Aclaris Therapeutics Announces Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)

Rhea-AI Summary

Aclaris Therapeutics (NASDAQ: ACRS) has announced inducement grants under NASDAQ Listing Rule 5635(c)(4). The company's Compensation Committee granted 215,000 nonstatutory stock options and 61,000 restricted stock units to one new employee under their 2024 Inducement Plan.

The stock options have an exercise price of $2.48 per share, matching Aclaris' common stock closing price on January 2, 2025. Both the options and restricted stock units will vest in four equal annual installments of 25% each, starting from the grant date, contingent on continued employment. These equity awards were granted as material inducements for the new employee joining Aclaris, in compliance with NASDAQ rules.

WAYNE, Pa., Jan. 06, 2025 (GLOBE NEWSWIRE) -- Aclaris Therapeutics, Inc. (NASDAQ: ACRS) (the “Company” or “Aclaris”), a clinical-stage biopharmaceutical company focused on developing novel drug candidates for immuno-inflammatory diseases, today announced that effective January 2, 2025, the Compensation Committee of Aclaris’ Board of Directors (the Committee) granted nonstatutory stock options to purchase an aggregate of 215,000 shares of its common stock and 61,000 restricted stock units to 1 new employee under the Aclaris Therapeutics, Inc. 2024 Inducement Plan (the “2024 Inducement Plan”).  The stock options and restricted stock units were granted as inducements material to the new employee becoming an employee of Aclaris in accordance with NASDAQ Listing Rule 5635(c)(4).

The 2024 Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously an employee or non-employee director of Aclaris (or following a bona fide period of non-employment), as an inducement material to such individuals’ entering into employment with Aclaris, pursuant to Rule 5635(c)(4) of the NASDAQ Listing Rules.

The options have an exercise price of $2.48 per share, which is equal to the closing price of Aclaris’ common stock on January 2, 2025. Each option and restricted stock unit award will vest, and become exercisable (as applicable), as to twenty-five percent of the shares on each of the first, second, third, and fourth anniversaries of the grant date, subject to the employee's continued employment with Aclaris on such vesting dates. The options and restricted stock unit awards are subject to the terms and conditions of Aclaris' 2024 Inducement Plan, and the terms and conditions of a stock option agreement or restricted stock unit award agreement, as applicable, covering the grant.

Aclaris Therapeutics Contact:

investors@aclaristx.com

FAQ

What is the exercise price of ACRS stock options granted on January 2, 2025?

The stock options were granted with an exercise price of $2.48 per share, equal to Aclaris Therapeutics' closing stock price on January 2, 2025.

How many shares were included in ACRS's January 2025 inducement grants?

Aclaris Therapeutics granted nonstatutory stock options to purchase 215,000 shares and 61,000 restricted stock units.

What is the vesting schedule for ACRS's January 2025 inducement grants?

Both the options and restricted stock units will vest in four equal installments of 25% each on the first, second, third, and fourth anniversaries of the grant date.

Under which plan were ACRS's January 2025 inducement grants issued?

The grants were issued under the Aclaris Therapeutics, Inc. 2024 Inducement Plan, in accordance with NASDAQ Listing Rule 5635(c)(4).