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

Rhea-AI Summary

On October 28, 2020, PTC Therapeutics, Inc. (NASDAQ: PTCT) announced the approval of non-statutory stock options and restricted stock units (RSUs) for 18 new employees. A total of 18,610 stock options and 6,860 RSUs were granted as part of the employees' compensation. The stock options have an exercise price of $51.96 per share and a vesting schedule over four years. The inducement grants align with NASDAQ Listing Rule 5635(c)(4), established to attract new talent within the company.

Positive

• Approval of stock options and RSUs indicates company growth and commitment to talent acquisition.
• Stock options priced at $51.96 reflect the company's stock value, potentially incentivizing employee performance.

Negative

• None.

SOUTH PLAINFIELD, N.J., Oct. 28, 2020 /PRNewswire/ -- PTC Therapeutics, Inc. (NASDAQ: PTCT) today announced that on October 23, 2020 it approved non-statutory stock options to purchase an aggregate of 18,610 shares of its common stock and 6,860 restricted stock units ("RSUs"), each representing the right to receive one share of its common stock upon vesting, to 18 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 October 23, 2020 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 $51.96 per share, the closing price of PTC's common stock on October 23, 2020, 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 globally commercialize products is the foundation that drives investment in a robust pipeline of transformative medicines and our mission to provide access to best-in-class treatments for patients who have an unmet medical need. 

For more information please contact:

Media:                                                                        Investors:

Jane Baj                                                                      Lisa Hayes

+1 (908) 912-9167                                                      +1 (732) 354 8687

jbaj@ptcbio.com                                                         lhayes@ptcbio.com

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SOURCE PTC Therapeutics, Inc.

FAQ

What are the details of PTC Therapeutics' stock option grants on October 23, 2020?

PTC Therapeutics approved 18,610 stock options and 6,860 restricted stock units (RSUs) for 18 new employees on October 23, 2020.

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

The exercise price for the stock options is $51.96 per share.

How is the vesting schedule structured for the stock options and RSUs at PTCT?

The stock options vest over four years with 25% vesting after the first year and 6.25% every three months thereafter. RSUs vest 25% annually over four years.

What is the purpose of the inducement grants made by PTC Therapeutics?

The inducement grants serve as a material incentive for new employees to accept employment with the company.

Under which NASDAQ rule were the stock options granted by PTC Therapeutics?

The stock options were granted under NASDAQ Listing Rule 5635(c)(4).