HTG Molecular Diagnostics, Inc. Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

HTG Molecular Diagnostics (HTGM) announced the grant of stock options totaling 30,000 shares to two new employees, with exercise prices of $5.85 and $5.42, reflecting HTG’s closing prices on July 13 and July 22, 2021. These options vest over four years and are part of HTG’s 2021 Inducement Plan, aimed at attracting talent to further advance the company's mission in precision medicine. The options are subject to the employees' continuous service with the company and have a 10-year term.

Positive

• Grant of 30,000 stock options may attract talent to HTG.
• Stock options enhance employee commitment through a four-year vesting schedule.

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• None.

TUCSON, Ariz., July 23, 2021 (GLOBE NEWSWIRE) -- HTG Molecular Diagnostics, Inc. (Nasdaq: HTGM) (HTG), a life science company whose mission is to advance precision medicine, today announced that, on July 13th and July 22nd, 2021 the Compensation Committee of the HTG Board of Directors granted inducement stock option awards to purchase an aggregate of 30,000 shares of common stock to two employees who have recently joined HTG.

These stock option awards have exercise prices of $5.85 and $5.42 per share, respectively, reflecting HTG’s closing trading price on the grant date. Both inducement awards vest over approximately four years, with 1/4th of the shares vesting on the one-year anniversary of the applicable vesting commencement date and the balance of the shares vesting in a series of 12 successive, equal quarterly installments on the last day of each calendar quarter, commencing with the last day of the calendar quarter first occurring after the one-year anniversary of the applicable vesting commencement date, and subject to the new employee's continued service relationship with HTG through the applicable vesting dates. Each stock option has a 10-year term and is subject to the terms and conditions of HTG’s 2021 Inducement Plan, adopted by HTG’s Board of Directors on July 1, 2021, and its standard form of agreement for inducement grants of nonstatutory stock options.

The stock options were granted as inducements material to the new employees entering into employment with HTG in accordance with Nasdaq Listing Rule 5635(c)(4).

About HTG:

HTG is focused on NGS-based molecular profiling. The company’s proprietary HTG EdgeSeq technology automates complex, highly multiplexed molecular profiling from solid and liquid samples, even when limited in amount. HTG’s customers use its technology to identify biomarkers important for precision medicine, to understand the clinical relevance of these discoveries, and ultimately to identify treatment options. Its mission is to empower precision medicine.

Contact:

Ashley Robinson
Phone: (617) 430-7577
Email: arr@lifesciadvisors.com

FAQ

What stock options were granted by HTG Molecular Diagnostics?

HTG granted stock options totaling 30,000 shares to two new employees at exercise prices of $5.85 and $5.42.

What is the vesting schedule for the stock options awarded by HTG?

The stock options vest over four years, with 1/4 of the shares vesting after one year and the remainder in 12 equal quarterly installments.

What is the purpose of the stock option grants at HTG?

The stock options were granted as inducements for new employees entering into employment with HTG.

What is HTG Molecular Diagnostics' focus area?

HTG focuses on NGS-based molecular profiling to empower precision medicine.

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

Each stock option has a term of 10 years.