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Geron Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Geron Corporation (NASDAQ: GERN) announced the granting of non-statutory stock options to a newly hired employee, totaling 75,730 shares. The options were issued on January 18, 2023, at an exercise price of $3.12 per share, matching the stock's closing price on the grant date. Of these, 70,000 shares have a 10-year term, vesting over four years with an initial 12.5% vesting at six months. The remaining 5,730 shares vest upon achieving certain regulatory milestones. This grant complies with Nasdaq Listing Rule 5635(c)(4) and is part of Geron’s 2018 Inducement Award Plan.
Positive
Granting of 75,730 stock options demonstrates Geron's commitment to attract talent.
Stock options are aligned with the company's growth strategy.
Negative
The exercise price of $3.12 reflects the current trading level, indicating limited upside potential.
FOSTER CITY, Calif.--(BUSINESS WIRE)--
Geron Corporation (Nasdaq: GERN) today reported that it has granted non-statutory stock options to purchase an aggregate of 75,730 shares of Geron common stock as inducements to a newly hired employee in connection with commencement of employment with the Company.
The stock options were granted on January 18, 2023 at an exercise price of $3.12 per share, which is equal to the closing price of Geron common stock on the date of grant. A stock option representing an aggregate of 70,000 shares 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. Stock options representing an aggregate of 5,730 shares have a 10-year term and vest in full upon achievement of certain regulatory milestones, subject to continued employment with Geron through the applicable vesting dates. All of the stock options were granted as material inducement 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 biopharmaceutical company pursuing therapies with the potential to extend and enrich the lives of patients living with hematologic malignancies. Our first-in-class telomerase inhibitor, imetelstat, harnesses Nobel Prize-winning science in a treatment that may alter the underlying drivers of disease. Geron currently has two Phase 3 pivotal clinical trials underway evaluating imetelstat in lower risk myelodysplastic syndromes (LR MDS), and in relapsed/refractory myelofibrosis (MF). To learn more, visit www.geron.com or follow us on LinkedIn.
What are the details of the stock options granted by Geron on January 18, 2023?
Geron granted 75,730 stock options at an exercise price of $3.12, with 70,000 shares vesting over four years and 5,730 shares vesting upon achieving regulatory milestones.
What is the purpose of the stock options granted by Geron?
The stock options were granted as an inducement to a newly hired employee, aligning their interests with the company's performance.
How does the stock option grant comply with Nasdaq regulations?
The grants were made in accordance with Nasdaq Listing Rule 5635(c)(4) as material inducements to employment.
What is Geron's 2018 Inducement Award Plan?
The plan allows for granting stock options to new employees to incentivize their performance and align them with company goals.
What milestones are associated with the vesting of some stock options?
Certain stock options vest in full upon achieving specific regulatory milestones.
