Recursion Pharmaceuticals Reports Grant of Inducement Awards as Permitted by the Nasdaq Listing Rules
Rhea-AI Summary
Recursion Pharmaceuticals (NASDAQ: RXRX) announced the approval of inducement restricted stock unit (RSU) awards by its Board's Compensation Committee on December 19, 2024. The grants cover 7,952,836 shares of class A common stock, distributed among 230 new employees under the company's 2024 Inducement Equity Incentive Plan. These awards were granted in connection with Recursion's acquisition of Exscientia plc. The RSUs will vest quarterly at a rate of 1/16th of shares on February 15, May 15, August 15, and November 15, starting February 15, 2025, contingent on continued employment.
Positive
- Successful integration of Exscientia acquisition with retention strategy through RSU grants
- Significant expansion of workforce with 230 new employees
Negative
- Potential dilution of existing shareholders due to issuance of 7.95M new shares
News Market Reaction
On the day this news was published, RXRX gained 15.92%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Salt Lake City, Utah, Dec. 20, 2024 (GLOBE NEWSWIRE) -- Recursion Pharmaceuticals, Inc. (“Recursion”) (NASDAQ: RXRX), a leading clinical stage TechBio company decoding biology to industrialize drug discovery, today announced that on December 19, 2024, the Compensation Committee of Recursion's Board of Directors approved the grant of inducement restricted stock unit (RSU) awards covering 7,952,836 shares of its class A common stock in the aggregate to 230 new employees under Recursion's 2024 Inducement Equity Incentive Plan (the “2024 Plan”). Each award was granted as an inducement material to the employee's commencement of employment with a subsidiary of Recursion in connection with Recursion's acquisition of Exscientia plc and pursuant to Nasdaq Listing Rule 5635(c)(4).
Each inducement RSU award will vest as to 1/16th of the shares subject to the award quarterly on each of February 15, May 15, August 15, and November 15, beginning with February 15, 2025 until the inducement RSU award is fully vested, subject to the inducement RSU award recipient’s continued employment through the Company Vesting Dates. Each inducement RSU award is subject to the terms and conditions of the 2024 Plan and the grant agreements covering the awards.
About Recursion Pharmaceuticals
Recursion Pharmaceuticals, Inc. (NASDAQ: RXRX) is a leading clinical stage TechBio company decoding biology to industrialize drug discovery. Enabling its mission is the Recursion OS, a platform built across diverse technologies that continuously generate one of the world’s largest proprietary biological and chemical datasets. Recursion leverages sophisticated machine-learning algorithms to distill from its dataset a collection of trillions of searchable relationships across biology and chemistry unconstrained by human bias. By commanding massive experimental scale — up to millions of wet lab experiments weekly — and massive computational scale — owning and operating one of the most powerful supercomputers in the world, Recursion is uniting technology, biology and chemistry to advance the future of medicine.
Recursion is headquartered in Salt Lake City, where it is a founding member of BioHive, the Utah life sciences industry collective. Recursion also has offices in Toronto, Montréal, New York, London, Oxford area, and the San Francisco Bay area. Learn more at www.Recursion.com, or connect on X (formerly Twitter) and LinkedIn.
Media Contact
Media@Recursion.com
Investor Contact
Investor@Recursion.com
FAQ
How many shares are included in RXRX's December 2024 inducement RSU awards?
What is the vesting schedule for RXRX's 2024 inducement RSU awards?
How many new employees received RXRX inducement awards in December 2024?
Why did Recursion Pharmaceuticals (RXRX) issue these inducement awards?
