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Marinus Pharmaceuticals Announces Inducement Grants Under Nasdaq Listing Rule 5635(C)(4)
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Marinus Pharmaceuticals, Inc. announced the grant of inducement awards to four new employees, involving non-qualified stock options for 64,425 shares of Common Stock at an exercise price of $10.21 per share. The stock options will vest over time, with 25% becoming exercisable after one year and the remaining 75% in 36 monthly installments, subject to continued employment.
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RADNOR, Pa.--(BUSINESS WIRE)--
Marinus Pharmaceuticals, Inc. (Nasdaq: MRNS), a pharmaceutical company dedicated to the development of innovative therapeutics to treat seizure disorders, today announced the grant of inducement awards to four new employees. The Compensation Committee of the Board of Directors of Marinus approved the grant of non-qualified stock options to purchase an aggregate of 64,425 shares of its common stock (the “Common Stock”) as inducements material to the employees entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).
These stock option grants have an exercise price of $10.21 per share, which is equal to the closing price of the Common Stock on February 12, 2024 (date of grant for such stock options). All of the stock options will vest and become exercisable as to 25% of the underlying shares on the one-year anniversary of the applicable employee’s start date of employment, and will vest and become exercisable as to the remaining 75% of the underlying shares of Common Stock in 36 equal monthly installments thereafter on each monthly anniversary, subject to the applicable employee’s continued employment with Marinus on such vesting dates. These stock options were granted as inducements material to each of the employees entering into employment with Marinus in accordance with Nasdaq Listing Rule 5635(c)(4), and are subject to the terms and conditions of the applicable award agreement covering such grant.
About Marinus Pharmaceuticals
Marinus is a commercial-stage pharmaceutical company dedicated to the development of innovative therapeutics for seizure disorders. The Company first introduced FDA-approved prescription medication ZTALMY® (ganaxolone) oral suspension CV in the U.S. in 2022 and continues to invest in the potential of ganaxolone in IV and oral formulations to maximize therapeutic reach for adult and pediatric patients in acute and chronic care settings. For more information about Marinus visit www.marinuspharma.com.
Forward-Looking Statements
To the extent that statements contained in this press release are not descriptions of historical facts regarding Marinus, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as “may”, “will”, “expect”, “anticipate”, “estimate”, “intend”, “believe”, and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. Forward-looking statements in this press release involve substantial risks and uncertainties that could cause our clinical development programs, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Marinus undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company in general, see filings Marinus has made with the Securities and Exchange Commission.
Investors
Jim DeNike
Senior Director, Investor Relations
Marinus Pharmaceuticals, Inc.
jdenike@marinuspharma.com
Media
Molly Cameron
Director, Corporate Communications & Investor Relations
Marinus Pharmaceuticals, Inc.
mcameron@marinuspharma.com
Source: Marinus Pharmaceuticals
FAQ
What did Marinus Pharmaceuticals announce regarding inducement awards?
Marinus Pharmaceuticals announced the grant of inducement awards to four new employees in the form of non-qualified stock options for 64,425 shares of Common Stock.
How many shares of Common Stock were involved in the grant of inducement awards?
The grant of inducement awards involved 64,425 shares of Common Stock.
What is the exercise price per share for the stock options?
The exercise price per share for the stock options is $10.21.
How will the stock options vest over time?
The stock options will vest with 25% becoming exercisable after one year and the remaining 75% in 36 monthly installments.
What is the significance of Nasdaq Listing Rule 5635(c)(4) in this announcement?
The inducement awards were granted in accordance with Nasdaq Listing Rule 5635(c)(4) as material inducements for the employees entering into employment with Marinus.
