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

Rhea-AI Summary

Madrigal Pharmaceuticals, Inc. (MDGL) granted equity awards to 30 new employees under its 2023 Inducement Plan. The awards include options to purchase 1,813 shares and 12,709 restricted stock units. The options have an exercise price of $255.74 per share and vest over time. The restricted stock units vest in increments over four years, subject to continued employment.

CONSHOHOCKEN, Pa., April 03, 2024 (GLOBE NEWSWIRE) -- Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL), a clinical-stage biopharmaceutical company pursuing novel therapeutics for nonalcoholic steatohepatitis (NASH), today announced that the company granted equity awards to 30 new employees, in each case with a grant date of April, 1 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 1,813 shares of Madrigal’s common stock, and in the aggregate 12,709 time-based restricted stock units. All options granted have an exercise price of $255.74 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

How many new employees did Madrigal Pharmaceuticals grant equity awards to?

Madrigal Pharmaceuticals granted equity awards to 30 new employees.

What is the ticker symbol for Madrigal Pharmaceuticals?

The ticker symbol for Madrigal Pharmaceuticals is MDGL.

What type of awards were granted to the new employees?

The new employees received options to purchase 1,813 shares of Madrigal’s common stock and 12,709 time-based restricted stock units.

What is the exercise price per share for the options granted?

The exercise price for the options granted is $255.74 per share.

How do the options vest over time?

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

How do the restricted stock units 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 condition for vesting of the awards?

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