Madrigal Pharmaceuticals Reports Inducement Grants under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Madrigal Pharmaceuticals, Inc. granted equity awards to 7 new employees under Nasdaq Listing Rule 5635(c)(4), with options to purchase 1,979 shares of common stock and 4,078 time-based restricted stock units. The options have an exercise price of $231.37 per share and vest over time, while the restricted stock units vest in increments over four years.

CONSHOHOCKEN, Pa., April 16, 2024 (GLOBE NEWSWIRE) -- Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL), a biopharmaceutical company pursuing novel therapeutics for nonalcoholic steatohepatitis (NASH), today announced that the company granted equity awards to 7 new employees, in each case with a grant date of April 15, 2024, as equity inducement awards under the terms of the company's 2023 Inducement Plan. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).

The equity awards were granted as inducement material to employees’ acceptance of employment with the company. The new employees received, in the aggregate, options to purchase 1,979 shares of Madrigal’s common stock, and in the aggregate 4,078 time-based restricted stock units. All options granted have an exercise price of $231.37 per share, and vest as follows (i) 25% of the option shares will vest on the first anniversary of the date of grant and (ii) 6.25% of the option shares shall vest on each quarterly anniversary following the first anniversary of the date of grant. All restricted stock units granted vest in a 25% increment on each of the first through fourth anniversaries of the grant date. The vesting of all awards described above shall be subject to each such employee’s continued employment as of the vesting date.

About Madrigal Pharmaceuticals

Madrigal Pharmaceuticals, Inc. (Nasdaq: MDGL) is a biopharmaceutical company pursuing novel therapeutics for nonalcoholic steatohepatitis (NASH), a liver disease with high unmet medical need. Madrigal’s medication, Rezdiffra (resmetirom), is a once-daily, oral, liver-directed THR-β agonist designed to target key underlying causes of NASH. For more information, visit www.madrigalpharma.com.

Investor Contact
Tina Ventura, Madrigal Pharmaceuticals, Inc., IR@madrigalpharma.com

Media Contact
Christopher Frates, Madrigal Pharmaceuticals, Inc., media@madrigalpharma.com

FAQ

What is the purpose of the equity awards granted by Madrigal Pharmaceuticals, Inc. (MDGL)?

The equity awards were granted as inducement material to employees’ acceptance of employment with the company.

How many new employees received equity awards from Madrigal Pharmaceuticals, Inc.?

7 new employees received equity awards.

How many shares of Madrigal's common stock can be purchased through the options granted?

1,979 shares of common stock can be purchased through the options.

What is the exercise price per share for the options granted by Madrigal Pharmaceuticals, Inc.?

The exercise price per share for the options is $231.37.

How do the options granted by Madrigal Pharmaceuticals, Inc. vest?

25% of the option shares vest on the first anniversary of the grant date, and 6.25% vest on each quarterly anniversary following the first anniversary.

How do the restricted stock units granted by Madrigal Pharmaceuticals, Inc. vest?

The restricted stock units vest in a 25% increment on each of the first through fourth anniversaries of the grant date.

What is the requirement for the vesting of the awards granted by Madrigal Pharmaceuticals, Inc.?

The vesting of the awards is subject to each employee’s continued employment as of the vesting date.