Altimmune Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
Rhea-AI Summary
Altimmune (Nasdaq: ALT) announced equity awards granted to incoming Chief Financial Officer Gregory Weaver, effective November 11, 2024. The compensation package includes options to purchase 225,000 shares of common stock and 75,000 restricted stock units (RSUs). Based on November 8 closing price, approximately 172,920 options would be issued as inducement awards, with the remainder as incentive stock options. The options and RSUs will vest over four years, with 25% vesting after the first year and the remainder vesting gradually, subject to continued employment.
Positive
- Strengthening executive team with new CFO appointment
Negative
- Potential shareholder dilution from new equity awards
News Market Reaction 1 Alert
On the day this news was published, ALT declined 4.30%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
GAITHERSBURG, Md., Nov. 11, 2024 (GLOBE NEWSWIRE) -- Altimmune, Inc. (Nasdaq: ALT), a clinical-stage biopharmaceutical company, today announced that the Compensation Committee of its Board of Directors granted equity awards under Altimmune’s 2018 Inducement Grant Plan, as a material inducement to employ Gregory Weaver as Altimmune’s Chief Financial Officer effective November 11, 2024. The equity awards were approved on November 6, 2024, in accordance with Nasdaq Listing Rule 5635(c)(4).
Mr. Weaver received, in the aggregate, options to purchase 225,000 shares of Altimmune’s common stock, and 75,000 restricted stock units (“RSUs”). The options will have an exercise price equal to the closing price of Altimmune’s common stock on November 11, 2024 (the “Grant Date”). Based on the closing price Altimmune’s common stock on November 8, 2024, Altimmune would issue approximately 172,920 options as inducement awards under its 2018 Inducement Grant Plan, and the balance as incentive stock options under its 2017 Omnibus Incentive Plan. The final allocation of options between the 2018 Inducement Grant Plan and 2017 Omnibus Plan are subject to adjustment based on the closing price of Altimmune’s common stock on the Grant Date. One-fourth of the shares underlying the options will vest on the one-year anniversary of the Grant Date and thereafter 1/36th of the shares underlying the options will vest monthly, such that the shares underlying the options will be fully vested on the fourth anniversary of the Grant Date, in each case, subject to Mr. Weaver’s continued employment with Altimmune on such vesting dates.
One-fourth of the RSUs will vest on the one-year anniversary of the Grant Date and thereafter the RSUs will vest in three substantially equal annual installments, such that the RSUs will be fully vested on the fourth anniversary of the Grant Date, in each case, subject to Mr. Weaver’s continued employment with Altimmune on such vesting dates.
About Altimmune
Altimmune is a clinical-stage biopharmaceutical company focused on developing innovative next-generation peptide-based therapeutics. The Company is developing pemvidutide, a GLP-1/glucagon dual receptor agonist for the treatment of obesity and MASH. For more information on Altimmune, please visit www.altimmune.com.
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Company Contact:
Vipin Garg
President and Chief Executive Officer
Phone: 240-654-1450
ir@altimmune.com
Investor Contacts:
Lee Roth
Burns McClellan
Phone: 646-382-3403
lroth@burnsmc.com
Julia Weilman
Burns McClellan
Phone: 646-732-4443
jweilman@burnsmc.com
Media Contact:
Danielle Cantey
Inizio Evoke, Biotech
Phone: 619-826-4657
Danielle.cantey@inizioevoke.com
This press release was published by a CLEAR® Verified individual.
FAQ
What equity awards did Altimmune (ALT) grant to its new CFO in November 2024?
What is the vesting schedule for Altimmune's (ALT) CFO equity awards announced in November 2024?
When does Gregory Weaver start as Altimmune's (ALT) CFO?
