Aclaris Therapeutics Announces Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
Aclaris Therapeutics (NASDAQ: ACRS) announced new employee equity grants under its 2024 Inducement Plan.
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Rhea-AI Summary
Aclaris Therapeutics (NASDAQ: ACRS) announced new employee equity grants under its 2024 Inducement Plan. The company granted nonstatutory stock options to purchase 251,000 shares and 73,000 restricted stock units to 4 new employees. Additionally, Hugh Davis, Ph.D, the new President and Chief Operating Officer, received options to purchase 375,000 shares and 107,000 restricted stock units.
The options have an exercise price of $3.96 per share, matching the closing price on December 2, 2024. Both options and restricted stock units will vest 25% annually over four years, contingent on continued employment. These grants were made as employment inducements in accordance with NASDAQ Listing Rule 5635(c)(4).
Positive
- Successful recruitment of new executive leadership with Hugh Davis as President and COO
- Company's ability to offer competitive equity compensation packages to attract talent
Negative
- Potential shareholder dilution from new equity grants totaling 626,000 shares in options and 180,000 restricted stock units
Details
News Market Reaction – ACRS
The recorded move for ACRS in the trading session of this news was -2.21%.
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WAYNE, Pa., Dec. 03, 2024 (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 December 2, 2024, the Compensation Committee of Aclaris’ Board of Directors (the “Committee”) granted nonstatutory stock options to purchase an aggregate of 251,000 shares of its common stock and 73,000 restricted stock units to 4 new employees under the Aclaris Therapeutics, Inc. 2024 Inducement Plan (the “2024 Inducement Plan”). In addition, also effective December 2, 2024, the Committee granted Hugh Davis, Ph.D, Aclaris’ new President and Chief Operating Officer, nonstatutory stock options to purchase 375,000 shares of its common stock and 107,000 restricted stock units under the 2024 Inducement Plan. The stock options and restricted stock units were granted as inducements material to the new employees becoming employees 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
Aclaris Therapeutics Contact:
investors@aclaristx.com
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