GBT Announces New Employment Inducement Grants

Rhea-AI Summary

Global Blood Therapeutics (GBT) announced on November 1, 2020, that its compensation committee granted options to 10 new employees for a total of 19,500 shares of common stock at an exercise price of $52.88. Additionally, restricted stock units for 89,675 shares were awarded under the Amended and Restated 2017 Inducement Equity Plan. These grants comply with NASDAQ Listing Rule 5635(c)(4) and are aimed at incentivizing new hires to join the company, enhancing its efforts in treating sickle cell disease.

Positive

• Granting of stock options and restricted stock units could attract and retain talent, enhancing workforce stability.
• Compliance with NASDAQ Listing Rule indicates adherence to market regulations, which is favorable for investor confidence.

Negative

• None.

SOUTH SAN FRANCISCO, Calif., Nov. 09, 2020 (GLOBE NEWSWIRE) -- Global Blood Therapeutics, Inc. (GBT) (NASDAQ: GBT) today announced that on November 1, 2020, the compensation committee of GBT’s board of directors granted 10 new employees options to purchase an aggregate of 19,500 shares of the company’s common stock with a per share exercise price of $52.88 and restricted stock units for an aggregate of 89,675 shares of the company’s common stock. These awards were made under GBT’s Amended and Restated 2017 Inducement Equity Plan (the Plan). Pursuant to the Plan, the exercise price for the 19,500 shares of the company’s common stock was the closing trading price on October 30, 2020, because there was no closing trading price on November 1, 2020.

The above-described awards were each granted as an inducement material to the employees entering into employment with the company in accordance with NASDAQ Listing Rule 5635(c)(4), and were granted pursuant to the terms of the Plan. The Plan was adopted by GBT’s board of directors in January 2017 and has been amended and restated from time to time.

About Global Blood Therapeutics
Global Blood Therapeutics (GBT) is a biopharmaceutical company dedicated to the discovery, development, and delivery of life-changing treatments that provide hope to underserved patient communities. Founded in 2011, GBT is delivering on its goal to transform the treatment and care of sickle cell disease (SCD), a lifelong, devastating inherited blood disorder. The company has introduced Oxbryta^® (voxelotor), the first FDA-approved treatment that directly inhibits sickle hemoglobin polymerization, the root cause of red blood cell sickling in SCD. GBT is also advancing its pipeline program in SCD with inclacumab, a P-selectin inhibitor in development to address pain crises associated with the disease, and GBT021601, the company’s next generation hemoglobin S polymerization inhibitor. In addition, GBT’s drug discovery teams are working on new targets to develop the next wave of treatments for SCD. To learn more, please visit www.gbt.com and follow the company on Twitter @GBT_news.

Contact Information:
Steven Immergut (investors and media)
650-410-3258
simmergut@gbt.com

FAQ

What stock options did GBT grant on November 1, 2020?

GBT granted stock options to 10 new employees, totaling 19,500 shares at an exercise price of $52.88.

What is the purpose of the restricted stock units awarded by GBT?

The restricted stock units totaling 89,675 shares were awarded to incentivize new hires under GBT's Amended and Restated 2017 Inducement Equity Plan.

How does GBT's employee stock award relate to its business strategy?

The stock awards aim to attract talent necessary for advancing GBT's mission in developing treatments for sickle cell disease.

What regulatory compliance did GBT follow for its employee stock grants?

GBT's awards were granted in accordance with NASDAQ Listing Rule 5635(c)(4).