Ultragenyx Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Ultragenyx Pharmaceutical Inc. (NASDAQ: RARE), a biopharmaceutical company specializing in rare and ultrarare disease therapies, has announced the grant of 22,405 restricted stock units to six newly hired non-executive officers. The grants were approved by the company's compensation committee and issued under the Ultragenyx Employment Inducement Plan on October 16, 2024.

These stock units are designed as an employment inducement, aligning with Nasdaq Listing Rule 5635(c)(4). The vesting schedule spans four years, with 25% of the shares vesting annually on the grant date anniversary, contingent on continuous employment with Ultragenyx.

Positive

• Ultragenyx is attracting new talent by offering competitive stock-based compensation
• The company is expanding its workforce with six new non-executive officers

Negative

• The stock grant may lead to potential dilution for existing shareholders

News Market Reaction – RARE

-3.20%

1 alert

-3.20% News Effect

On the day this news was published, RARE declined 3.20%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

NOVATO, Calif., Oct. 18, 2024 (GLOBE NEWSWIRE) -- Ultragenyx Pharmaceutical Inc. (NASDAQ: RARE), a biopharmaceutical company focused on the development and commercialization of novel therapies for rare and ultrarare diseases, today reported the grant of 22,405 restricted stock units of the company’s common stock to six newly hired non-executive officers of the company. The awards were approved by the compensation committee of the company’s board of directors and granted under the Ultragenyx Employment Inducement Plan, with a grant date of October 16, 2024, as an inducement material to the new employees entering into employment with Ultragenyx in accordance with Nasdaq Listing Rule 5635(c)(4).

The restricted stock units vest over four years, with 25% of the underlying shares vesting on each anniversary of the grant date, subject to the employee being continuously employed by the company as of such vesting dates.

About Ultragenyx Pharmaceutical Inc.
Ultragenyx is a biopharmaceutical company committed to bringing novel products to patients for the treatment of serious rare and ultrarare genetic diseases. The company has built a diverse portfolio of approved therapies and product candidates aimed at addressing diseases with high unmet medical need and clear biology for treatment, for which there are typically no approved therapies treating the underlying disease.

The company is led by a management team experienced in the development and commercialization of rare disease therapeutics. Ultragenyx’s strategy is predicated upon time- and cost-efficient drug development, with the goal of delivering safe and effective therapies to patients with the utmost urgency.

For more information on Ultragenyx, please visit the company's website at: www.ultragenyx.com.

Contact Ultragenyx
Investors & Media
Joshua Higa
(415) 475-6370

FAQ

How many restricted stock units did Ultragenyx (RARE) grant to new employees?

Ultragenyx (RARE) granted 22,405 restricted stock units to six newly hired non-executive officers.

What is the vesting schedule for the restricted stock units granted by Ultragenyx (RARE)?

The restricted stock units vest over four years, with 25% of the underlying shares vesting on each anniversary of the grant date, subject to continuous employment.

When were the restricted stock units granted by Ultragenyx (RARE)?

The restricted stock units were granted on October 16, 2024.

Under which plan were the Ultragenyx (RARE) stock grants issued?

The stock grants were issued under the Ultragenyx Employment Inducement Plan.