Societal CDMO Reports Inducement Grants for New Staff

Rhea-AI Summary

Societal CDMO (NASDAQ: SCTL) has announced the hiring of new employees across various roles. To incentivize these hires, the firm's compensation committee has approved stock option grants totaling 70,960 shares, awarded under NASDAQ's inducement grant exception. The options were granted on December 30, 2022, with an exercise price reflecting the closing stock price that day, and will vest monthly over four years. Societal CDMO specializes in contract development and manufacturing, focusing on small molecule therapeutic development.

Positive

• New hires across the organization may enhance operational capacity.
• Inducement stock option grants align employee interests with shareholder value.

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• None.

SAN DIEGO and GAINESVILLE, Ga., Jan. 06, 2023 (GLOBE NEWSWIRE) -- Societal CDMO, Inc. (“Societal CDMO”; NASD: SCTL), a contract development and manufacturing organization (CDMO) dedicated to solving complex formulation and manufacturing challenges primarily in small molecule therapeutic development, today announced the addition of new employees to fill open roles throughout the organization.

Inducement Equity Award

In connection with the hiring of these personnel, the compensation committee of Societal CDMO’s board of directors approved inducement stock option grants to purchase an aggregate of 70,960 shares of Societal CDMO’s common stock. The option awards were granted pursuant to the NASDAQ inducement grant exception as a component of each individual’s employment compensation and were granted as an inducement material to his or her acceptance of employment with Societal CDMO in accordance with NASDAQ Listing Rule 5635(c)(4). The option awards were granted on December 30, 2022. The option awards will have an exercise price equal to the closing price of Societal CDMO’s common stock on December 30, 2022 and a ten-year term and will vest in equal monthly installments over four years. The option awards are subject to each individual’s continued service with Societal CDMO through the applicable vesting dates.

About Societal CDMO
Societal CDMO (NASDAQ: SCTL) is a bi-coastal contract development and manufacturing organization (CDMO) with capabilities spanning pre-Investigational New Drug (IND) development to commercial manufacturing and packaging for a wide range of therapeutic dosage forms with a primary focus in the area of small molecules. With an expertise in solving complex manufacturing problems, Societal CDMO is a leading CDMO providing therapeutic development, end-to-end regulatory support, clinical and commercial manufacturing, aseptic fill/finish, lyophilization, packaging and logistics services to the global pharmaceutical market.

In addition to our experience in handling DEA controlled substances and developing and manufacturing modified-release dosage forms, Societal CDMO has the expertise to deliver on our clients’ pharmaceutical development and manufacturing projects, regardless of complexity level. We do all of this in our best-in-class facilities, which total 145,000 square feet, in Gainesville, Georgia and San Diego, California.

Societal CDMO: Bringing Science to Society. For more information about Societal CDMO’s customer solutions, visit societalcdmo.com.

Forward-Looking Statements
This press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words "anticipate", "believe", "could", "estimate", “upcoming”, "expect", "intend", "may", "plan", "predict", "project", "will" and similar terms and phrases may be used to identify forward-looking statements in this press release. Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. These forward-looking statements should be considered together with the risks and uncertainties discussed in our filings with the Securities and Exchange Commission at www.sec.gov. These forward-looking statements are based on information currently available to us, and we assume no obligation to update any forward-looking statements except as required by applicable law.

FAQ

What new employment developments occurred at Societal CDMO (SCTL) recently?

Societal CDMO announced new hires to fill open roles, along with stock option grants as part of their employment compensation.

How many stock options were granted to new employees at Societal CDMO (SCTL)?

A total of 70,960 stock options were granted to new employees as an inducement for their acceptance of employment.

When were the stock options for Societal CDMO (SCTL) employees granted?

The stock options were granted on December 30, 2022.

What is the exercise price for the stock options granted at Societal CDMO (SCTL)?

The exercise price equals the closing price of Societal CDMO's common stock on December 30, 2022.

What is the vesting schedule for the stock options at Societal CDMO (SCTL)?

The stock options will vest in equal monthly installments over four years.