PTC Therapeutics Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)

Rhea-AI Summary

PTC Therapeutics (NASDAQ: PTCT) announced on March 22, 2023, the approval of stock options for 58 new employees, totaling 58,465 shares, along with 29,710 restricted stock units (RSUs). These inducement grants were made to incentivize new hires and adhere to NASDAQ Listing Rule 5635(c)(4). Each stock option has an exercise price of $46.35, in line with the company's closing stock price on the grant date. The options vest over four years, with 25% vesting on the first anniversary. The RSUs also vest over four years, with 25% vesting on each annual anniversary. This strategic move is aimed at attracting top talent to enhance PTC's capabilities.

Positive

• Approved inducement grants for 58 new employees to attract talent.
• Stock options and RSUs align employee interests with shareholder value.
• Inducement grants support growth and innovation within the company.

Negative

• None.

SOUTH PLAINFIELD, N.J., March 28, 2023 /PRNewswire/ -- PTC Therapeutics, Inc. (NASDAQ: PTCT) today announced that on March 22, 2023, the company approved non-statutory stock options to purchase an aggregate of 58,465 shares of its common stock and 29,710 restricted stock units ("RSUs"), each representing the right to receive one share of its common stock upon vesting, to 58 new employees. 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 PTC's Compensation Committee on March 22, 2023, 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).

All stock option awards have an exercise price of $46.35 per share, the closing price of PTC's common stock on March 22, 2023, the date of the grant. 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 6.25% of the original number of shares vesting at the end of each subsequent three-month period thereafter until fully vested, subject to the employee's continued service with the company through the applicable vesting dates. The RSUs each will vest over four years with 25% of the original number of shares vesting on each annual anniversary of the applicable employee's new hire date until fully vested, subject to the employee's continued service with the company through the applicable vesting dates.

ABOUT PTC THERAPEUTICS, INC.

PTC is a science-driven, global biopharmaceutical company focused on the discovery, development and commercialization of clinically differentiated medicines that provide benefits to patients with rare disorders. PTC's ability to innovate to identify new therapies and to globally commercialize products is the foundation that drives investment in a robust and diversified pipeline of transformative medicines. PTC's mission is to provide access to best-in-class treatments for patients who have little to no treatment options. PTC's strategy is to leverage its strong scientific and clinical expertise and global commercial infrastructure to bring therapies to patients. PTC believes this allows it to maximize value for all its stakeholders. To learn more about PTC, please visit us at www.ptcbio.com and follow us on Instagram, Facebook, Twitter, and LinkedIn. 

For more information please contact:

Jeanine Clemente
+1 (908) 912-9406
jclemente@ptcbio.com

 

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SOURCE PTC Therapeutics, Inc.

FAQ

What is the purpose of PTC Therapeutics' recent stock options grant on March 22, 2023?

The stock options grant aims to incentivize 58 new employees as part of their compensation, supporting talent acquisition.

How many stock options were approved by PTC Therapeutics on March 22, 2023?

PTC Therapeutics approved 58,465 stock options as inducement grants for new employees.

What is the exercise price for the stock options granted by PTC Therapeutics?

The exercise price for the stock options is $46.35 per share, reflecting the closing price on the grant date.

How do the RSUs vest for new employees at PTC Therapeutics?

The RSUs vest over four years, with 25% vesting on each annual anniversary of the new hire date.