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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)
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Rhea-AI Summary
Verastem Oncology (Nasdaq: VSTM) announced the granting of stock options for 22,500 shares and 15,000 restricted stock units (RSUs) to a new employee. These awards were issued under the Nasdaq inducement grant exception, aligning with Nasdaq Listing Rule 5635(c)(4). The exercise price of the stock options is $0.87 per share, reflecting the closing stock price on October 3, 2022. The options will vest at 25% after one year, with the remaining shares vesting quarterly over three years, contingent on the employee's continued service.
Positive
Granting of stock options and RSUs may attract talent and promote employee retention.
Stock options priced at $0.87 align with the market value, reflecting a fair compensation package.
Negative
None.
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 22,500 shares of its common stock and the grant of 15,000 restricted stock units (RSUs) 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 $0.87 per share, the closing price of Verastem Oncology's common stock as reported by Nasdaq on October 3, 2022. The stock options and RSUs 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.
What stock options and RSUs were granted by Verastem Oncology?
Verastem Oncology granted stock options to purchase 22,500 shares and 15,000 restricted stock units (RSUs) to a new employee.
What is the exercise price for the stock options granted by Verastem Oncology?
The exercise price for the stock options is $0.87 per share.
What is the vesting schedule for the stock options granted by Verastem?
The stock options will vest 25% on the one-year anniversary of the employee's hire date, with the remaining shares vesting quarterly over the next three years.
Under what Nasdaq rule did Verastem grant stock options?
The stock options were granted under the Nasdaq inducement grant exception per Listing Rule 5635(c)(4).
When was the stock options grant announced by Verastem Oncology?
The stock options grant was announced on October 7, 2022.
