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Geron Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Geron Corporation (Nasdaq: GERN) has granted non-statutory stock options to acquire 1,684,220 shares of common stock as an employment inducement for newly hired employees. The options were issued on April 19, 2023, at an exercise price of $2.49 per share, equal to the stock's closing price that day. Of the total, 1,586,000 options have a 10-year term and vest over four years, with an initial 12.5% vesting after six months. The remaining shares will vest monthly over the following 42 months. The remaining 98,220 options will vest upon achieving specific regulatory milestones. This initiative aligns with Nasdaq Listing Rule 5635(c)(4) and follows Geron’s 2018 Inducement Award Plan.
Geron focuses on therapies for hematologic malignancies, particularly its investigational telomerase inhibitor, imetelstat.
Positive
Granted 1,684,220 stock options to new employees, indicating growth and recruitment efforts.
Stock options priced at $2.49 per share, aligning with market value, indicating no immediate financial dilution.
Negative
The significant number of stock options could lead to shareholder dilution in the future.
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FOSTER CITY, Calif.--(BUSINESS WIRE)--
Geron Corporation (Nasdaq: GERN) today reported that it has granted non-statutory stock options to purchase an aggregate of 1,684,220 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 19, 2023 at an exercise price of $2.49 per share, which is equal to the closing price of Geron common stock on the date of grant. Stock options representing an aggregate of 1,586,000 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 98,220 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. Its investigational first-in-class telomerase inhibitor, imetelstat, harnesses Nobel Prize winning science in a treatment that may alter the underlying course of these diseases. To learn more, visit http://www.geron.com/ or follow us on LinkedIn.
What stock options did Geron Corporation grant on April 19, 2023?
On April 19, 2023, Geron Corporation granted non-statutory stock options to purchase an aggregate of 1,684,220 shares of common stock to newly hired employees.
What is the exercise price for the stock options granted to Geron's new employees?
The exercise price for the stock options is $2.49 per share, equal to the closing price of Geron's common stock on the grant date.
How long do the stock options granted by Geron last?
The stock options have a term of 10 years from the date of grant.
What are the vesting conditions for the stock options granted by Geron Corporation?
The majority of the stock options vest over four years, with an initial 12.5% vesting after six months of employment, while others vest upon achieving specific regulatory milestones.
