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

Rhea-AI Summary

Standard BioTools Inc. (Nasdaq:LAB) announced equity awards for new employees as part of its 2022 Inducement Equity Incentive Plan on April 20, 2023. The Compensation Committee granted awards to four individuals, comprised of 43,700 restricted stock units (RSUs) and stock options to purchase 400,000 shares. The RSUs will vest in stages starting from February 20, 2024, while the stock options have a 10-year term with an exercise price of $1.76, beginning to vest on May 20, 2024. The awards are intended to attract talent and comply with Nasdaq Listing Rule 5635(c)(4). Standard BioTools aims to enhance human health through innovative technologies in the biomedical research sector.

Positive

• Attracting talent through significant equity awards.
• Compliance with Nasdaq Listing Rules, enhancing corporate governance.

Negative

• None.

SOUTH SAN FRANCISCO, Calif., April 20, 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 equity awards, effective as of April 20, 2023, under the Standard BioTools Inc. 2022 Inducement Equity Incentive Plan (Inducement Plan), as a material inducement to four individuals entering into employment with Standard BioTools. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).

In connection with the individuals entering into employment with Standard BioTools, none of whom were previously employees or directors of the company, three individuals received awards totaling an aggregate of 43,700 restricted stock units (RSUs) and one individual received an award of nonstatutory stock options to purchase 400,000 shares of common stock.

With respect to two of the RSU awards, 1/4th of the total number of shares of common stock underlying the RSU awards will initially vest on February 20, 2024, and with respect to one of the awards, 1/4^th of the number of shares of common stock underlying the RSU award will initially vest on May 20, 2024, and with respect to all three RSU awards, 1/16th of the shares underlying the RSUs will vest every three months after the initial vesting date until fully vested; 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. The stock option award has a 10-year term, an exercise price equal to $1.76, 1/4th of the total number of shares subject to the award will vest on May 20, 2024 and 1/48th of the shares subject to the award will vest monthly thereafter until fully vested; 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 in all instances is subject to the applicable new employee’s continued service with Standard BioTools through each applicable vesting date, in addition to the other terms and conditions of the Inducement Plan.

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.

FAQ

What were the equity awards granted by Standard BioTools Inc. on April 20, 2023?

Standard BioTools Inc. granted a total of 43,700 restricted stock units (RSUs) and stock options to purchase 400,000 shares for new employees as part of their 2022 Inducement Equity Incentive Plan.

What is the vesting schedule for the equity awards issued by LAB?

The RSUs will vest in stages beginning February 20, 2024, and the stock options will start vesting on May 20, 2024.

What is the exercise price of the stock options awarded by Standard BioTools?

The exercise price of the stock options awarded is $1.76.

Who approved the equity awards at Standard BioTools?

The equity awards were approved by the Compensation Committee of the Board of Directors, which consists entirely of independent directors.

How does Standard BioTools plan to use the equity awards?

The equity awards are intended as a material inducement to attract new talent to the company.