Rigel Announces Inducement Grants under NASDAQ Listing Rule 5635(c)(4)

Rhea-AI Summary

On July 12, 2024, Rigel Pharmaceuticals announced the granting of stock options under its Inducement Plan. This plan, approved by Rigel's Compensation Committee, aligns with NASDAQ Listing Rule 5635(c)(4). The company granted 79,890 stock options to eleven non-executive employees, which will vest over four years with a one-year cliff. This move aims to attract and retain talented employees by providing them with a stake in the company's future.

Rigel is a biotechnology firm focused on developing therapies for hematologic disorders and cancer. Based in South San Francisco, it was established in 1996. The company continues to innovate and provide novel treatments in its industry.

Positive

• Rigel granted 79,890 stock options to employees, potentially increasing their motivation and retention.
• Approval of the Inducement Plan and stock options aligns with NASDAQ Listing Rule 5635(c)(4), ensuring regulatory compliance.

Negative

• The vesting period of four years with a one-year cliff may delay employee satisfaction and retention benefits.

SOUTH SAN FRANCISCO, Calif., July 12, 2024 /PRNewswire/ -- Rigel Pharmaceuticals, Inc. ("Rigel") (Nasdaq: RIGL) today announced that it has granted awards pursuant to Rigel's Inducement Plan, approved by the Compensation Committee of Rigel's Board of Directors and granted as an inducement material to employees' entering into employment with Rigel, in accordance with NASDAQ Listing Rule 5635(c)(4). Specifically, Rigel granted 79,890 stock options to eleven non-executive employees vesting over four years with a one-year cliff.

Rigel is providing this information in accordance with NASDAQ Listing Rule 5635(c)(4).

About Rigel
Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) is a biotechnology company dedicated to discovering, developing and providing novel therapies that significantly improve the lives of patients with hematologic disorders and cancer. Founded in 1996, Rigel is based in South San Francisco, California. For more information on Rigel, the company's marketed products and pipeline of potential products, visit www.rigel.com. 

Contact for Investors & Media

Investors:
Rigel Pharmaceuticals, Inc. 
650.624.1232
ir@rigel.com

 

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SOURCE Rigel Pharmaceuticals, Inc.

FAQ

What did Rigel Pharmaceuticals announce on July 12, 2024?

Rigel Pharmaceuticals announced the granting of 79,890 stock options to eleven non-executive employees under its Inducement Plan, in compliance with NASDAQ Listing Rule 5635(c)(4).

How many stock options did Rigel Pharmaceuticals grant in its recent announcement?

Rigel Pharmaceuticals granted 79,890 stock options to eleven non-executive employees.

What is the vesting period for the stock options granted by Rigel Pharmaceuticals?

The stock options will vest over four years with a one-year cliff.

Why did Rigel Pharmaceuticals grant stock options to its employees?

The stock options were granted to attract and retain talented employees by providing them with an equity stake in the company's future.

What is the significance of NASDAQ Listing Rule 5635(c)(4) in Rigel Pharmaceuticals' announcement?

NASDAQ Listing Rule 5635(c)(4) allows companies to grant inducement awards to new employees, which Rigel Pharmaceuticals utilized for its recent stock option grants.