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

Rhea-AI Summary

Geron Corporation (Nasdaq: GERN) has granted non-statutory stock options for 405,800 shares to new employees as part of their employment inducements. These options, issued on July 20, 2022, have an exercise price of $1.94 per share, matching the stock's closing price on the grant date. They feature a 10-year term and vesting over four years. Geron is focused on developing imetelstat, a telomerase inhibitor, for hematologic malignancies, with two ongoing Phase 3 clinical trials: IMerge and IMpactMF.

Positive

• Inducement of new talent with stock options could enhance future growth.
• The exercise price of $1.94 is equivalent to the current market price, indicating a fair valuation for new hires.

Negative

• None.

FOSTER CITY, Calif.--(BUSINESS WIRE)-- Geron Corporation (Nasdaq: GERN) today reported that it has granted non-statutory stock options to purchase an aggregate of 405,800 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 July 20, 2022 at an exercise price of $1.94 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 for the respective employees 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 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 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220721006082/en/

Aron Feingold

Investor and Media Relations

investor@geron.com

media@geron.com

Source: Geron Corporation

FAQ

What stock options were granted by Geron Corporation?

Geron Corporation granted non-statutory stock options to purchase 405,800 shares to newly hired employees.

When were the stock options granted by Geron Corporation?

The stock options were granted on July 20, 2022.

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

The exercise price of the stock options is $1.94 per share.

How long is the term for the stock options granted by Geron?

The stock options have a 10-year term.

What is the main focus of Geron Corporation?

Geron Corporation is focused on developing imetelstat, a first-in-class telomerase inhibitor for hematologic malignancies.