NewAmsterdam Pharma Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

NewAmsterdam Pharma (Nasdaq: NAMS), a biopharmaceutical company developing oral, non-statin medicines for cardiovascular disease (CVD) patients with elevated LDL-C, announced the approval of inducement share options for five new non-executive hires. The Compensation Committee granted options for a total of 90,000 ordinary shares under the 2024 Inducement Plan. These options, priced at $18.92 per share based on the June 3, 2024 market close, will vest over four years: 25% after one year and the remaining 75% in equal monthly installments over the next three years, contingent upon continued employment. The grants adhere to Nasdaq Listing Rule 5635(c)(4).

Positive

• Granted share options could attract high-quality talent.
• Options priced at market rate ($18.92) may align employees' interests with shareholders.
• Long-term vesting plan (four years) encourages employee retention.

Negative

• Share dilution due to 90,000 new share options.
• Increased operational expenses related to new hires.
• Potential pressure on stock price from share options issuance.

NAARDEN, the Netherlands and MIAMI, June 07, 2024 (GLOBE NEWSWIRE) -- NewAmsterdam Pharma Company N.V. (Nasdaq: NAMS or “NewAmsterdam” or the “Company”), a late-stage, clinical biopharmaceutical company developing oral, non-statin medicines for patients at risk of cardiovascular disease (“CVD”) with elevated low-density lipoprotein cholesterol (“LDL-C”), for whom existing therapies are not sufficiently effective or well-tolerated, today announced that the Compensation Committee of NewAmsterdam’s Board of Directors approved the grant of inducement share options covering an aggregate of 90,000 of NewAmsterdam’s ordinary shares to five non-executive new hires. The share options were granted as an inducement material to the employees’ acceptance of employment with NewAmsterdam pursuant to the NewAmsterdam Pharma Company N.V. 2024 Inducement Plan (the “2024 Inducement Plan”) and in accordance with Nasdaq Listing Rule 5635(c)(4).

The share options have an exercise price per share equal to $18.92, which represents the closing market price on the Nasdaq Stock Market of the Company’s ordinary shares on, June 3, 2024, the grant date. The shares subject to the options will vest over four years, with 25% of the shares vesting on the one-year anniversary of the applicable vesting commencement date and the balance of the shares vesting in a series of 36 equal monthly installments thereafter, subject to each employee’s continued service with NewAmsterdam on such vesting dates. The options are subject to the terms and conditions of the 2024 Inducement Plan and the terms and conditions of an option award agreement covering the grant.

About NewAmsterdam
NewAmsterdam Pharma (Nasdaq: NAMS) is a late-stage biopharmaceutical company whose mission is to improve patient care in populations with metabolic diseases where currently approved therapies have not been adequate or well tolerated. We seek to fill a significant unmet need for a safe, well-tolerated and convenient LDL-lowering therapy. In multiple phase 3 studies, NewAmsterdam is investigating obicetrapib, an oral, low-dose and once-daily CETP inhibitor, alone or as a fixed-dose combination with ezetimibe, as LDL-C lowering therapies to be used as an adjunct to statin therapy for patients at risk of CVD with elevated LDL-C, for whom existing therapies are not sufficiently effective or well tolerated.

Company Contact
Matthew Philippe
P: 1-917-882-7512
matthew.philippe@newamsterdampharma.com

FAQ

What did NewAmsterdam Pharma announce on June 7, 2024?

NewAmsterdam Pharma announced the approval of inducement share options for five non-executive new hires.

How many shares are covered by the inducement share options granted by NewAmsterdam Pharma?

The inducement share options cover an aggregate of 90,000 ordinary shares.

What is the exercise price of NewAmsterdam Pharma's inducement share options granted on June 3, 2024?

The exercise price is $18.92 per share, the closing market price on June 3, 2024.

How will the inducement share options granted by NewAmsterdam Pharma vest?

The options will vest over four years: 25% after one year and the remaining 75% in equal monthly installments over the next three years.

Under which plan were the inducement share options granted by NewAmsterdam Pharma?

The options were granted under the 2024 Inducement Plan.