Codexis Announces New Employment Inducement Grants
Rhea-AI Summary
Codexis (NASDAQ: CDXS) has announced the approval of equity grants for two new employees, as authorized by the company's Compensation Committee. The inducement awards, granted under the 2024 Inducement Plan, include:
Stock Options: 23,000 shares with an exercise price matching Codexis' Nasdaq closing price on grant date. These vest over 4 years, with 25% vesting after year one and the remainder vesting monthly.
Restricted Stock Units (RSUs): 11,500 units vesting in equal annual installments over three years from the grant date.
Both awards are subject to continued employment with Codexis through applicable vesting dates. This disclosure complies with Nasdaq Listing Rule 5635(c)4.
Positive
- Implementation of employee retention strategy through equity compensation
- Structured vesting schedule promotes long-term employee commitment
Negative
- Potential shareholder dilution from new equity grants
News Market Reaction
On the day this news was published, CDXS gained 2.96%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
REDWOOD CITY, Calif., Jan. 10, 2025 (GLOBE NEWSWIRE) -- Codexis, Inc. (NASDAQ: CDXS), a leading provider of enzymatic solutions for efficient and scalable therapeutics manufacturing, today announced the approval of equity grants to two new employees as approved by the Compensation Committee of Codexis’ Board of Directors. The newly hired employees received equity awards consisting of an aggregate of (i) options to purchase 23,000 shares of Codexis common stock and (ii) 11,500 restricted stock units (RSUs) as inducement awards under the Company’s 2024 Inducement Plan.
The stock options have an exercise price equal to the closing price per share of Codexis’ common stock as reported by Nasdaq on the grant date, and vest over four years, with 25 percent of the shares vesting on the first anniversary of the vesting commencement date, and the remainder vesting ratably at the end of each subsequent month thereafter, subject to each employee’s continued service with Codexis through the applicable vesting dates. The RSUs will vest in equal annual installments on each anniversary of the grant date, until the third anniversary of such date, subject to each employee’s continued service with Codexis through the applicable vesting dates.
Codexis is providing this information in accordance with Nasdaq Listing Rule 5635(c)4.
About Codexis
Codexis is a leading provider of enzymatic solutions for efficient and scalable therapeutics manufacturing, leveraging its proprietary CodeEvolver® technology platform to discover, develop and enhance novel, high-performance enzymes and other classes of proteins. Codexis enzymes solve for real-world challenges associated with small molecule and nucleic acid therapeutics manufacturing. The Company is currently developing its proprietary ECO Synthesis™ manufacturing platform to enable the scaled manufacture of RNAi therapeutics through an enzymatic route. Codexis’ unique enzymes can drive improvements such as higher yields, reduced energy usage and waste generation, improved efficiency in manufacturing and greater sensitivity in genomic and diagnostic applications. For more information, visit www.codexis.com.
For More Information
Investor Contact
Carrie McKim
(336) 608-9706
ir@codexis.com
Media Contact
Lauren Musto
(650) 421-8205
media@codexis.com
FAQ
How many shares of stock options did Codexis (CDXS) grant in January 2024?
What is the vesting schedule for Codexis (CDXS) 2024 stock option grants?
How many RSUs did Codexis (CDXS) award in January 2024?
What is the vesting schedule for Codexis (CDXS) 2024 RSU grants?
