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

Rhea-AI Summary

Syros Pharmaceuticals (NASDAQ: SYRS) announced the grant of 1,260 restricted stock units (RSUs) to a new employee as an inducement for employment, in compliance with Nasdaq listing rules. These RSUs were awarded on September 30, 2022, with a vesting schedule of one-quarter on September 30, 2023, and the remainder vesting annually thereafter, contingent on continued service. Syros is focused on developing gene expression medicines, with candidates targeting myelodysplastic syndrome, acute myeloid leukemia, and solid tumors.

Positive

• RSU grant may attract skilled employees, enhancing talent acquisition.

Negative

• Limited financial impact or details provided regarding company performance.

CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Syros Pharmaceuticals (Nasdaq: SYRS), a leader in the development of medicines that control the expression of genes, today announced the grant of a restricted stock unit (RSU) award for 1,260 shares of Syros common stock to one newly hired employee in connection with the employee’s commencement of employment with Syros. These RSUs were granted as a material inducement to employment in accordance with Nasdaq Listing Rule 5635(c)(4).

The RSUs were granted on September 30, 2022 and vest as to one-quarter of the shares on September 30, 2023 and as to an additional one-quarter of the shares at the end of each successive year thereafter, subject to the employee’s continued service with Syros, and are subject to the terms and conditions of a restricted stock unit agreement covering the award and Syros’ 2022 Inducement Stock Incentive Plan.

About Syros Pharmaceuticals

Syros is redefining the power of small molecules to control the expression of genes. Based on its unique ability to elucidate regulatory regions of the genome, Syros aims to develop medicines that provide a profound benefit for patients with diseases that have eluded other genomics-based approaches. Syros is advancing a robust clinical-stage pipeline, including: tamibarotene, a first-in-class oral selective RARα agonist in RARA-positive patients with higher-risk myelodysplastic syndrome and acute myeloid leukemia; SY-2101, a novel oral form of arsenic trioxide in patients with acute promyelocytic leukemia; and SY-5609, a highly selective and potent oral CDK7 inhibitor in patients with select solid tumors. Syros also has multiple preclinical and discovery programs in oncology and monogenic diseases. For more information, visit www.syros.com and follow us on Twitter (@SyrosPharma) and LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221005005119/en/

Investor Contact:

Hannah Deresiewicz

Stern Investor Relations, Inc.

212-362-1200

hannah.deresiewicz@sternir.com

Source: Syros Pharmaceuticals

FAQ

What is the significance of the RSU grant by Syros Pharmaceuticals on September 30, 2022?

The RSU grant serves as an inducement for a new employee's hire, aligning with Nasdaq rules.

How many shares were granted to the new employee by Syros Pharmaceuticals?

A total of 1,260 restricted stock units were granted.

When will the RSUs granted by Syros Pharmaceuticals begin to vest?

The RSUs will vest one-quarter on September 30, 2023, with additional vesting annually thereafter.

What is Syros Pharmaceuticals' focus in its drug development?

Syros focuses on developing medicines that control gene expression, with a clinical pipeline targeting various cancers.