Marinus Pharmaceuticals Announces Inducement Grants Under Nasdaq Listing Rule 5635(C)(4)

Rhea-AI Summary

Marinus Pharmaceuticals, Inc. (MRNS) granted inducement awards to two new employees, issuing 47,400 stock options at an exercise price of $8.68 per share. The options vest over time, with 25% becoming exercisable after one year and the remaining 75% vesting in 36 monthly installments. The awards aim to attract and retain talent, aligning with Nasdaq regulations.

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 two 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 47,400 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 $8.68 per share, which is equal to the closing price of the Common Stock on April 4, 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240405633110/en/

Company Contacts



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

How many new employees received inducement awards from Marinus Pharmaceuticals, Inc. (MRNS)?

Two new employees received inducement awards.

What is the exercise price per share for the stock options granted by Marinus Pharmaceuticals, Inc. (MRNS)?

The exercise price is $8.68 per share.

How do the stock options vest for the employees at Marinus Pharmaceuticals, Inc. (MRNS)?

The options vest with 25% becoming exercisable after one year and the remaining 75% vesting in 36 monthly installments.

What is the purpose of granting these inducement awards by Marinus Pharmaceuticals, Inc. (MRNS)?

The awards aim to attract and retain talent, aligning with Nasdaq regulations.