Geron Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Geron Corporation (Nasdaq: GERN) has granted a non-statutory stock option to purchase 70,000 shares of common stock to a new employee as an induction measure. This option was granted on June 15, 2022, with an exercise price of $1.30 per share, equal to the stock's closing price on that date. The option vests over four years, starting with 12.5% after six months, subject to continued employment. Geron, focused on developing a telomerase inhibitor for hematologic malignancies, is conducting two Phase 3 trials: IMerge and IMpactMF.

FOSTER CITY, Calif.--(BUSINESS WIRE)-- Geron Corporation (Nasdaq: GERN) today reported that it has granted a non-statutory stock option to purchase an aggregate of 70,000 shares of Geron common stock as an inducement to a newly hired employee in connection with commencement of employment with the Company.

The stock option was granted on June 15, 2022 at an exercise price of $1.30 per share, which is equal to the closing price of Geron common stock on the date of grant. The stock option has a 10-year term and vests over four years, with 12.5% of the shares underlying the option vesting on the six-month anniversary of commencement of employment for the employee and the remaining shares vesting over the following 42 months in equal installments of whole shares, subject to continued employment with Geron through the applicable vesting dates. The option was granted as material inducement to employment in accordance with Nasdaq Listing Rule 5635(c)(4) and is subject to the terms and conditions of the stock option agreement covering the grant and Geron’s 2018 Inducement Award Plan, which was adopted December 14, 2018 and provides for the granting of stock options to new employees.

About Geron

Geron is a late-stage clinical biopharmaceutical company focused on the development and potential commercialization of a first-in-class telomerase inhibitor, imetelstat, in hematologic malignancies. The Company currently is conducting two Phase 3 clinical trials: IMerge in lower risk myelodysplastic syndromes and IMpactMF in refractory myelofibrosis.

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Aron Feingold

Investor and Media Relations

investor@geron.com

media@geron.com

Source: Geron Corporation

FAQ

What is the stock option granted by Geron Corporation?

Geron Corporation has granted a non-statutory stock option to purchase 70,000 shares of its common stock to a new employee.

What is the exercise price of the stock option granted by GERN?

The exercise price of the stock option is $1.30 per share.

When was the stock option granted by Geron Corporation?

The stock option was granted on June 15, 2022.

What are the main clinical trials Geron Corporation is conducting?

Geron is conducting two Phase 3 clinical trials: IMerge for lower risk myelodysplastic syndromes and IMpactMF for refractory myelofibrosis.