did Cullinan grant the stock options?

The stock options were granted in accordance with Nasdaq Listing Rule 5635(c)(4).