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 totaling 9,600 shares to three new non-executive employees. The options have an exercise price of $0.83, corresponding to TCR²’s recent market close. These options will vest over four years, with a quarter becoming available after the first year and the remainder vesting monthly over the next three years. This move aligns with Nasdaq Listing Rule 5635(c)(4) and is part of TCR²’s strategy to attract talent in the competitive biotech sector.

Positive

• Granting of inducement stock options can attract skilled employees, enhancing the company's talent pool.
• The stock option exercise price aligns with the current market price, indicating fair value.

Negative

• None.

CAMBRIDGE, Mass., Jan. 05, 2023 (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 9,600 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 $0.83, 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.

Media Contact:
Kathy Vincent
kathy@kathyvincent.com

Investor Contact:
Eric Sullivan
Chief Financial Officer
eric.sullivan@tcr2.com

FAQ

What recent stock option grant did TCR² Therapeutics announce?

TCR² Therapeutics announced the grant of 9,600 inducement stock options to three new non-executive employees.

What is the exercise price of the stock options granted by TCR²?

The exercise price of the stock options is $0.83 per share.

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

The stock options vest over a four-year period.

What is the significance of the stock options granted by TCR²?

The stock options are intended to attract new talent, critical for TCR²'s growth in the biotech industry.

When will the stock options granted by TCR² start to vest?

25% of the options will vest on the first anniversary of the employees' hire date; the remaining options will vest monthly over three years.