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

Rhea-AI Summary

CTI BioPharma Corp. (NASDAQ: CTIC) announced on March 8, 2021, the grant of equity awards to two new employees as inducement for their employment. The awards consist of options to purchase a total of 80,000 shares of CTIC common stock at an exercise price of $3.07 per share, equal to the stock’s closing price on the grant date. Vesting occurs annually over four years, contingent on continued employment. This action complies with Nasdaq Listing Rule 5635(c)(4) and reflects the company's commitment to attract talent.

Positive

• Grant of equity awards aims to attract and retain talent.
• Details of equity awards comply with Nasdaq regulations.

Negative

• None.

SEATTLE, March 8, 2021 /PRNewswire/ -- CTI BioPharma Corp. (NASDAQ: CTIC) today announced that the Compensation Committee of its Board of Directors granted equity awards to two new employees with a grant date of March 8, 2021, 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 March 8, 2021, in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received options to purchase an aggregate of 80,000 shares of CTI BioPharma common stock. The options have an exercise price of $3.07, which is equal to the closing price of CTI BioPharma common stock on March 8, 2021, the grant date of the awards. One-fourth of the options will vest on each anniversary of the employee's date of hire, 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 are the details of the equity awards granted by CTI BioPharma on March 8, 2021?

CTI BioPharma granted equity awards consisting of options to purchase 80,000 shares at an exercise price of $3.07, vesting over four years.

How does CTI BioPharma comply with Nasdaq Listing Rule 5635?

The equity awards were approved on March 8, 2021, meeting the requirements set by Nasdaq for inducement grants.

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

The awards serve to attract two new employees and incentivize their employment with the company.