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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) has granted stock options for 120,500 shares and 80,400 restricted stock units (RSUs) to four new employees as an inducement for their employment. The options have an exercise price of $1.13, aligned with the closing stock price on July 1, 2022. Vesting for the stock options and RSUs will commence after one year, followed by quarterly vesting over three years, contingent on continued employment. This move aligns with Nasdaq rules regarding inducement grants.
Positive
Granting of stock options and RSUs indicates company growth and talent acquisition efforts.
The exercise price of $1.13 reflects current market conditions as of July 1, 2022.
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 120,500 shares of its common stock and the grant of 80,400 restricted stock units (RSUs) to four new employees. The awards were granted pursuant to the Nasdaq inducement grant exception as an inducement material to the employees’ acceptance of employment with Verastem Oncology in accordance with Nasdaq Listing Rule 5635(c)(4). The stock options have an exercise price equal to $1.13 per share, the closing price of Verastem Oncology's common stock as reported by Nasdaq on July 1, 2022. The stock options and RSUs that were granted to the four new employees 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 employees continue to serve as employees of or other service providers 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 were granted by Verastem Oncology on July 1, 2022?
Verastem Oncology granted stock options to purchase 120,500 shares at an exercise price of $1.13.
How many restricted stock units (RSUs) were awarded by Verastem Oncology?
Verastem Oncology awarded 80,400 RSUs to four new employees.
What is the vesting schedule for the stock options and RSUs granted by VSTM?
The stock options and RSUs will vest at 25% on the one-year anniversary of the employee's hire date, with the remainder vesting quarterly over the next three years.
What is the purpose of the inducement grants by VSTM?
The inducement grants are aimed at attracting and retaining new talent as part of Verastem Oncology's employment strategy.
