PTC Therapeutics Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

PTC Therapeutics (NASDAQ: PTCT) has announced the approval of 1,200 restricted stock units (RSUs) to two new employees as part of their employment compensation. The RSUs were granted on January 3, 2025, under the Nasdaq inducement grant exception and approved by PTC's Compensation Committee.

Each RSU represents the right to receive one share of common stock upon vesting. The vesting schedule spans four years, with 25% of the original shares vesting annually on each employee's hire date anniversary, contingent upon continued employment with the company.

Positive

• Implementation of employee retention strategy through equity-based compensation

Negative

• Potential future dilution of existing shareholders due to new RSU issuance

News Market Reaction – PTCT

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On the day this news was published, PTCT declined 5.09%, reflecting a notable negative market reaction.

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WARREN, N.J., Jan. 13, 2025 /PRNewswire/ -- PTC Therapeutics, Inc. (NASDAQ: PTCT) today announced that on Jan. 3, 2025, the company approved 1,200 restricted stock units ("RSUs"), each representing the right to receive one share of its common stock upon vesting, to two new employees. The awards were made pursuant to the Nasdaq inducement grant exception as a component of the new hires' employment compensation.

The inducement grants were approved by PTC's Compensation Committee on Jan. 3, 2025, and are being made as an inducement material to each employee's acceptance of employment with the company in accordance with Nasdaq Listing Rule 5635(c)(4).

The RSUs each will vest over four years with 25% of the original number of shares vesting on each annual anniversary of the applicable employee's new hire date until fully vested, subject to the employee's continued service with the company through the applicable vesting dates.

ABOUT PTC THERAPEUTICS, INC.
PTC is a global biopharmaceutical company that discovers, develops and commercializes clinically differentiated medicines that provide benefits to children and adults living with rare disorders. PTC's ability to innovate to identify new therapies and to globally commercialize products is the foundation that drives investment in a robust and diversified pipeline of transformative medicines. To learn more about PTC, please visit us at www.ptcbio.com and follow us on Facebook, Instagram, LinkedIn and X.

For more information please contact:

Investors:
Ellen Cavaleri
+1 (615) 618-8228
ecavaleri@ptcbio.com

Media:
Jeanine Clemente
+1 (908) 912-9406
jclemente@ptcbio.com

View original content:https://www.prnewswire.com/news-releases/ptc-therapeutics-reports-inducement-grants-under-nasdaq-listing-rule-5635c4-302349732.html

SOURCE PTC Therapeutics, Inc.

FAQ

How many RSUs did PTC Therapeutics (PTCT) grant on January 3, 2025?

PTC Therapeutics granted 1,200 restricted stock units (RSUs) on January 3, 2025.

What is the vesting schedule for PTCT's January 2025 RSU grants?

The RSUs vest over four years, with 25% of the original shares vesting on each annual anniversary of the employee's hire date.

How many new employees received RSUs from PTCT in January 2025?

Two new employees received RSUs from PTC Therapeutics.

Under which Nasdaq rule were PTCT's January 2025 RSUs granted?

The RSUs were granted under Nasdaq Listing Rule 5635(c)(4), which provides for inducement grants as employment compensation.