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

Rhea-AI Summary

Syros Pharmaceuticals (NASDAQ:SYRS) has granted restricted stock unit (RSU) awards totaling 14,200 shares to four newly hired employees as an inducement for their employment, in accordance with Nasdaq Listing Rule 5635(c)(4). The RSUs were awarded on December 22, 2022, and will vest quarterly over four years starting December 31, 2023, contingent on continued employment. Syros focuses on developing gene expression-controlling medicines, with a clinical pipeline including candidates for myelodysplastic syndrome, acute promyelocytic leukemia, and solid tumors.

Positive

• Granting of RSUs indicates a commitment to attract talent, potentially enhancing future business performance.
• Syros has a strong clinical-stage pipeline, indicating ongoing research and development efforts.

Negative

• None.

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 restricted stock unit (RSU) awards for an aggregate of 14,200 shares of Syros common stock to four newly hired employees in connection with their commencement of employment with Syros. These RSUs were granted as material inducements to employment in accordance with Nasdaq Listing Rule 5635(c)(4).

The awards were granted on December 22, 2022, and vest as to one-quarter of the shares on December 31, 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. These awards 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 patients with higher-risk myelodysplastic syndrome and acute myeloid leukemia with RARA gene overexpression; 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/20221223005015/en/

Syros

Karen Hunady

Director of Corporate Communications & Investor Relations

1-857-327-7321

khunady@syros.com

Media

Brittany Leigh, Ph.D.

LifeSci Communications, LLC

+1-813-767-7801

bleigh@lifescicomms.com

Investors

Hannah Deresiewicz

Stern Investor Relations, Inc.

212-362-1200

hannah.deresiewicz@sternir.com

Source: Syros Pharmaceuticals

FAQ

What is the significance of the RSU grants by Syros Pharmaceuticals?

The RSU grants are designed to attract and retain talent, indicating Syros Pharmaceuticals' commitment to its workforce as it continues to develop its clinical-stage pipeline.

When do the RSUs granted by Syros Pharmaceuticals vest?

The RSUs granted to new employees will vest quarterly over four years, commencing with a quarter on December 31, 2023.

What is the ticker symbol for Syros Pharmaceuticals?

The ticker symbol for Syros Pharmaceuticals is SYRS.