Standard BioTools Inc. Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Standard BioTools Inc. (Nasdaq:LAB) announced the granting of equity awards to an incoming employee as a material inducement under its 2022 Inducement Equity Incentive Plan. The awards include nonstatutory stock options for 647,112 shares at an exercise price of $3.99, and 112,293 restricted stock units (RSUs). The RSUs will vest over four years, with 25% vesting on April 4, 2023, and the rest annually thereafter. The stock options have a 10-year term and also vest over four years. The equity awards comply with Nasdaq Listing Rule 5635(c)(4), ensuring governance standards are maintained.

Positive

• None.

Negative

• Potential dilution of existing shares due to significant equity awards.
• Dependent on employee retention for full vesting of awards.

SOUTH SAN FRANCISCO, Calif., March 22, 2023 (GLOBE NEWSWIRE) -- Standard BioTools Inc. (Nasdaq:LAB) today announced that the Compensation Committee of its Board of Directors, which is composed entirely of independent directors, granted an equity award effective as of March 20, 2023, under the Standard BioTools Inc. 2022 Inducement Equity Incentive Plan (Plan). The equity award consisted of an award of nonstatutory stock options to purchase 647,112 shares of common stock and an award of 112,293 restricted stock units (RSU Award) as a material inducement to an individual entering into employment with Standard BioTools. The equity award was approved in accordance with Nasdaq Listing Rule 5635(c)(4).

The vesting schedule of the RSU Award is as follows: 1/4th of the total number of shares of common stock underlying each RSU Award will vest on April 4, 2023, and the remaining 75% of the shares subject to the RSU Award will vest in equal annual installments thereafter (resulting in the RSU Award being 100% vested on April 4, 2026); provided, however, that if a vesting date would otherwise fall on a day when the national stock exchange upon which the shares are listed is not open for trading, vesting will occur on the first trading day thereafter. Vesting of the RSU Award is subject to the employee continuing to be a service provider through each such vesting date, in addition to other terms and conditions of the Plan.

The stock option award has a 10-year term and an exercise price per share equal to $3.99. Subject to the grantee’s continued service through each such relevant date, twenty-five percent of the shares subject to each stock option award will vest on the first anniversary of the vesting commencement date of April 4, 2023, and the remaining seventy-five percent of the shares subject to such stock option award will vest in equal monthly installments thereafter (resulting in each stock option award being 100% vested on April 4, 2026). In addition, each stock option award and RSU Award may be subject to vesting acceleration upon certain qualifying termination events in accordance with the terms and conditions set forth in the grantee’s offer letter with Standard BioTools.

About Standard BioTools Inc.

Standard BioTools Inc. (Nasdaq:LAB), previously known as Fluidigm Corporation, is driven by a bold purpose – Unleashing tools to accelerate breakthroughs in human health. Standard BioTools has an established portfolio of essential, standardized next-generation technologies that help biomedical researchers develop medicines faster and better. As a leading solutions provider, the company provides reliable and repeatable insights in health and disease using its proprietary mass cytometry and microfluidics technologies, which help transform scientific discoveries into better patient outcomes. Standard BioTools works with leading academic, government, pharmaceutical, biotechnology, plant and animal research, and clinical laboratories worldwide, focusing on the most pressing needs in translational and clinical research, including oncology, immunology, and immunotherapy. Learn more at www.standardbio.com or connect with us on Twitter®, Facebook®, LinkedIn, and YouTube™. Standard BioTools, the Standard BioTools logo, Fluidigm, the Fluidigm logo, and “Unleashing tools to accelerate breakthroughs in human health” are trademarks and/or registered trademarks of Standard BioTools Inc. or its affiliates in the United States and/or other countries. All other trademarks are the sole property of their respective owners. Standard BioTools products are provided for Research Use Only. Not for use in diagnostic procedures.

Investors:

Scott R. Greenstone, CFA
ir@standardbio.com

Peter DeNardo
415 389 6400
ir@standardbio.com

FAQ

What was announced by Standard BioTools on March 22, 2023?

Standard BioTools announced the granting of equity awards to a new employee, including stock options and restricted stock units.

What is the exercise price for the stock options granted by LAB?

The exercise price for the stock options is set at $3.99 per share.

How many shares are involved in the equity award granted by Standard BioTools?

The equity award includes 647,112 stock options and 112,293 restricted stock units.

What is the vesting schedule for the RSU awards granted by LAB?

The RSU awards vest 25% on April 4, 2023, with the remaining 75% vesting in equal annual installments over the next three years.

How long is the term for the stock options issued by Standard BioTools?

The stock options have a term of 10 years.