Zosano Pharma Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Zosano Pharma Corporation (NASDAQ:ZSAN) announced that its Board of Directors granted a stock option to purchase 220,000 shares of common stock to a new employee as an inducement award. The exercise price is set at $0.59 per share, matching the closing price on November 29, 2021. The stock option will vest 25% on the grant date, with the remainder vesting monthly thereafter. This action complies with Nasdaq Listing Rule 5635(c)(4).

Zosano focuses on developing rapid administration of approved molecules for underserved patient markets.

Positive

• Stock option grant of 220,000 shares as an inducement award to attract talent.
• Exercise price set at $0.59, aligning with market performance.
• Vesting schedule encourages retention and continued service of the new employee.

Negative

• None.

FREMONT, Calif., Nov. 29, 2021 (GLOBE NEWSWIRE) -- Zosano Pharma Corporation (NASDAQ:ZSAN), a clinical-stage biopharmaceutical company, today announced that the Board of Directors granted a stock option to purchase 220,000 shares of Zosano’s common stock to a new employee as an inducement award.

The stock option has an exercise price of $0.59 share, which is equal to the closing price of Zosano’s common stock on November 29, 2021. 25% of the shares underlying the option will vest on November 29, 2022, and 1/48th of the total shares will vest monthly thereafter, subject to continued service.

The award was approved in accordance with Nasdaq Listing Rule 5635(c)(4).

About Zosano Pharma

Zosano Pharma Corporation is a clinical-stage biopharmaceutical company focused on developing products where rapid administration of approved molecules with established safety and efficacy profiles may provide substantial benefit to patients, in markets where patients remain underserved by existing therapies. The company’s transdermal microneedle system technology consists of titanium microneedles coated with drug that are designed to enable rapid systemic administration of therapeutics to patients. Zosano’s lead product candidate is M207, which is a proprietary formulation of zolmitriptan designed to be delivered via its transdermal microneedle system technology, as an acute treatment for migraine. Learn more at www.zosanopharma.com.

Zosano Contacts:
Christine Matthews
Chief Financial Officer
510-745-1200

Zosano PR:
Sylvia Wheeler or Alexandra Santos
swheeler@wheelhouselsa.com or asantos@wheelhouselsa.com 

FAQ

What stock option was granted by Zosano Pharma on November 29, 2021?

Zosano Pharma granted a stock option to purchase 220,000 shares at an exercise price of $0.59.

What is the vesting schedule for the stock option granted to Zosano's new employee?

25% of the shares will vest on November 29, 2022, with the remaining shares vesting monthly thereafter.

Why did Zosano grant stock options on November 29, 2021?

The stock option was granted as an inducement award to a new employee, aimed at attracting talent.

What compliance does Zosano's stock option grant adhere to?

The award complies with Nasdaq Listing Rule 5635(c)(4).