GeneDx Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

GeneDx announced the granting of 106,030 restricted stock units (RSUs) to newly hired employees as inducements, in accordance with Nasdaq Listing Rule 5635(c)(4). The RSUs will vest over a four-year period, subject to continued service with the company. Each RSU represents a contingent right to receive 1 share of the Issuer's Class A Common Stock upon settlement.

STAMFORD, Conn., Jan. 24, 2024 (GLOBE NEWSWIRE) -- GeneDx, a leader in delivering improved health outcomes through genomic and clinical insights, today announced that, effective as of January 23, 2024, the compensation committee of GeneDx’s board of directors granted newly hired employees 106,030 restricted stock units (“RSUs”) as inducements material to each employee entering into employment with GeneDx. The RSUs were granted under GeneDx’s 2023 Equity Inducement Plan and in accordance with Nasdaq Listing Rule 5635(c)(4).

The inducement RSUs will vest in equal annual installments over the four-year period following the grant date, subject to the employee’s continued service with the Company on each applicable vesting date.

Each RSU represents a contingent right to receive 1 share of the Issuer's Class A Common Stock upon settlement. Typically, upon full vesting, shares are sold to cover tax withholding obligations in connection with the vesting and settlement of RSUs and funded by a "sell to cover" transaction. This does not represent a discretionary transaction by the Reporting Person.

About GeneDx

GeneDx (Nasdaq: WGS) delivers personalized and actionable health insights to inform diagnosis, direct treatment and improve drug discovery. The company is uniquely positioned to accelerate the use of genomic and large-scale clinical information to enable precision medicine as the standard of care. GeneDx is at the forefront of transforming healthcare through its industry-leading exome and genome testing and interpretation, fueled by one of the world’s largest, rare disease data sets. For more information, please visit www.genedx.com and connect with us on LinkedIn, Facebook, Twitter and Instagram.

GeneDx Investor Relations Contact:
Investors@GeneDx.com

GeneDx Media Contact:
Press@GeneDx.com

FAQ

What is the Nasdaq Listing Rule under which the RSUs were granted?

The RSUs were granted under Nasdaq Listing Rule 5635(c)(4).

How many restricted stock units (RSUs) were granted to newly hired employees?

GeneDx granted 106,030 RSUs to newly hired employees.

How long is the vesting period for the RSUs?

The RSUs will vest in equal annual installments over the four-year period following the grant date.

What does each RSU represent?

Each RSU represents a contingent right to receive 1 share of the Issuer's Class A Common Stock upon settlement.

How are tax withholding obligations in connection with the vesting and settlement of RSUs typically handled?

Upon full vesting, shares are sold to cover tax withholding obligations in connection with the vesting and settlement of RSUs and funded by a 'sell to cover' transaction.