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DermTech Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
Rhea-AI Impact
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Rhea-AI Sentiment
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Rhea-AI Summary
DermTech (NASDAQ: DMTK) has granted restricted stock units (RSUs) totaling 459,896 shares to 30 new employees as part of its 2022 Inducement Equity Incentive Plan. Approved by the Compensation Committee on September 16, 2022, these RSUs will vest over four years, with 25% vesting on September 5, 2023, and the remainder in quarterly installments. The grants aim to facilitate employee acceptance and retention, aligning with Nasdaq Listing Rule 5635(c)(4). DermTech focuses on precision dermatology through non-invasive skin genomics.
Positive
Granting of 459,896 restricted stock units can enhance employee retention and motivation.
Aligns with Nasdaq Listing regulations, indicating compliance and governance.
Negative
None.
LA JOLLA, Calif.--(BUSINESS WIRE)--
DermTech, Inc. (NASDAQ: DMTK) (“DermTech” or the “Company”), a leader in precision dermatology enabled by a non-invasive skin genomics platform, today announced the grant to 30 new employees of restricted stock units representing the contingent right to receive up to an aggregate of 459,896 shares of the Company’s common stock under its 2022 Inducement Equity Incentive Plan, as amended, or the 2022 Inducement Plan. The restricted stock units were approved by DermTech’s Compensation Committee, effective September 16, 2022, and were granted as inducements material to the employee’s acceptance of employment with DermTech in accordance with Nasdaq Listing Rule 5635(c)(4).
The 459,896 restricted stock units shall vest over 4 years as follows: (i) twenty-five percent of the restricted stock units will vest on September 5, 2023 and (ii) the remaining seventy-five percent of the restricted stock units will vest in equal quarterly installments until fully vested on September 5, 2026, subject to the employee’s continued employment with the Company on these vesting dates. The restricted stock units are also subject to the terms and conditions of the 2022 Inducement Plan, and the terms and conditions of the equity award agreements covering the grants.
About DermTech
DermTech is a leading genomics company in dermatology and is creating a new category of medicine, precision dermatology, enabled by its non-invasive skin genomics platform. DermTech’s mission is to improve the lives of millions by providing non-invasive precision dermatology solutions that enable individualized care. DermTech provides genomic analysis of skin samples collected non-invasively using our Smart StickersTM. DermTech markets and develops products that facilitate the early detection of skin cancers and is developing products that assess inflammatory diseases and customize drug treatments. For additional information, please visit DermTech.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The expectations, estimates, and projections of DermTech may differ from its actual results and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” "outlook," “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, expectations and evaluations with respect to: the performance, patient benefits, cost- effectiveness, commercialization and adoption of DermTech’s products and the market opportunity for these products. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside of the control of DermTech and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the outcome of any legal proceedings that may be instituted against DermTech; (2) DermTech’s ability to obtain additional funding to develop and market its products; (3) the existence of favorable or unfavorable clinical guidelines for DermTech’s tests; (4) the reimbursement of DermTech’s tests by Medicare and commercial payors; (5) the ability of patients or healthcare providers to obtain coverage of or sufficient reimbursement for DermTech’s products; (6) DermTech’s ability to grow, manage growth and retain its key employees; (7) changes in applicable laws or regulations; (8) the market adoption and demand for DermTech’s products and services together with the possibility that DermTech may be adversely affected by other economic, business, and/or competitive factors; and (9) other risks and uncertainties included in the “Risk Factors” section of the most recent Annual Report on Form 10-K filed by DermTech with the Securities and Exchange Commission (the “SEC”), and other documents filed or to be filed by DermTech with the SEC, including subsequently filed reports. DermTech cautions that the foregoing list of factors is not exclusive. You should not place undue reliance upon any forward- looking statements, which speak only as of the date made. DermTech does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.
What is the significance of the restricted stock units granted by DermTech?
The restricted stock units, totaling 459,896 shares, are intended to attract and retain talent, complying with Nasdaq Listing Rule 5635(c)(4).
How will the restricted stock units vest for DermTech employees?
The RSUs will vest over four years: 25% on September 5, 2023, and the remaining 75% in quarterly installments until September 5, 2026.
What does the grant of RSUs indicate about DermTech's employee strategy?
The grant reflects DermTech's commitment to incentivize employees, enhancing retention and aligning employees' interests with shareholders.
When were the restricted stock units approved by DermTech?
The restricted stock units were approved by DermTech’s Compensation Committee on September 16, 2022.
What is DermTech's focus area in the healthcare sector?
DermTech is focused on precision dermatology, utilizing a non-invasive skin genomics platform for early detection of skin cancers and other conditions.
