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

Rhea-AI Summary

CTI BioPharma Corp. (NASDAQ: CTIC) announced on September 28, 2021, that its Compensation Committee granted equity inducement awards to fourteen new employees. These awards include options to purchase a total of 314,000 shares of common stock, with the exercise price aligned with the closing price on each respective grant date. Vesting occurs annually over four years, contingent on continued employment. The awards comply with Nasdaq Listing Rule 5635(c)(4) and are intended to facilitate talent acquisition for the biopharmaceutical company's development of targeted therapies for blood-related cancers.

Positive

• Equity awards granted to 14 new employees, enhancing talent acquisition efforts.
• Total of 314,000 shares offered, potentially motivating employee performance.

Negative

• None.

SEATTLE, Sept. 28, 2021 /PRNewswire/ -- CTI BioPharma Corp. (NASDAQ: CTIC) today announced that an authorized subcommittee of the Compensation Committee of its Board of Directors granted equity awards to fourteen 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 September 28, 2021, in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received options to purchase an aggregate of 314,000 shares of CTI BioPharma common stock. The options will be issued upon each employee's grant date (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

 

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SOURCE CTI BioPharma Corp.

FAQ

What recent equity grants were announced by CTI BioPharma on September 28, 2021?

CTI BioPharma announced equity inducement awards for fourteen new employees, totaling 314,000 shares.

What is the purpose of the equity inducement awards granted by CTI BioPharma?

The awards are intended to attract and retain talent critical for the company's growth.

Under which Nasdaq rule did CTI BioPharma grant equity awards to new employees?

CTI BioPharma's equity awards comply with Nasdaq Listing Rule 5635(c)(4).

What is the vesting schedule for the equity options granted by CTI BioPharma?

The options will vest one-fourth annually on the anniversary of the grant date.

What is the significance of the exercise price for the equity awards?

The exercise price for the options will be equal to the closing stock price on each grant date.