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 two new non-executive hires. The Compensation Committee granted options covering 6,000 shares, with an exercise price of $1.50, the closing market price on the grant date. These options have a ten-year term, vesting over four years with 25% vesting on the first anniversary and the remaining 75% in monthly installments, contingent on continued employment. This move is in accordance with Nasdaq Listing Rule 5635(c)(4). TCR2 focuses on developing novel T cell therapies for solid tumors using its proprietary TRuC platform.

Positive

• Approval of inducement stock options may attract talent.
• Stock options granted align with market price of $1.50.

Negative

• None.

CAMBRIDGE, Mass., April 03, 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 6,000 shares of TCR²’s common stock to two non-executive new hires. 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 $1.50, 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 stock options were approved by TCR2 Therapeutics?

TCR2 Therapeutics approved inducement stock options for 6,000 shares at an exercise price of $1.50.

What is the vesting schedule for the stock options granted by TCRR?

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

Why were inducement stock options granted by TCR2?

The options were granted as an inducement material to the employees' acceptance of employment.

How many shares were granted in the stock options by TCRR?

TCR2 Therapeutics granted a total of 6,000 shares in the stock options.

What is TCR2 Therapeutics focused on?

TCR2 Therapeutics is focused on developing novel T cell therapies for patients with solid tumors.