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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) granted non-statutory stock options to purchase 566,890 shares of common stock to new employees as an employment inducement. The options, issued at an exercise price of $2.24 per share, equal the closing stock price on the grant date of November 16, 2022. Notably, 470,000 shares vest over four years, while 96,890 shares vest upon achieving specific regulatory milestones. This grant aligns with Nasdaq Listing Rule 5635(c)(4) and is part of Geron's 2018 Inducement Award Plan aimed at fostering talent for ongoing clinical trials evaluating its telomerase inhibitor, imetelstat.
Positive
Grant of stock options may attract skilled talent to support ongoing clinical trials.
Regulatory milestone-based vesting aligns incentives with company performance and clinical success.
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 566,890 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 November 16, 2022 at an exercise price of $2.24 per share, which is equal to the closing price of Geron common stock on the date of grant. Stock options representing an aggregate of 470,000 shares 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. Stock options representing an aggregate of 96,890 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 stock options did Geron grant on November 16, 2022?
Geron granted non-statutory stock options to purchase 566,890 shares at an exercise price of $2.24 per share.
What is the vesting schedule for the stock options granted by Geron?
470,000 shares vest over four years, with 12.5% vesting after six months and the remaining in equal installments. 96,890 shares vest upon achieving specific regulatory milestones.
What is the purpose of the stock options granted by Geron?
The stock options were granted as inducements to newly hired employees to attract talent essential for clinical development.
What clinical trials is Geron currently pursuing?
Geron is conducting two Phase 3 pivotal clinical trials for its telomerase inhibitor imetelstat, targeting lower risk myelodysplastic syndromes and relapsed/refractory myelofibrosis.
