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

Rhea-AI Summary

Standard BioTools Inc. announced the grant of equity inducement awards to new executives, including Michael Egholm as CEO, Hanjoon Kim as COO, and Ardalan Arfaei as Senior VP. The Compensation Committee approved stock options and restricted stock units (RSUs) to incentivize their employment, with awards comprising millions of shares. The options have a 10-year term with an exercise price of $3.99 per share, vesting over four years. Standard BioTools aims to accelerate breakthroughs in human health using innovative technologies in biomedical research.

Positive

• Attracting experienced management team with significant equity awards.
• Total awards comprise millions of shares, aligning executives' interests with shareholders.

Negative

• High equity compensation may dilute existing shareholder value.
• Potential reliance on new executives for strategic direction amid transitions.

SOUTH SAN FRANCISCO, Calif., April 05, 2022 (GLOBE NEWSWIRE) -- Standard BioTools Inc. (f/k/a Fluidigm Corporation) (Nasdaq:FLDM) today announced, as required by Nasdaq Stock Market Rules, the grant of equity inducement awards to its new executive officers Michael Egholm, the Company’s new President, Chief Executive Officer and a member of the Company’s Board of Directors, and Hanjoon (Alex) Kim, the Company’s new Chief Operating Officer, and a new employee, Ardalan (Alex) Arfaei, the Company’s new Senior Vice President, Corporate Development.

In accordance with Nasdaq Listing Rule 5635(c)(4), Standard BioTools’ Compensation Committee of its Board of Directors, which is composed entirely of independent directors, approved the grants of the following equity awards to Dr. Egholm and Messrs. Kim and Arfaei, each as a material inducement to Dr. Egholm and Messrs. Kim and Arfaei entering into employment with Standard BioTools, on April 4, 2022: an award of nonstatutory stock options to purchase 4,529,773 shares of common stock and an award of 786,049 restricted stock units (RSUs) for Dr. Egholm; an award of nonstatutory stock options to purchase 1,617,775 shares of common stock and an award of 280,732 RSUs for Mr. Kim; and an award of nonstatutory stock options to purchase 1,294,221 shares of common stock and an award of 224,585 RSUs for Mr. Arfaei. Each of Dr. Egholm, Mr. Kim, and Mr. Arfaei commenced employment with Standard BioTools on April 4, 2022.

Each stock option award has a 10-year term and an exercise price per share equal to $3.99, the closing price of Standard BioTools common stock as quoted on the Nasdaq Global Select Market on the grant date. 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, 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 the fourth anniversary of each stock option award’s respective vesting commencement date). Subject to the recipient’s continued service through each such relevant date, twenty-five percent of each RSU Award will vest in equal annual installments over a four-year period beginning on the first anniversary of the vesting commencement date (resulting in each RSU award being 100% vested on the fourth anniversary of its respective vesting commencement date).   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, previously known as Fluidigm, is driven by a bold vision – 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 that 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 standardbiotools.com, or connect with us on Twitter, Facebook, LinkedIn, and YouTube.

Standard BioTools, the Standard BioTools logo, Fluidigm, the Fluidigm logo and CyTOF are trademarks and/or registered trademarks of Standard BioTools 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.

Contacts:
Media:
Mark Spearman
Fluidigm Corporation
650 243 6621
mark.spearman@fluidigm.com

Investors:
Peter DeNardo
415 389 6400
ir@fluidigm.com

FAQ

What equity awards were granted to Standard BioTools executives on April 4, 2022?

Standard BioTools granted substantial equity awards including stock options and restricted stock units to new executives, totaling millions of shares.

Who are the new executives at Standard BioTools and what are their roles?

The new executives include Michael Egholm as President and CEO, Hanjoon Kim as COO, and Ardalan Arfaei as Senior VP of Corporate Development.

What is the exercise price for the stock options granted to Standard BioTools executives?

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

What is the vesting schedule for the equity awards at Standard BioTools?

The stock options and RSUs vest over a four-year period, with 25% vested after the first year and the remainder vesting monthly or annually thereafter.

How does the grant of equity awards impact Standard BioTools shareholders?

The grant of equity awards may dilute existing shareholder value due to the issuance of large amounts of stock.