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Summit Therapeutics Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

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Summit Therapeutics (NASDAQ: SMMT) has granted inducement awards of stock options to ten new employees. The collective total of options allows for the purchase of up to 249,550 shares of common stock. These awards were granted on October 1, 2024, in accordance with Nasdaq Listing Rule 5635(c)(4) and approved by the Company's Compensation Committee.

The options have a ten-year term and an exercise price of $20.10 per share, matching the closing price of Summit's common stock on October 1, 2024. The options will vest in equal annual installments over four years and are subject to the terms of a stock option agreement to be executed by the recipients.

Summit Therapeutics (NASDAQ: SMMT) ha concesso premi di incentivazione sotto forma di opzioni su azioni a dieci nuovi dipendenti. Il totale collettivo delle opzioni consente l'acquisto di fino a 249.550 azioni di azioni ordinarie. Questi premi sono stati concessi il 1 ottobre 2024, in conformità con la Regola di Quotazione Nasdaq 5635(c)(4) e approvati dal Comitato per le Compensazioni della Società.

Le opzioni hanno un termine di dieci anni e un prezzo di esercizio di $20,10 per azione, corrispondente al prezzo di chiusura delle azioni ordinarie di Summit del 1 ottobre 2024. Le opzioni matureranno in rate annuali uguali nell'arco di quattro anni e sono soggette ai termini di un accordo di opzione su azioni che deve essere firmato dai destinatari.

Summit Therapeutics (NASDAQ: SMMT) ha otorgado premios inducidos de opciones sobre acciones a diez nuevos empleados. El total colectivo de opciones permite la compra de hasta 249,550 acciones de acciones ordinarias. Estos premios se otorgaron el 1 de octubre de 2024, de acuerdo con la Regla de listado 5635(c)(4) de Nasdaq y aprobados por el Comité de Compensación de la Compañía.

Las opciones tienen un plazo de diez años y un precio de ejercicio de $20.10 por acción, que coincide con el precio de cierre de las acciones ordinarias de Summit del 1 de octubre de 2024. Las opciones se consolidarán en cuotas anuales iguales durante cuatro años y están sujetas a los términos de un acuerdo de opciones sobre acciones que debe ser firmado por los beneficiarios.

Summit Therapeutics (NASDAQ: SMMT)는 10명의 신입 직원에게 주식 옵션 유인상금을 부여했습니다. 이 옵션 총액은 최대 249,550 주의 보통주 구매를 허용합니다. 이 상금은 2024년 10월 1일에 부여되었으며, Nasdaq 상장 규칙 5635(c)(4)에 따라 회사의 보상 위원회에서 승인되었습니다.

옵션의 유효 기간은 10년이며, 주당 $20.10의 행사가로 Summit의 보통주가 2024년 10월 1일에 종료된 가격과 일치합니다. 옵션은 4년에 걸쳐 매년 동일한 분할로 행사됩니다 및 수령자가 서명해야 하는 주식 옵션 계약의 조건에 따라야 합니다.

Summit Therapeutics (NASDAQ: SMMT) a attribué des primes d'incitation sous forme d'options sur actions à dix nouveaux employés. Le total des options permet l'achat de jusqu'à 249 550 actions ordinaires. Ces primes ont été attribuées le 1er octobre 2024, conformément à la Règle de cotation 5635(c)(4) de Nasdaq et approuvées par le Comité de rémunération de la société.

Les options ont une durée de dix ans et un prix d'exercice de 20,10 $ par action, correspondant au prix de clôture de l'action ordinaire de Summit au 1er octobre 2024. Les options vont se découvrir en versements annuels égaux sur quatre ans et sont soumises aux conditions d'un contrat d'option sur actions qui doit être signé par les bénéficiaires.

Summit Therapeutics (NASDAQ: SMMT) hat zehn neuen Mitarbeitern Anreizprämien in Form von Aktienoptionen gewährt. Die Gesamtzahl der Optionen ermöglicht den Kauf von bis zu 249.550 Aktien des Stammkapitals. Diese Prämien wurden am 1. Oktober 2024 gemäß der Nasdaq-Börsenregel 5635(c)(4) gewährt und vom Vergütungsausschuss des Unternehmens genehmigt.

Die Optionen haben eine Laufzeit von zehn Jahren und einen Ausübungspreis von 20,10 $ pro Aktie, was dem Schlusskurs der Stammaktien von Summit am 1. Oktober 2024 entspricht. Die Optionen vesten in gleichen jährlichen Raten über vier Jahre und unterliegen den Bedingungen eines von den Empfängern abzuschließenden Aktienoptionsvertrags.

Positive
  • Attraction of new talent with stock options as incentives
  • Alignment of employee interests with company performance through equity grants
Negative
  • Potential dilution of existing shareholders' equity

MIAMI--(BUSINESS WIRE)-- Summit Therapeutics Inc. (NASDAQ: SMMT) ("Summit," "we," or the "Company") today announced the grant of inducement awards of options to purchase a collective total of up to 249,550 shares of common stock. Awards were made to ten new employees of the Company. The awards were granted as an inducement material to the new employees becoming employees of the Company in accordance with Nasdaq Listing Rule 5635(c)(4) and have been approved by the Company’s Compensation Committee. The inducement awards were granted on October 1, 2024. The options have a ten (10) year term and an exercise price of $20.10 per share, the closing price per share of the Company’s common stock as reported by Nasdaq on October 1, 2024. The options were granted from a pool of equity incentives reserved by the Compensation Committee on May 3, 2024 for issuance as inducements to new employees in accordance with Nasdaq Listing Rule 5635(c)(4).

The options awarded to the recipients are subject to vesting in equal annual installments over a four-year period. The options awarded are subject to the terms of a stock option agreement to be executed by the recipient of the grant.

About Summit Therapeutics

Summit Therapeutics Inc. is a biopharmaceutical oncology company focused on the discovery, development, and commercialization of patient-, physician-, caregiver- and societal-friendly medicinal therapies intended to improve quality of life, increase potential duration of life, and resolve serious unmet medical needs.

Summit was founded in 2003 and our shares are listed on the Nasdaq Global Market (symbol "SMMT"). We are headquartered in Miami, Florida, and we have additional offices in Menlo Park, California, and Oxford, UK.

For more information, please visit https://www.smmttx.com and follow us on X @SMMT_TX.

Summit Forward-looking Statements

Any statements in this press release about the Company’s future expectations, plans and prospects, including but not limited to, statements about the clinical and preclinical development of the Company’s product candidates, entry into and actions related to the Company’s partnership with Akeso Inc., the intended use of the net proceeds from the private placements, the Company's anticipated spending and cash runway, the therapeutic potential of the Company’s product candidates, the potential commercialization of the Company’s product candidates, the timing of initiation, completion and availability of data from clinical trials, the potential submission of applications for marketing approvals, potential acquisitions, statements about the previously disclosed At-The-Market equity offering program (“ATM Program”), the expected proceeds and uses thereof, and other statements containing the words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "would," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the Company’s ability to sell shares of our common stock under the ATM Program, the conditions affecting the capital markets, general economic, industry, or political conditions, including the results of our evaluation of the underlying data in connection with the development and commercialization activities for ivonescimab, the outcome of discussions with regulatory authorities, including the Food and Drug Administration, the uncertainties inherent in the initiation of future clinical trials, availability and timing of data from ongoing and future clinical trials, the results of such trials, and their success, and global public health crises, that may affect timing and status of our clinical trials and operations, whether preliminary results from a clinical trial will be predictive of the final results of that trial or whether results of early clinical trials or preclinical studies will be indicative of the results of later clinical trials, whether business development opportunities to expand the Company’s pipeline of drug candidates, including without limitation, through potential acquisitions of, and/or collaborations with, other entities occur, expectations for regulatory approvals, laws and regulations affecting government contracts and funding awards, availability of funding sufficient for the Company’s foreseeable and unforeseeable operating expenses and capital expenditure requirements and other factors discussed in the "Risk Factors" section of filings that the Company makes with the Securities and Exchange Commission. Any change to our ongoing trials could cause delays, affect our future expenses, and add uncertainty to our commercialization efforts, as well as to affect the likelihood of the successful completion of clinical development of ivonescimab. Accordingly, readers should not place undue reliance on forward-looking statements or information. In addition, any forward-looking statements included in this press release represent the Company’s views only as of the date of this release and should not be relied upon as representing the Company’s views as of any subsequent date. The Company specifically disclaims any obligation to update any forward-looking statements included in this press release.

Contact Summit Investor Relations:

Dave Gancarz

Chief Business & Strategy Officer

Nathan LiaBraaten

Senior Director, Investor Relations

investors@smmttx.com

Source: Summit Therapeutics Inc.

FAQ

How many new employees received stock options from Summit Therapeutics (SMMT)?

Summit Therapeutics (SMMT) granted stock options to ten new employees.

What is the total number of shares covered by the stock options granted by Summit Therapeutics (SMMT) on October 1, 2024?

The stock options granted by Summit Therapeutics (SMMT) cover a collective total of up to 249,550 shares of common stock.

What is the exercise price of the stock options granted by Summit Therapeutics (SMMT) on October 1, 2024?

The exercise price of the stock options granted by Summit Therapeutics (SMMT) is $20.10 per share, which was the closing price of the company's common stock on October 1, 2024.

What is the vesting schedule for the stock options granted by Summit Therapeutics (SMMT) on October 1, 2024?

The stock options granted by Summit Therapeutics (SMMT) will vest in equal annual installments over a four-year period.

Summit Therapeutics Inc.

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