Travere Therapeutics Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
Rhea-AI Summary
Travere Therapeutics (NASDAQ: TVTX) announced that on September 10, 2024, its Compensation Committee granted inducement equity grants to six new employees. These grants consist of restricted stock units (RSUs) covering a total of 33,500 shares of common stock. The RSUs were granted outside of Travere's 2018 Equity Incentive Plan but are subject to its terms. They were provided as inducements for new employees joining Travere, in compliance with Nasdaq Listing Rule 5635(c)(4). The RSUs have a four-year vesting schedule, with 25% of the shares vesting annually on the grant date anniversary, contingent on the employee's continued service with Travere.
Positive
- Travere is attracting new talent by offering equity incentives
- The company is aligning employee interests with shareholder interests through stock-based compensation
Negative
- Potential dilution of existing shareholders' stake due to the issuance of new shares
News Market Reaction
On the day this news was published, TVTX gained 6.98%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
SAN DIEGO, Sept. 12, 2024 (GLOBE NEWSWIRE) -- Travere Therapeutics, Inc., (NASDAQ: TVTX) today announced that on September 10, 2024, the Compensation Committee of its Board of Directors granted inducement equity grants to six new employees, consisting of inducement restricted stock units, or RSUs, covering an aggregate of 33,500 shares of its common stock. These inducement RSUs are subject to the terms of Travere’s 2018 Equity Incentive Plan (“2018 Plan”), but were granted outside of the 2018 Plan and were granted as inducements material to the new employees entering into employment with Travere in accordance with Nasdaq Listing Rule 5635(c)(4).
The RSUs vest over four years, with
About Travere Therapeutics
At Travere Therapeutics, we are in rare for life. We are a biopharmaceutical company that comes together every day to help patients, families and caregivers of all backgrounds as they navigate life with a rare disease. On this path, we know the need for treatment options is urgent – that is why our global team works with the rare disease community to identify, develop and deliver life-changing therapies. In pursuit of this mission, we continuously seek to understand the diverse perspectives of rare patients and to courageously forge new paths to make a difference in their lives and provide hope – today and tomorrow. For more information, visit travere.com.
Contact Info
| Media: 888-969-7879 mediarelations@travere.com | Investors: 888-969-7879 IR@travere.com |
FAQ
How many new employees received inducement grants from Travere Therapeutics (TVTX) on September 10, 2024?
What type of equity grants did Travere Therapeutics (TVTX) issue to new employees?
How many shares of common stock are covered by the RSUs granted by Travere Therapeutics (TVTX)?
What is the vesting schedule for the RSUs granted by Travere Therapeutics (TVTX)?
