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 diseases, has announced the grant of 62,555 restricted stock units to 16 newly hired non-executive officers. The grants were approved by the company's compensation committee and issued under the Ultragenyx Employment Inducement Plan on September 16, 2024. This action complies with Nasdaq Listing Rule 5635(c)(4), serving as an inducement for new employees joining Ultragenyx. The restricted stock units have a four-year vesting schedule, with 25% of the shares vesting annually, contingent on continuous employment.

Positive

• Attraction of new talent with 16 non-executive officers hired
• Implementation of employee retention strategy through restricted stock units

Negative

• Potential dilution of existing shareholders' stock value due to new stock unit grants

News Market Reaction – RARE

+1.87%

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+1.87% News Effect

On the day this news was published, RARE gained 1.87%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

NOVATO, Calif., Sept. 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 62,555 restricted stock units of the company’s common stock to 16 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 September 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 62,555 restricted stock units to 16 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 September 16, 2024.

Under which plan were the Ultragenyx (RARE) stock units granted?

The stock units were granted under the Ultragenyx Employment Inducement Plan.