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Verastem Oncology Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Verastem Oncology (Nasdaq: VSTM) granted stock options for 17,000 shares to a new employee as part of an inducement to accept their position. The options have an exercise price of $0.39 per share, equivalent to the company's closing stock price on April 3, 2023. Vesting will occur at a rate of 25% on the one-year anniversary of hire, with the remainder vesting quarterly over three years. Verastem focuses on developing new cancer therapies, targeting crucial pathways to hinder tumor growth.
Positive
Grant of stock options to attract talent, supporting company growth.
Stock options structured to incentivize long-term employee retention.
Negative
Option exercise price at $0.39 may signal a low valuation compared to industry standards.
BOSTON--(BUSINESS WIRE)--
Verastem Oncology (Nasdaq:VSTM), a biopharmaceutical company committed to advancing new medicines for patients with cancer, today announced the grant of stock options to purchase 17,000 shares of its common stock to one new employee. The awards were granted pursuant to the Nasdaq inducement grant exception as an inducement material to the employee’s acceptance of employment with Verastem Oncology in accordance with Nasdaq Listing Rule 5635(c)(4). The stock options have an exercise price equal to $0.39 per share, the closing price of Verastem Oncology’s common stock as reported by Nasdaq on April 3, 2023. The stock options that were granted to the one new employee will vest at a rate of twenty-five percent (25%) on the one-year anniversary of the employee’s date of hire, with the remaining shares vesting quarterly over the next three (3) years in equal quarterly amounts, provided the employee continues to serve as an employee of or other service provider to Verastem Oncology on each such vesting date.
About Verastem Oncology
Verastem Oncology (Nasdaq: VSTM) (Verastem, Inc.) is a development-stage biopharmaceutical company committed to the development and commercialization of new medicines to improve the lives of patients diagnosed with cancer. Our pipeline is focused on novel small molecule drugs that inhibit critical signaling pathways in cancer that promote cancer cell survival and tumor growth, including RAF/MEK inhibition and FAK inhibition. For more information, please visit www.verastem.com.
