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

Rhea-AI Summary

HTG Molecular Diagnostics (NASDAQ: HTGM) announced on November 9, 2021, that its Compensation Committee granted stock options for 80,000 shares and 30,000 restricted stock units (RSUs) to two new employees. The stock options have an exercise price of $5.20 per share, matching HTG's closing price on the grant date. The options vest over four years, while RSUs vest in eight quarterly installments, both contingent on continued employment. These grants are in accordance with Nasdaq Listing Rule 5635(c)(4) and are part of HTG’s 2021 Inducement Plan.

Positive

• Grant of 80,000 stock options and 30,000 RSUs indicates successful recruitment efforts.
• Stock options exercise price set at $5.20 reflects current market value, potentially aligning employee interests with shareholders.

Negative

• None.

TUCSON, Ariz., Nov. 15, 2021 (GLOBE NEWSWIRE) -- HTG Molecular Diagnostics, Inc. (Nasdaq: HTGM) (HTG), a life science company advancing precision medicine through its innovative transcriptome-wide profiling technology, today announced that, on November 9, 2021 the Compensation Committee of the HTG Board of Directors granted inducement stock option awards to purchase an aggregate of 80,000 shares of common stock and 30,000 restricted stock unit awards (RSUs) to two employees who have recently joined HTG.

The stock option awards have exercise prices of $5.20 per share, reflecting HTG’s closing trading price on the grant date. The inducement stock option 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, 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, as amended, and its standard form of agreement for inducement grants of nonstatutory stock options.

The RSUs vest in eight successive equal quarterly installments on the last day of each calendar quarter, commencing with the last day of the first calendar quarter that begins after the grant date, subject to the new employee’s continued service relationship with HTG through the applicable vesting dates. Each award has a 10-year term and is subject to the terms and conditions of HTG’s 2021 Inducement Plan and its standard form of agreement for inducement grants of restricted stock units.

The stock options and RSUs 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 accelerating precision medicine from diagnosis to treatment by harnessing the power of transcriptome-wide profiling to drive translational research, clinical diagnostics and targeted therapeutics across a variety of disease areas.

Building on more than a decade of pioneering innovation and partnerships with biopharma leaders and major academic institutes, HTG’s proprietary RNA platform technologies are designed to make the development of life science tools and diagnostics more effective and efficient and to unlock a differentiated and disruptive approach to transformative drug discovery. For more information visit www.htgmolecular.com.

Contact:

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

FAQ

What was announced by HTG Molecular Diagnostics on November 9, 2021?

HTG Molecular Diagnostics announced the grant of stock options and RSUs to two new employees.

How many stock options were granted by HTG Molecular Diagnostics?

HTG Molecular Diagnostics granted a total of 80,000 stock options.

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

The exercise price of the stock options is $5.20 per share.

What is the vesting schedule for the stock options and RSUs at HTG?

The stock options vest over four years, while the RSUs vest in eight quarterly installments.

Under what plan were the stock options and RSUs granted by HTG?

The stock options and RSUs were granted under HTG's 2021 Inducement Plan.