Palisade Bio Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Palisade Bio (Nasdaq: PALI), a biopharmaceutical company focusing on autoimmune, inflammatory, and fibrotic diseases, has announced an inducement grant under Nasdaq Listing Rule 5635(c)(4). The company's Compensation Committee approved an option grant for 5,000 shares of common stock to Joerg Heyer, the new Head of Translational Science and Medicine, as a material inducement to employment.

The option, issued on August 16, 2024, has an exercise price of $3.94, matching the closing price of Palisade's common stock on the grant date. The option will vest quarterly over three years, contingent on Mr. Heyer's continued service to the company.

Positive

• Appointment of new Head of Translational Science and Medicine, potentially strengthening the company's research capabilities
• Alignment of employee interests with shareholders through stock option grant

Negative

• Potential dilution of existing shareholders due to new stock option issuance

Carlsbad, CA, Aug. 19, 2024 (GLOBE NEWSWIRE) -- Palisade Bio, Inc. (Nasdaq: PALI) (“Palisade”, “Palisade Bio”, or the “Company”), a biopharmaceutical company focused on developing and advancing novel therapeutics for patients living with autoimmune, inflammatory, and fibrotic diseases, today announced that it had made an equity grant to a new employee under its 2021 Inducement Plan, as amended.

The Company’s Compensation Committee approved the issuance of an option to purchase 5,000 shares of the Company’s common stock to Joerg Heyer, the new Head of Translational Science and Medicine, as a material inducement to employment in accordance with Nasdaq Listing Rule 5635(c)(4).

The option was issued on August 16, 2024, and has an exercise price of $3.94 (the closing price of the Company’s common stock on the date of grant). The option vests in equal proportions on a quarterly basis over three years with vesting being contingent on Mr. Heyer continuing to provide services to the Company through each vesting date.

About Palisade Bio 

Palisade Bio is a biopharmaceutical company focused on developing and advancing novel therapeutics for patients living with autoimmune, inflammatory, and fibrotic diseases. The Company believes that by using a targeted approach with its novel therapeutics it will transform the treatment landscape. For more information, please go to www.palisadebio.com.

Investor Relations Contact
JTC Team, LLC
Jenene Thomas
833-475-8247
PALI@jtcir.com

FAQ

What inducement grant did Palisade Bio (PALI) announce on August 19, 2024?

Palisade Bio announced an option grant for 5,000 shares of common stock to Joerg Heyer, the new Head of Translational Science and Medicine, as a material inducement to employment under Nasdaq Listing Rule 5635(c)(4).

What is the exercise price and vesting schedule for the stock option granted by Palisade Bio (PALI)?

The stock option has an exercise price of $3.94 and vests in equal proportions on a quarterly basis over three years, contingent on Mr. Heyer's continued service to the company.

When was the inducement grant option issued by Palisade Bio (PALI)?

The inducement grant option was issued on August 16, 2024.

Who is the recipient of the inducement grant announced by Palisade Bio (PALI)?

The recipient of the inducement grant is Joerg Heyer, the new Head of Translational Science and Medicine at Palisade Bio.