Milestone Pharmaceuticals Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Milestone Pharmaceuticals Inc. (Nasdaq: MIST) announced the granting of incentive stock options for 92,000 common shares to three new employees, exercisable at $5.48 per share, the closing price on May 16, 2022. This move, compliant with NASDAQ's inducement grant exception, aims to attract talent as part of their employment compensation. The options have a 10-year term and will vest over four years, starting with 25% vesting after the first year. Milestone is advancing its lead candidate, etripamil, through clinical trials targeting cardiovascular conditions.

Positive

• Granting of 92,000 stock options could enhance employee motivation and retention.
• Stock options exercisable at a price equal to market value may indicate confidence in the company's prospects.

Negative

• None.

MONTREAL and CHARLOTTE, N.C., May 27, 2022 /PRNewswire/ -- Milestone Pharmaceuticals Inc. (Nasdaq: MIST), a biopharmaceutical company focused on the development and commercialization of innovative cardiovascular medicines, today announced that Milestone's Compensation Committee granted three new employees incentive stock options to purchase an aggregate of 92,000 common shares, at a per share exercise price of $5.48, the closing price of Milestone's common stock on May 16, 2022. The awards were made pursuant to the NASDAQ inducement grant exception as a component of the new hires' employment compensation. The inducement grants were approved by Milestone's Compensation Committee and are being made as an inducement material to each employee's acceptance of employment with the company in accordance with NASDAQ Listing Rule 5635(c)(4).

The stock options each have a 10-year term and vest over four years, with 25% of the original number of shares vesting on the first anniversary of the applicable employee's new hire date and 2.0833% of the original number of shares vesting each month thereafter on the same day of the month as the employee's new hire date until fully vested, subject to the employee's continued service with the company through the applicable vesting dates.

About Milestone Pharmaceuticals

Milestone Pharmaceuticals Inc. (Nasdaq: MIST), is a biopharmaceutical company focused on the development and commercialization of innovative cardiovascular medicines. Milestone's lead product candidate etripamil is currently in a Phase 3 clinical-stage program for the treatment of paroxysmal supraventricular tachycardia (PSVT) and in a Phase 2 proof-of-concept trial for the treatment of patients with atrial fibrillation with rapid ventricular rate (AFib-RVR). Milestone Pharmaceuticals operates in Canada and the United States. For more information, visit www.milestonepharma.com and follow the Company on Twitter at @MilestonePharma.

Contact:

David Pitts
Argot Partners
212-600-1902
david@argotpartners.com

 

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SOURCE Milestone Pharmaceuticals, Inc.

FAQ

What stock options were granted by Milestone Pharmaceuticals on May 27, 2022?

Milestone Pharmaceuticals granted three new employees stock options to purchase 92,000 common shares at an exercise price of $5.48.

What is the vesting schedule for the stock options granted by Milestone Pharmaceuticals?

The stock options vest over four years, with 25% vesting on the first anniversary and the remainder vesting monthly thereafter.

How does the stock option grant affect shareholders of Milestone Pharmaceuticals?

The stock option grant aims to attract talent, which may potentially enhance company performance and, consequently, shareholder value.