Syndax Pharmaceuticals Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)

Rhea-AI Summary

Syndax Pharmaceuticals grants inducement awards to new employees

Positive

• Syndax Pharmaceuticals granted inducement awards to eight new employees, allowing them to purchase up to 121,150 shares of common stock. The stock options will vest over four years, with 25% vesting after one year and the rest vesting monthly over 36 months.

Negative

• None.

WALTHAM, Mass., Oct. 6, 2023 /PRNewswire/ -- Syndax Pharmaceuticals (Nasdaq: SNDX), a clinical-stage biopharmaceutical company developing an innovative pipeline of cancer therapies, today announced that on October 1, 2023 the Company granted inducement awards to purchase up to 121,150 shares of common stock to eight new employees under the Company's 2023 Inducement Plan. The stock options will vest over four years, with 25% of the underlying shares vesting on the one-year anniversary of the vesting commencement date and 1/48th of the underlying shares vesting monthly thereafter over 36 months, subject to the employee's continued service relationship with Syndax through the applicable vesting dates.

About Syndax

Syndax is a clinical stage biopharmaceutical company developing an innovative pipeline of cancer therapies. Highlights of the Company's pipeline include revumenib, a highly selective inhibitor of the Menin–KMT2A binding interaction, and axatilimab, a monoclonal antibody that blocks the colony stimulating factor 1 (CSF-1) receptor. For more information, please visit www.syndax.com or follow the Company on Twitter and LinkedIn.

Syndax Contact

Sharon Klahre 
Syndax Pharmaceuticals, Inc. 
sklahre@syndax.com 
Tel 781.684.9827 

View original content:https://www.prnewswire.com/news-releases/syndax-pharmaceuticals-reports-inducement-grants-under-nasdaq-listing-rule-5635c4-301949811.html

SOURCE Syndax Pharmaceuticals, Inc.

FAQ

What did Syndax Pharmaceuticals announce?

Syndax Pharmaceuticals announced the granting of inducement awards to new employees.

How many shares of common stock can the new employees purchase?

The new employees can purchase up to 121,150 shares of common stock.

How long will it take for the stock options to vest?

The stock options will vest over four years.

What is the vesting schedule for the stock options?

25% of the shares will vest after one year, and the rest will vest monthly over 36 months.

What is the requirement for vesting?

The employee must maintain a continued service relationship with Syndax Pharmaceuticals.