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

Rhea-AI Summary

PTC Therapeutics, Inc. (NASDAQ: PTCT) has approved non-statutory stock options to purchase 86,130 shares and 33,125 restricted stock units (RSUs) for 96 new employees, as per the NASDAQ inducement grant exception. All stock options have an exercise price of $42.85, the closing price on April 8, 2022, and vest over four years with specific conditions. The RSUs also vest over four years. This decision was made by PTC's Compensation Committee in alignment with NASDAQ Listing Rule 5635(c)(4).

Positive

• Approved stock options and RSUs for 96 new employees, potentially enhancing talent acquisition.
• Stock options exercise price set at $42.85, aligning with recent stock performance.

Negative

• None.

SOUTH PLAINFIELD, N.J., April 8, 2022 /PRNewswire/ -- PTC Therapeutics, Inc. (NASDAQ: PTCT) today announced that on April 8, 2022, the company approved non-statutory stock options to purchase an aggregate of 86,130 shares of its common stock and 33,125 restricted stock units ("RSUs"), each representing the right to receive one share of its common stock upon vesting, to 96 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 April 8, 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 $42.85 per share, the closing price of PTC's common stock on April 8, 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 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 stock options were approved by PTC Therapeutics on April 8, 2022?

PTC Therapeutics approved stock options for 86,130 shares and 33,125 restricted stock units for 96 new employees.

What is the exercise price of the stock options granted by PTCT?

The exercise price of the stock options is $42.85 per share.

How long is the vesting period for the stock options granted by PTCT?

The stock options vest over four years, with specific vesting milestones.

How many employees received stock options at PTC Therapeutics?

A total of 96 new employees received the stock options and restricted stock units.

What NASDAQ rule was followed for the stock option grants by PTCT?

The inducement grants were made in accordance with NASDAQ Listing Rule 5635(c)(4).