Jasper Therapeutics, Inc. Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Jasper Therapeutics (Nasdaq: JSPR) announced on March 21, 2022, the granting of an option for 1,704,328 shares of common stock to new CEO Ronald Martell. This option, part of the 2022 Inducement Equity Incentive Plan, carries an exercise price of $3.54 per share and will vest over four years. Jasper focuses on hematopoietic cell transplantation therapies, notably advancing its anti-CD117 monoclonal antibody, JSP191, aimed at improving transplantation safety and effectiveness. The company remains committed to developing innovative therapies for life-threatening conditions.

Positive

• Granting of 1,704,328 share option to new CEO indicates confidence in leadership.
• The option's exercise price of $3.54 per share is positioned below market potential, presenting an attractive opportunity for the new CEO.
• Focus on innovative therapies such as JSP191 could attract investors and enhance stock value.

Negative

• None.

REDWOOD CITY, Calif., March 25, 2022 (GLOBE NEWSWIRE) -- Jasper Therapeutics, Inc. (Nasdaq: JSPR) (“Jasper”), a biotechnology company focused on hematopoietic cell transplant therapies, today announced that, on March 21, 2022, it granted an option to purchase 1,704,328 shares of Jasper’s voting common stock (the “Option”) to Ronald Martell, Jasper’s newly appointed President and Chief Executive Officer. This inducement award was granted pursuant to the Jasper 2022 Inducement Equity Incentive Plan, approved by the compensation committee of Jasper’s board of directors on March 14, 2022, and granted as an inducement material to Mr. Martell’s employment with Jasper in accordance with Nasdaq Listing Rule 5635(c)(4).

The Option has an exercise price of $3.54 per share and will vest over four years, with 25% of the total number of shares subject to the Option vesting on March 15, 2023 and 1/48^th of the total number of shares subject to the Option vesting monthly thereafter, subject in each case to Mr. Martell’s continued service to Jasper on each vesting date.

Jasper is providing this information in accordance with Nasdaq Listing Rule 5635(c)(4).

About Jasper Therapeutics, Inc.

Jasper Therapeutics, Inc. is a biotechnology company focused on the development of novel curative therapies based on the biology of the hematopoietic stem cell. The company is advancing two potentially groundbreaking programs. JSP191, an anti-CD117 monoclonal antibody, is in clinical development as a conditioning agent that clears hematopoietic stem cells from bone marrow in patients undergoing a hematopoietic cell transplantation. It is designed to enable safer and more effective curative allogeneic hematopoietic cell transplants and gene therapies. Jasper is also advancing JSP191 as a potential therapeutic for patients with lower risk Myelodysplastic Syndrome (MDS). Jasper Therapeutics is also advancing its preclinical mRNA hematopoietic stem cell graft platform, which is designed to overcome key limitations of allogeneic and autologous gene-edited stem cell grafts. Both innovative programs have the potential to transform the field and expand hematopoietic stem cell therapy cures to a greater number of patients with life-threatening cancers, genetic diseases and autoimmune diseases than is possible today. For more information, please visit us at jaspertherapeutics.com.

Forward-looking Statements

This press release includes forward-looking statements, including statements regarding Jasper’s employees and equity plans. These forward-looking statements are based upon information that is currently available to Jasper, speak only as of the date hereof, and are subject to numerous risks and uncertainties, including risks associated with Jasper’s employees and equity plans, and additional risks set forth in Jasper’s filings with the Securities and Exchange Commission. Jasper expressly disclaims any obligation, except as required by law, or undertaking to update or revise any such forward-looking statements.

Contacts:

John Mullaly (investors)
LifeSci Advisors
617-429-3548
jmullaly@lifesciadvisors.com

Jeet Mahal (investors)
Jasper Therapeutics
650-549-1403
jmahal@jaspertherapeutics.com

FAQ

What is the significance of the share option granted to Ronald Martell at Jasper Therapeutics?

The share option represents a commitment to align management interests with shareholder value, potentially enhancing company performance.

What is the exercise price of the share option granted to Jasper Therapeutics' CEO?

The exercise price of the share option is $3.54 per share.

How long will the share option for Jasper Therapeutics' CEO vest?

The share option will vest over four years, with 25% vesting on March 15, 2023, and the remainder vesting monthly thereafter.

What therapy is Jasper Therapeutics developing?

Jasper is developing JSP191, an anti-CD117 monoclonal antibody aimed at improving hematopoietic cell transplants.

What is Jasper Therapeutics' focus in the biotechnology sector?

Jasper Therapeutics focuses on developing curative therapies based on hematopoietic stem cell biology.