GlycoMimetics Reports Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)

Rhea-AI Summary

GlycoMimetics, Inc. grants a non-qualified stock option award of 130,000 shares to its new Senior Vice President, Technical Operations. The award, given outside the Equity Incentive Plan, is an inducement equity award made as a material inducement for the new employee's acceptance of employment.

ROCKVILLE, Md.--(BUSINESS WIRE)-- GlycoMimetics, Inc. (the “Company”) (NASDAQ:GLYC) today announced that the Compensation Committee of the Company’s Board of Directors approved the grant on February 6, 2024 of a non-qualified stock option award to purchase an aggregate of 130,000 shares of the Company’s common stock to Shantha Tyavanagimatt, Ph.D., the Company’s new Senior Vice President, Technical Operations. The award was granted as an inducement equity award outside of the Company’s Amended and Restated 2013 Equity Incentive Plan in accordance with NASDAQ Listing Rule 5635(c)(4) and was made as an inducement material to the acceptance of employment with the Company by the new employee.

The award was comprised of an option to purchase 130,000 shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”), subject to vesting as to 25% of the underlying shares on February 6, 2025, and as to the remaining underlying shares in equal monthly installments over 36 months thereafter. The option grant has an exercise price of $3.20 per share, the closing price of the Common Stock on the date of grant and is subject to the terms and conditions of a stock option agreement and the GlycoMimetics, Inc. Amended and Restated Inducement Plan, which provides for the granting of stock options and other equity awards to new employees.

About GlycoMimetics, Inc.

GlycoMimetics is a late clinical-stage biotechnology company discovering and developing glycobiology-based therapies for cancers, including AML, and for inflammatory diseases. The Company’s science is based on an understanding of the role that carbohydrates play in cell recognition. Its specialized chemistry platform is being deployed to discover small molecule drugs--known as glycomimetics--that alter carbohydrate-mediated recognition in diverse disease states, including cancers and inflammation. As a leader in this science, GlycoMimetics leverages this unique approach to advance its pipeline of wholly-owned drug candidates. The Company’s goal is to develop transformative therapies for diseases with high unmet medical need. GlycoMimetics is headquartered in Rockville, MD in the BioHealth Capital Region. Learn more at www.glycomimetics.com.

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Investor Contact:

Argot Partners

Leo Vartorella

212-600-1902

Glycomimetics@argotpartners.com

Source: GlycoMimetics, Inc.

FAQ

What type of stock option award did GlycoMimetics, Inc. grant?

GlycoMimetics, Inc. granted a non-qualified stock option award.

How many shares were included in the stock option award?

The stock option award included an aggregate of 130,000 shares.

Who is the recipient of the stock option award?

Shantha Tyavanagimatt, Ph.D., the Company's new Senior Vice President, Technical Operations, received the stock option award.

What is the exercise price of the stock option award?

The stock option award has an exercise price of $3.20 per share.

When will the underlying shares of the stock option award vest?

25% of the underlying shares will vest on February 6, 2025, with the remaining shares vesting in equal monthly installments over 36 months thereafter.