Rigel Pharmaceuticals, Inc. Announces Inducement Grants under NASDAQ Listing Rule 5635(c)(4)

Rhea-AI Summary

Rigel Pharmaceuticals, Inc. (NASDAQ: RIGL) announced on April 6, 2023, the granting of 108,600 stock options to three non-executive employees as part of its Inducement Plan. This award is intended to incentivize employees entering employment with Rigel, aligning with NASDAQ Listing Rule 5635(c)(4). The options will vest over four years, with a one-year cliff before any options can be exercised. This move is aimed at enhancing employee retention and motivation within the company. Rigel, based in South San Francisco, focuses on developing innovative therapies for hematologic disorders and cancer.

Positive

• Granting of 108,600 stock options may enhance employee retention and motivation.
• The awards align with NASDAQ Listing Rules, ensuring compliance.

Negative

• Stock options grant may dilute existing shareholders' equity over time.

SOUTH SAN FRANCISCO, Calif., April 6, 2023 /PRNewswire/ -- Rigel Pharmaceuticals, Inc. ("Rigel") (Nasdaq: RIGL) today announced that it has granted awards pursuant to the Rigel Pharmaceuticals, Inc. 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 108,600 stock options to three 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 details, please visit www.rigel.com.

Contact for Investors & Media:

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

Media:
David Rosen
Argot Partners
Phone: 212.600.1902
Email: david.rosen@argotpartners.com

 

 

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SOURCE Rigel Pharmaceuticals, Inc.

FAQ

What was announced by Rigel Pharmaceuticals on April 6, 2023?

Rigel Pharmaceuticals announced the granting of 108,600 stock options to three non-executive employees.

How do the stock options granted to Rigel employees vest?

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

What is the purpose of the inducement grants by Rigel Pharmaceuticals?

The inducement grants are aimed at incentivizing new employees to join the company.

What NASDAQ Listing Rule did Rigel comply with for the stock options grant?

Rigel complied with NASDAQ Listing Rule 5635(c)(4) for the stock options grant.