Verastem Oncology Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Verastem Oncology (Nasdaq: VSTM) announced the grant of stock options and restricted stock units (RSUs) to three new employees as part of their employment acceptance. The company granted 16,250 stock options with an exercise price of $4.07 per share, based on the closing price on July 1, 2021. Additionally, 8,125 RSUs were awarded, vesting at 25% on the anniversary of hire, with the remainder vesting quarterly over three years. This move aligns with Nasdaq Listing Rule 5635(c)(4) and reflects Verastem’s commitment to attracting talent in its cancer treatment development efforts.

Positive

• Grant of stock options and RSUs may attract skilled employees.
• Stock options priced at $4.07, aligning with market conditions.

Negative

• None.

Verastem Oncology (Nasdaq:VSTM), a biopharmaceutical company committed to advancing new medicines for patients battling cancer, today announced the grant of options to purchase 16,250 shares of its common stock and the grant of 8,125 restricted stock units (RSUs) to three new employees. The awards were granted as an inducement material to the employees' acceptance of employment with Verastem Oncology in accordance with Nasdaq Listing Rule 5635(c)(4). The options have an exercise price equal to $4.07 per share, the closing price of Verastem Oncology's common stock as reported by Nasdaq on July 1, 2021. The stock options and RSUs that were granted to the three 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 focal adhesion kinase (FAK) inhibition. For more information, please visit www.verastem.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210706005142/en/

FAQ

What stock options were granted by Verastem Oncology on July 1, 2021?

Verastem granted 16,250 stock options with an exercise price of $4.07 per share.

How many restricted stock units (RSUs) did Verastem grant to employees?

Verastem granted 8,125 RSUs to three new employees.

What is the vesting schedule for the stock options and RSUs at Verastem?

The options and RSUs vest at 25% after one year, with the remainder vesting quarterly over three years.

Which rule does Verastem's stock grants comply with?

The grants comply with Nasdaq Listing Rule 5635(c)(4).

What type of company is Verastem Oncology?

Verastem Oncology is a biopharmaceutical company focused on developing new cancer therapies.