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Verastem Oncology Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
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Rhea-AI Summary
Verastem Oncology (Nasdaq:VSTM) has granted stock options to five new employees. The options allow them to purchase 28,917 shares of the company's common stock. The exercise price is $7.75 per share, and the options will vest over a period of four years.
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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 28,917 shares of its common stock to five 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 $7.75 per share, the closing price of Verastem Oncology’s common stock as reported by Nasdaq on July 3, 2023. The stock options that were granted to the five new employees will vest at a rate of twenty-five percent (25%) on the one-year anniversary of the employees’ 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 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.
How many shares of common stock can the new employees purchase?
The new employees can purchase 28,917 shares of common stock.
What is the exercise price of the stock options?
The exercise price of the stock options is $7.75 per share.
How will the stock options vest?
The stock options will vest at a rate of 25% on the one-year anniversary of the employees' date of hire, with the remaining shares vesting quarterly over the next three years.
What is the purpose of the stock options?
The stock options were granted as an inducement for the new employees to accept employment with Verastem Oncology.
