CTI BioPharma Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

CTI BioPharma Corp. (NASDAQ: CTIC) announced equity inducement awards granted to six new employees on May 26, 2021. These awards are crucial for the employees' acceptance of their roles and include options to purchase a total of 240,000 shares of common stock. The options will have an exercise price aligned with the stock's closing price on the Grant Date and will vest over four years. This move is compliant with Nasdaq Listing Rule 5635(c)(4) and aims to attract talent while enhancing company performance.

Positive

• Grant of equity inducement awards to attract new talent.
• Options set at closing stock price, aligning employee and shareholder interests.
• Structured vesting schedule to incentivize long-term commitment.

Negative

• None.

SEATTLE, May 26, 2021 /PRNewswire/ -- CTI BioPharma Corp. (NASDAQ: CTIC) today announced that the Compensation Committee of its Board of Directors granted equity awards to six new employees as equity inducement awards outside of the Company's Amended and Restated 2017 Equity Incentive Plan (but under the terms of the Amended and Restated 2017 Equity Incentive Plan) and material to the employees' acceptance of employment with the company. The equity awards were approved on May 26, 2021, in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received options to purchase an aggregate of 240,000 shares of CTI BioPharma common stock. The options will be issued upon each employee's commencement of employment (the "Grant Date"), and all stock options included within the equity inducement awards will have an exercise price equal to the closing price of CTI BioPharma common stock on each respective Grant Date. One-fourth of the options will vest on each anniversary of the employee's Grant Date, subject to the employee's continued employment with CTI BioPharma on such vesting dates. The options have a ten-year term.

About CTI BioPharma Corp.
We are a biopharmaceutical company focused on the acquisition, development and commercialization of novel targeted therapies for blood-related cancers that offer a unique benefit to patients and their healthcare providers. We concentrate our efforts on treatments that target blood-related cancers where there is an unmet medical need. In particular, we are focused on evaluating pacritinib, our sole product candidate currently in active late-stage development, for the treatment of adult patients with myelofibrosis. In addition, we have recently started developing pacritinib for use in hospitalized patients with severe COVID-19, in response to the COVID-19 pandemic. We are headquartered in Seattle, Washington.

CTI BioPharma Investor Contacts:
Maeve Conneighton/Maghan Meyers
+212-600-1902
cti@argotpartners.com

View original content to download multimedia:http://www.prnewswire.com/news-releases/cti-biopharma-announces-inducement-grants-under-nasdaq-listing-rule-5635c4-301300281.html

SOURCE CTI BioPharma Corp.

FAQ

What did CTI BioPharma announce on May 26, 2021?

CTI BioPharma announced equity inducement awards to six new employees.

How many shares were awarded in the equity inducement grants by CTI BioPharma?

A total of 240,000 shares were awarded.

What is the significance of the equity inducement awards for CTI BioPharma?

These awards are intended to secure employee acceptance and retention.

How will the options from the inducement awards vest over time?

One-fourth of the options will vest on each anniversary of the Grant Date.

What compliance rule did CTI BioPharma follow for these equity awards?

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