TCR² Therapeutics Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

TCR2 Therapeutics Inc. (Nasdaq: TCRR) announced the grant of inducement stock options totaling 19,800 shares to three new non-executive employees on May 31, 2022. The options have an exercise price of $2.32, matching the market price on the grant date, and will vest over a four-year period. This move aligns with Nasdaq Listing Rule 5635(c)(4) and aims to attract talent to strengthen the company’s pipeline of T cell therapies for solid tumors. TCR2 continues to focus on developing its proprietary TRuC platform for effective cancer treatment.

Positive

• Issuance of stock options aims to attract new talent, enhancing workforce stability.
• Options priced at $2.32 align with market value, indicating strategic financial planning.

Negative

• None.

CAMBRIDGE, Mass., June 01, 2022 (GLOBE NEWSWIRE) -- TCR² Therapeutics Inc. (Nasdaq: TCRR), a clinical-stage cell therapy company with a pipeline of novel T cell therapies for patients suffering from solid tumors, today announced that on May 31, 2022 (the “Grant Date”), the Compensation Committee of the Board of Directors of TCR²’s approved the grant of inducement stock options covering an aggregate of 19,800 shares of TCR²’s common stock to 3 new non-executive employees. The stock options were granted as an inducement material to the employees’ acceptance of employment with TCR² in accordance with Nasdaq Listing Rule 5635(c)(4).

The stock options have an exercise price per share equal to $2.32, which represents the closing market price on the Nasdaq Stock Market of TCR²’s common stock on the Grant Date. The stock options have a ten-year term and will vest over a four-year period, with 25% of the options vesting on the first anniversary of the employees’ date of hire, and the remaining 75% of the options vesting in equal monthly installments for three years thereafter, subject to the employees’ continued employment with TCR² on such vesting dates. The options are subject to the terms and conditions of TCR²’s 2022 Inducement Plan and the stock option agreement covering the grant.

About TCR² Therapeutics

TCR² Therapeutics Inc. is a clinical-stage cell therapy company developing a pipeline of novel T cell therapies for patients suffering from solid tumors. The company is focused on the discovery and development of product candidates against novel and complex targets utilizing its proprietary T cell receptor (TCR) Fusion Construct T cells (TRuC^®-T cells). The TRuC platform is designed to specifically recognize and kill cancer cells by harnessing signaling from the entire TCR, independent of human leukocyte antigens (HLA). For more information about TCR², please visit www.tcr2.com.

Forward-looking Statements

This press release contains forward-looking statements, including statements pertaining to the continued service of employees and future vesting of inducement grants. Such forward-looking statements are subject to risks and uncertainties and cannot be guaranteed. Forward-looking statements in this press release should be evaluated together with the many risks and uncertainties that affect TCR²’s business, particularly those identified in the risk factors discussion in TCR²’s Annual Report on Form 10-K, as updated by our subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the Securities and Exchange Commission.

Moreover, except as required by law, neither TCR² nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements included in this press release. Any forward-looking statement included in this press release speaks only as of the date on which it was made. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

Investor and Media Contact:
Carl Mauch
Senior Director, Investor Relations and Corporate Communications
(617) 949-5667
carl.mauch@tcr2.com

FAQ

What is TCR2 Therapeutics' recent stock option grant about?

TCR2 Therapeutics recently granted 19,800 inducement stock options to three new non-executive employees, with an exercise price of $2.32.

When were the stock options granted to TCR2 employees?

The stock options were granted on May 31, 2022.

How long is the vesting period for TCR2's stock options?

The stock options will vest over a four-year period.

What is the significance of the stock option grant for TCR2?

The grant is designed to attract and retain talent as part of TCR2's strategic initiatives to strengthen its workforce.

What does the exercise price of TCR2's stock options indicate?

The exercise price of $2.32 matches the market value of TCR2's common stock on the grant date, showcasing good financial planning.