Verve Therapeutics Announces Inducement Grants under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

On May 31, 2024, Verve Therapeutics, a clinical-stage biotech firm focusing on gene editing medicines for cardiovascular disease, announced the granting of equity awards to four new employees under its 2024 Inducement Stock Incentive Plan. Following Nasdaq Listing Rule 5635(c)(4), the employees received a combined total of 23,600 restricted stock units (RSUs). These RSUs will vest annually over four years starting from July 1, 2024, contingent upon continued employment.

Positive

• Verve Therapeutics is expanding its team, indicating growth and investment in human resources.
• The granting of equity awards aligns with Nasdaq Listing Rule 5635(c)(4), showcasing compliance with regulatory standards.
• The announcement reflects the company’s commitment to retaining talent through long-term incentive plans.

Negative

• The issuance of 23,600 RSUs could lead to shareholder dilution.
• The vesting requirement means potential long-term financial obligations for Verve Therapeutics.

BOSTON, May 31, 2024 (GLOBE NEWSWIRE) -- Verve Therapeutics, a clinical-stage biotechnology company pioneering a new approach to the care of cardiovascular disease with single-course gene editing medicines, today announced that on May 31, 2024, the company granted equity awards to four new employees, pursuant to the company’s 2024 Inducement Stock Incentive Plan, as an inducement material to each new employee entering into employment with the company in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received an aggregate of 23,600 restricted stock units (RSUs). The RSUs will vest in equal annual installments on the first four anniversaries of July 1, 2024, subject to each such employee’s continued service with the company on each such vesting date.

About Verve Therapeutics 
Verve Therapeutics, Inc. (Nasdaq: VERV) is a clinical-stage genetic medicines company pioneering a new approach to the care of cardiovascular disease, potentially transforming treatment from chronic management to single-course gene editing medicines. The company’s lead programs – VERVE-101, VERVE-102, and VERVE-201 – target genes that have been extensively validated as targets for lowering low-density lipoprotein cholesterol (LDL-C), a root cause of atherosclerotic cardiovascular disease (ASCVD). VERVE-101 and VERVE-102 are designed to permanently turn off the PCSK9 gene in the liver and are being developed initially for heterozygous familial hypercholesterolemia (HeFH) and ultimately to treat patients with established ASCVD who continue to be impacted by high LDL-C levels. VERVE-201 is designed to permanently turn off the ANGPTL3 gene in the liver and is initially being developed for homozygous familial hypercholesterolemia (HoFH) and for refractory hypercholesterolemia where patients still have high LDL-C despite treatment with maximally-tolerated standard of care therapies. For more information, please visit www.VerveTx.com.

Investor Contact
Jen Robinson
Verve Therapeutics, Inc.
jrobinson@vervetx.com

Media Contact
Ashlea Kosikowski
1AB
ashlea@1abmedia.com

FAQ

What is Verve Therapeutics' recent announcement about?

Verve Therapeutics announced the granting of equity awards to four new employees under its 2024 Inducement Stock Incentive Plan.

When did Verve Therapeutics grant the equity awards?

The equity awards were granted on May 31, 2024.

How many restricted stock units did Verve Therapeutics grant?

Verve Therapeutics granted an aggregate of 23,600 restricted stock units (RSUs).

What is the vesting schedule for the RSUs granted by Verve Therapeutics?

The RSUs will vest in equal annual installments over four years, starting from July 1, 2024.

Under which Nasdaq rule were the equity awards granted by Verve Therapeutics?

The equity awards were granted under Nasdaq Listing Rule 5635(c)(4).