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

Rhea-AI Summary

TCR2 Therapeutics (Nasdaq: TCRR), a clinical-stage cell therapy company, announced the approval of inducement stock options for 2 new non-executive employees. The options total 7,600 shares at an exercise price of $2.72, the closing price on the grant date. The stock options will vest over four years, starting with 25% after one year, followed by monthly vesting over the next three years. This grant aligns with Nasdaq Listing Rule 5635(c)(4) and is part of TCR2's strategy to attract talent and develop its novel T cell therapies for solid tumors.

Positive

• Inducement stock options approved for 2 new non-executive employees to attract talent.
• Options grant aligns with Nasdaq guidelines, demonstrating compliance and governance.
• Shares priced at $2.72 reflect the market rate, indicating no immediate dilution.

Negative

• None.

CAMBRIDGE, Mass., Sept. 01, 2022 (GLOBE NEWSWIRE) -- 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 7,600 shares of TCR²’s common stock to 2 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 $2.72, 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 stock options were granted by TCR2 Therapeutics?

TCR2 Therapeutics granted inducement stock options covering 7,600 shares to 2 new employees.

What was the exercise price of TCRR's stock options?

The exercise price for the options was set at $2.72, which was the closing market price on the grant date.

Over what period do the stock options for TCR2 vest?

The stock options vest over four years, with 25% vesting on the first anniversary and the remainder vesting monthly over the subsequent three years.

What is the significance of the inducement stock options for TCRR?

The inducement stock options are aimed at attracting and retaining talent within TCR2 Therapeutics.

When was the stock options grant announced by TCR2 Therapeutics?

The grant of stock options was announced on September 1, 2022.