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

Rhea-AI Summary

GeneDx (GDXX) Grants 10,000 RSUs to Newly Hired Employees Under 2023 Equity Inducement Plan

STAMFORD, Conn., Nov. 20, 2023 (GLOBE NEWSWIRE) -- GeneDx, a leader in delivering improved health outcomes through genomic and clinical insights, today announced that, effective as of November 17, 2023, the compensation committee of GeneDx’s board of directors granted newly hired employees 10,000 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 with respect to 25% of the underlying shares on the first anniversary of November 17, 2023 (the “Vesting Commencement Date”) and with respect to 6.25% of the underlying shares on each of the 12 quarterly anniversaries of the Vesting Commencement Date thereafter, 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.

FAQ

What is the effective date of the RSUs granted to newly hired employees at GeneDx?

The effective date of the RSUs granted to newly hired employees at GeneDx is November 17, 2023.

How do the inducement RSUs vest?

The inducement RSUs will vest with respect to 25% of the underlying shares on the first anniversary of November 17, 2023, and with respect to 6.25% of the underlying shares on each of the 12 quarterly anniversaries of the Vesting Commencement Date thereafter, subject to the employee’s continued service with the Company on each applicable vesting date.

What do the RSUs represent?

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