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

Rhea-AI Summary

PTC Therapeutics, Inc. (NASDAQ: PTCT) announced on Jan. 7, 2022, the approval of non-statutory stock options for 26 new employees, totaling 18,255 shares, along with 10,675 restricted stock units (RSUs). These awards aim to incentivize new hires as part of their employment compensation, following NASDAQ's inducement grant exception. All stock options have an exercise price of $38.10 per share and vest over four years, contingent on continued service. This initiative reflects PTC's commitment to attracting talent for its rare disorder therapies.

Positive

• Inducement grants approved for 26 new employees enhance talent acquisition.
• Stock options and RSUs could align employee interests with long-term company performance.

Negative

• None.

SOUTH PLAINFIELD, N.J., Jan. 13, 2022 /PRNewswire/ -- PTC Therapeutics, Inc. (NASDAQ: PTCT) today announced that on Jan. 7, 2022, the company approved non-statutory stock options to purchase an aggregate of 18,255 shares of its common stock and 10,675 restricted stock units ("RSUs"), each representing the right to receive one share of its common stock upon vesting, to 26 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 Jan. 7, 2022, 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 $38.10 per share, the closing price of PTC's common stock on Jan. 7, 2022, 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
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:

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

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SOURCE PTC Therapeutics, Inc.

FAQ

What is the stock option exercise price for PTCT?

The stock option exercise price is $38.10 per share.

When were the inducement grants approved for PTCT?

The inducement grants were approved on Jan. 7, 2022.

How many shares do the inducement grants cover at PTCT?

The inducement grants cover a total of 18,255 shares and 10,675 restricted stock units.

What is the vesting period for the stock options granted by PTCT?

The stock options vest over four years, with 25% vesting on the first anniversary and 6.25% vesting quarterly thereafter.

Who approved the inducement grants at PTCT?

The inducement grants were approved by PTC's Compensation Committee.