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

Rhea-AI Summary

Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) announced the granting of equity awards to 18 new employees as inducement for their acceptance of employment. The awards include 28,246 restricted stock units and stock options to acquire 10,385 shares of common stock, subject to vesting conditions.

CONSHOHOCKEN, Pa., Nov. 15, 2023 (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 18 new employees with a grant date of November 13, 2023 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 an inducement material to the employees’ acceptance of employment with the company. The new employees received, in the aggregate, (1) 28,246 restricted stock units, which vest in a 25% increment on each of the first through fourth anniversaries of the grant date and (2) stock options to acquire 10,385 shares of common stock, which vest as follows (i) 25% of such new employee’s total option shares shall vest under the option on the first anniversary of the date of grant and (ii) 6.25% of such new employee’s total option shares shall vest under the option on each quarterly anniversary following the first anniversary of the date of grant. All awards described under (1) and (2) above shall be subject to each such employee’s continued employment as of the vesting date. The exercise price per share for the stock options described above is $146.00.

About Madrigal Pharmaceuticals

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

Investor Contact
Alex Howarth, 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.?

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

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

The stock options vest in 25% increments on each quarterly anniversary following the first anniversary of the date of grant, subject to the employee's continued employment.

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

The exercise price per share for the stock options is $146.00.