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

Rhea-AI Summary

Geron Corporation (Nasdaq: GERN) announced the granting of non-statutory stock options for 220,000 shares to new employees as employment inducements. These options were issued on April 21, 2021, with an exercise price of $1.48, matching the closing stock price on the grant date. The options have a 10-year term and vest over four years, with an initial 12.5% vesting at the six-month mark. This action complies with Nasdaq Listing Rule 5635(c)(4). Geron is currently focused on developing its telomerase inhibitor, imetelstat, through two Phase 3 clinical trials.

Positive

• Granting of stock options could attract and retain talent, enhancing workforce stability.
• The exercise price of $1.48 aligns with the current market price, indicating no immediate dilution in value.

Negative

• None.

Geron Corporation (Nasdaq: GERN) today reported that it has granted non-statutory stock options to purchase an aggregate of 220,000 shares of Geron common stock as inducements to newly hired employees in connection with commencement of employment with the Company.

The stock options were granted on April 21, 2021 at an exercise price of $1.48 per share, which is equal to the closing price of Geron common stock on the date of grant. The stock options have a 10-year term and vest over four years, with 12.5% of the shares underlying the options vesting on the six-month anniversary of commencement of employment 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 options were granted as material inducements to employment in accordance with Nasdaq Listing Rule 5635(c)(4) and are subject to the terms and conditions of the stock option agreements covering the grants 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 myeloid malignancies. The Company currently is conducting two Phase 3 clinical trials: IMerge in lower risk myelodysplastic syndromes and IMpactMF in refractory myelofibrosis. For more information about Geron, visit www.geron.com.

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FAQ

What stock options were granted by Geron Corporation?

Geron granted non-statutory stock options for 220,000 shares to new employees on April 21, 2021.

What is the exercise price of the stock options granted by Geron?

The exercise price for the stock options is $1.48 per share.

How long is the term for Geron's stock options?

The stock options have a 10-year term.

What is the vesting schedule for the stock options at Geron?

12.5% of the options vest at the six-month anniversary, with the remainder vesting in equal installments over four years.

What is Geron Corporation's focus?

Geron is focused on developing its telomerase inhibitor, imetelstat, in hematologic myeloid malignancies.