Arcus Biosciences Announces New Employment Inducement Grants

Rhea-AI Summary

Arcus Biosciences announced that its Compensation Committee granted three new employees options to purchase a total of 16,300 shares of the company's common stock at an exercise price of $16.28 per share. The closing price on May 23, 2024, determined this amount.

Additionally, the company awarded restricted stock units to acquire a total of 8,150 shares. These equity awards align with the company's 2020 Inducement Plan, approved by the Board of Directors in January 2020 under the “inducement exception” provided by NYSE Rule 303A.08.

Positive

• Granted options for 16,300 shares and restricted stock units for 8,150 shares to new employees.
• Exercise price set at $16.28 per share, reflecting market value as of May 23, 2024.
• Equity awards under the 2020 Inducement Plan encourage new talent acquisition.

Negative

• Stock grants may lead to shareholder dilution.
• The exercise price of $16.28 suggests current market valuation, which might reflect modest stock performance.

HAYWARD, Calif.--(BUSINESS WIRE)-- Arcus Biosciences, Inc. (NYSE:RCUS), a clinical-stage, global biopharmaceutical company focused on developing differentiated molecules and combination therapies for people with cancer, today announced that the Compensation Committee of the Company’s Board of Directors granted three new employees options to purchase a total of 16,300 shares of the Company’s common stock at an exercise price per share of $16.28, which was the closing price on May 23, 2024, and restricted stock units to acquire a total of 8,150 shares of the Company’s common stock. The equity awards were granted pursuant to the Company’s 2020 Inducement Plan, which was approved by the Company’s Board of Directors in January 2020 pursuant to the “inducement exception” under NYSE Listed Company Manual Rule 303A.08.

About Arcus Biosciences

Arcus Biosciences is a clinical-stage, global biopharmaceutical company developing differentiated molecules and combination medicines for people with cancer. In partnership with industry collaborators, patients and physicians around the world, Arcus is expediting the development of first- or best-in-class medicines against well-characterized biological targets and pathways and studying novel, biology-driven combinations that have the potential to help people with cancer live longer. Founded in 2015, the company has expedited the development of multiple investigational medicines into clinical studies, including new combination approaches that target TIGIT, PD-1, the adenosine axis (CD73 and dual A2a/A2b receptor), HIF-2a, CD39 and AXL. For more information about Arcus Biosciences’ clinical and preclinical programs, please visit www.arcusbio.com.

Inducement PR

Source: Arcus Biosciences

View source version on businesswire.com: https://www.businesswire.com/news/home/20240524832710/en/

Investor Inquiries:

Pia Eaves

VP of Investor Relations & Strategy

(617) 459-2006

peaves@arcusbio.com

Media Inquiries:

Holli Kolkey

VP of Corporate Communications

(650) 922-1269

hkolkey@arcusbio.com

Source: Arcus Biosciences

FAQ

What is the exercise price for the new stock options granted by Arcus Biosciences?

The exercise price for the new stock options is $16.28 per share.

How many shares were granted as options and restricted stock units in Arcus Biosciences' recent announcement?

Arcus Biosciences granted options for 16,300 shares and restricted stock units for 8,150 shares.

Under which plan did Arcus Biosciences grant the new equity awards?

The new equity awards were granted under Arcus Biosciences' 2020 Inducement Plan.

What is NYSE Rule 303A.08 referenced in Arcus Biosciences' PR?

NYSE Rule 303A.08 is an 'inducement exception' rule allowing companies to issue stock options as an incentive to new employees without shareholder approval.