Repare Therapeutics Insiders Establish Automatic Securities Disposition Plans
Repare Therapeutics Inc. (Nasdaq: RPTX) announced the establishment of Automatic Securities Disposition Plans (ASDPs) by its Executives, Steve Forte and Maria Koehler. These plans comply with U.S. and Canadian securities regulations, allowing orderly share sales while preventing insider trading. Up to 42,182 shares may be sold under these ASDPs over approximately 14 months. Sales will commence post the filing of Form 10-Q for Q1 2021. The ASDPs include restrictions to mitigate risks associated with material non-public information and allow only one plan per Executive.
- Establishment of ASDPs enhances compliance with securities regulations.
- Allows Executives to sell shares in an orderly manner, preventing market disruption.
- The selling of up to 42,182 shares may indicate potential dilution of existing shareholders' value.
Repare Therapeutics Inc. (“Repare” or the “Company”) (Nasdaq: RPTX), a leading clinical-stage precision oncology company enabled by its proprietary synthetic lethality approach to the discovery and development of novel therapeutics, today announced that each of its Executive Vice President and Chief Financial Officer, Steve Forte and its Executive Vice President and Chief Medical Officer, Maria Koehler (collectively, the “Executives”), have established Automatic Securities Disposition Plans (“ASDPs”) in accordance with applicable United States and Canadian securities legislation, including U.S. Securities and Exchange Commission (“SEC”) rule 10b5-1 and the recommended practices set forth in the recently issued Canadian Securities Administrators’ Staff Notice 55-317 (“Staff Notice 55-317”) and the Company’s internal policies.
While Repare is listed on the Nasdaq Global Select Market, it is also considered a reporting issuer under the Securities Act (Québec) and is therefore announcing the establishment of the ASDPs in furtherance of the recently published guidance provided by the Canadian Securities Administrators in Staff Notice 55-317.
Under U.S. and Canadian securities laws and the Company’s trading policies, insiders of Repare are subject to limits on their ability to sell shares in the Company. The ASDPs address this issue by permitting trades to be made in accordance with pre-arranged instructions given when Executives are not in possession of any material undisclosed information.
Up to 42,182 common shares of Repare may be sold under the ASDPs implemented by the Executives in the aggregate. The ASDPs are designed to allow for an orderly disposition of each of the Executives’ shares in Repare at prevailing market prices over the course of the approximately 14 months that the ASDPs are expected to be in place. Sales of the common shares under the ASDPs will only commence after the Company has filed its Form 10-Q with the SEC for the quarter ending March 31, 2021 in accordance with the recent recommended practices set forth in Staff Notice 55-317.
Each Executive has provided for clear trading parameters and other instructions in writing to the independent dealers administering the ASDPs, specifying the number of securities to be sold and setting out minimum trade prices, which in all cases materially exceed the current trading price of the Company’s common shares, and the dates or frequencies of sales. The ASDPs prohibit the dealer administering the ASDPs from consulting with the Executives regarding any sales under the ASDPs and prohibit the Executive from disclosing to the dealer any information concerning the Company that might influence the execution of the ASDPs.
The ASDPs contain meaningful restrictions on the ability of the Executives to amend, suspend or terminate the ASDPs that have the effect of ensuring that the Executives cannot benefit from material non-public information. In addition, our Executives may only have one ASDP in place at any given time.
About Repare Therapeutics Inc.
Repare Therapeutics is a leading clinical-stage precision oncology company enabled by its proprietary synthetic lethality approach to the discovery and development of novel therapeutics. The Company utilizes its genome-wide, CRISPR-enabled SNIPRx® platform to systematically discover and develop highly targeted cancer therapies focused on genomic instability, including DNA damage repair. The Company’s pipeline includes its lead product candidate RP-3500, a potential leading ATR inhibitor, as well as RP-6306, its CCNE1-SL inhibitor and its Polθ inhibitor programs. For more information, please visit reparerx.com.
SNIPRx® is a registered trademark of Repare Therapeutics, Inc.
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FAQ
What are the Automatic Securities Disposition Plans (ASDPs) established by Repare Therapeutics?
How many shares may be sold under the ASDPs by Repare's Executives?
When will the sales under the ASDPs commence?
What is the purpose of the ASDPs in relation to insider trading?
Are there restrictions on Repare Executives regarding the ASDPs?
