CTI BioPharma Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
CTI BioPharma Corp. (Nasdaq: CTIC) announced on April 10, 2023, that its Compensation Committee granted equity inducement awards to two new employees. This was done under Nasdaq Listing Rule 5635(c)(4) and outside of the company's Amended and Restated 2017 Equity Incentive Plan.
The awards totaled options for 36,000 shares of CTIC common stock, with an exercise price equal to the closing price on each grant date. The options will vest over four years, contingent on continued employment, and are valid for a ten-year term.
CTI BioPharma focuses on targeted therapies for blood-related cancers and has one FDA-approved product, VONJO (pacritinib), aimed at treating patients with specific myelofibrosis conditions.
- Grant of equity awards may help attract and retain talent.
- Equity incentives align employee interests with shareholder interests.
- The inducement grants may lead to shareholder dilution.
- The reliance on equity awards can indicate challenges in recruiting talent.
The employees received options to purchase an aggregate of 36,000 shares of
About CTI BioPharma Corp.
VONJO® is a registered trademark of
Investor Relations and Media Contacts:
invest@ctibiopharma.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/cti-biopharma-announces-inducement-grants-under-nasdaq-listing-rule-5635c4-301793714.html
SOURCE
FAQ
What did CTI BioPharma announce on April 10, 2023?
How many shares were granted as equity inducement awards by CTI BioPharma?
What is the significance of Nasdaq Listing Rule 5635(c)(4) in CTI BioPharma's announcement?
What is VONJO, the product of CTI BioPharma?