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

PTC Therapeutics (NASDAQ: PTCT) has announced the approval of inducement grants for eight new employees on December 13, 2024.

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PTC Therapeutics (NASDAQ: PTCT) has announced the approval of inducement grants for eight new employees on December 13, 2024. The grants include non-statutory stock options to purchase 1,725 shares of common stock and 5,060 restricted stock units (RSUs). The stock options were priced at $46.37 per share, matching the closing price on the grant date, and have a 10-year term. Both options and RSUs vest over four years, with options vesting 25% after one year and 6.25% quarterly thereafter, while RSUs vest 25% annually. These awards were approved by PTC's Compensation Committee as part of new hire compensation packages under Nasdaq Listing Rule 5635(c)(4).

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WARREN, N.J., Dec. 17, 2024 /PRNewswire/ -- PTC Therapeutics, Inc. (NASDAQ: PTCT) today announced that on Dec. 13, 2024, the company approved non-statutory stock options to purchase an aggregate of 1,725 shares of its common stock and 5,060 restricted stock units ("RSUs"), each representing the right to receive one share of its common stock upon vesting, to eight 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 Dec. 13, 2024, 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).

All stock option awards have an exercise price of $46.37 per share, the closing price of PTC's common stock on Dec. 13, 2024, the date of the grant. The stock options each have a 10-year term and vest over four years, with 25% of the original number of shares vesting on the first anniversary of the applicable employee's new hire date and 6.25% of the original number of shares vesting at the end of each subsequent three-month period thereafter until fully vested, subject to the employee's continued service with the company through the applicable vesting dates. 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 focused on the discovery, development and commercialization of 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. PTC's mission is to provide access to best-in-class treatments for patients who have little to no treatment options. PTC's strategy is to leverage its strong scientific and clinical expertise and global commercial infrastructure to bring therapies to patients. PTC believes this allows it to maximize value for all its stakeholders. 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

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SOURCE PTC Therapeutics, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What are the terms of PTC Therapeutics' December 2024 inducement grants?

The inducement grants include 1,725 stock options at $46.37 per share and 5,060 RSUs, both vesting over four years. Stock options vest 25% after year one and 6.25% quarterly thereafter, while RSUs vest 25% annually.

How many new employees received PTCT inducement grants in December 2024?

Eight new employees received inducement grants from PTC Therapeutics in December 2024.

What is the exercise price for PTCT's December 2024 stock option grants?

The stock options have an exercise price of $46.37 per share, which was PTC Therapeutics' closing stock price on December 13, 2024.

What is the vesting schedule for PTCT's December 2024 RSU grants?

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