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

Rhea-AI Summary

TCR2 Therapeutics Inc. (Nasdaq: TCRR) announced the approval of inducement stock options for new executives and non-executives, totaling 250,000 shares for one executive and 64,800 shares for nine non-executives. These grants adhere to Nasdaq's Listing Rule 5635(c)(4) and have exercise prices of $2.89 and $2.90 respectively. The options have a ten-year term with a four-year vesting schedule, contingent on continued employment. TCR2 specializes in innovative T cell therapies for solid tumors, employing its proprietary TRuC-T cells technology.

Positive

• Inducement stock options granted to attract and retain talent, which could enhance operational capabilities.
• Stock options granted at market price, ensuring no immediate dilution for existing shareholders.

Negative

• Inducement grants may indicate challenges in attracting talent without additional incentives.
• Future vesting of options is contingent on continued employment, which may impact workforce stability.

CAMBRIDGE, Mass., July 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 the Compensation Committee of the Board of Directors of TCR² approved the grant of inducement stock options covering an aggregate of 250,000 shares of TCR²’s common stock to 1 new executive employee on June 27, 2022 (the “Grant Date”) and an aggregate of 64,800 shares of TCR²’s common stock to 9 new non-executive employees on June 30, 2022 (the “Grant Date”). 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 $2.89 for executive employees and $2.90 for non-executive employees, 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 the significance of inducement stock options granted by TCR2 Therapeutics on June 27, 2022?

The inducement stock options are designed to attract new talent to TCR2 Therapeutics, reflecting the company's strategy to enhance its executive team.

What are the exercise prices for the stock options granted by TCR2 Therapeutics?

The exercise prices are $2.89 for executive employees and $2.90 for non-executive employees, based on the closing market price on the grant date.

How many shares were granted in the recent stock options by TCR2 Therapeutics?

A total of 250,000 shares were granted to one executive and 64,800 shares to nine non-executive employees.

What is the vesting schedule for the stock options granted by TCR2 Therapeutics?

The stock options will vest over four years, with 25% vesting on the first anniversary and the remaining 75% vesting in equal monthly installments over the next three years.

What is TCR2 Therapeutics' focus in the biotechnology sector?

TCR2 Therapeutics focuses on developing novel T cell therapies targeting solid tumors using their proprietary TRuC platform.