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Geron Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
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Rhea-AI Sentiment
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Rhea-AI Summary
Geron Corporation has granted non-statutory stock options to newly hired employees, totaling 189,850 shares. The options were granted at an exercise price of $2.70 per share and have a 10-year term. Some options vest over four years, while others vest upon achievement of a regulatory milestone.
Positive
Geron Corporation grants stock options to newly hired employees, potentially incentivizing them to perform well. The options have a 10-year term, providing long-term potential for growth.
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No negative takes found.
FOSTER CITY, Calif.--(BUSINESS WIRE)--
Geron Corporation (Nasdaq: GERN) today reported that it has granted non-statutory stock options to purchase an aggregate of 189,850 shares of Geron common stock as inducements to newly hired employees in connection with commencement of employment with the Company.
The stock options were granted on August 16, 2023 at an exercise price of $2.70 per share, which is equal to the closing price of Geron common stock on the date of grant. Stock options representing an aggregate of 185,220 shares have a 10-year term and vest over four years, with 12.5% of the shares underlying the options vesting on the six-month anniversary of commencement of employment for the respective employees and the remaining shares vesting over the following 42 months in equal installments of whole shares, subject to continued employment with Geron through the applicable vesting dates. Stock options representing an aggregate of 4,630 shares have a 10-year term and vest in full upon achievement of a certain regulatory milestone, subject to continued employment with Geron through the applicable vesting date. All of the stock options were granted as material inducement to employment in accordance with Nasdaq Listing Rule 5635(c)(4) and are subject to the terms and conditions of the stock option agreements covering the grants and Geron’s 2018 Inducement Award Plan, which was adopted December 14, 2018 and provides for the granting of stock options to new employees.
About Geron
Geron is a late-stage clinical biopharmaceutical company pursuing therapies with the potential to extend and enrich the lives of patients living with hematologic malignancies. Its investigational first-in-class telomerase inhibitor, imetelstat, harnesses Nobel Prize winning science in a treatment that may alter the underlying course of these diseases. To learn more, visit http://www.geron.com/ or follow us on LinkedIn.
What is the exercise price for the stock options granted by Geron Corporation?
The exercise price for the stock options is $2.70 per share.
How long is the term for the stock options granted by Geron Corporation?
The stock options have a 10-year term.
How do the stock options vest for newly hired employees?
Some options vest over four years, with 12.5% vesting on the six-month anniversary of employment and the remaining shares vesting over the following 42 months in equal installments. Others vest upon achievement of a regulatory milestone.
What is the purpose of granting stock options to new employees?
Granting stock options serves as an inducement to employment, potentially motivating employees to perform well and contribute to the company's success.
we are a biopharmaceutical company developing first-in-class therapies for cancer. imetelstat, a novel, first-in-class telomerase inhibitor, is our product candidate in clinical development. telomerase enables cancer cells to maintain telomere length, which provides them with the capacity for limitless cellular replication. imetelstat is a potent and specific inhibitor of telomerase. based on clinical data we obtained in late 2012, we may develop imetelstat to treat one or more hematologic myeloid malignancies such as myelofibrosis, or mf, myelodysplastic syndromes, or acute myelogenous leukemia.
